Canadians will Save Money Switching to Clean Electricity, Research Finds
July 5, 2023
Amid rising concerns over the cost of living, new research by the Canadian Climate Institute finds that the average Canadian household will spend 12 per cent less on energy in 2050 than they do today, as they switch from fossil fuels to power their homes, vehicles and businesses with clean electricity.
The new report—Clean Electricity, Affordable Energy: How federal and provincial governments can save Canadians money on the path to net zero—finds these cost savings are expected despite gradual increases over time in electricity rates across provinces and territories. To ensure all households benefit, the report shows how provinces can use policy tools, like means-tested fixed charges on electricity bills, to help ensure the transition remains affordable for low- and middle-income households.
The report also estimates how much each province and territory stands to benefit from the tens of billions of dollars in federal support for clean electricity identified in the 2023 budget. These funds are intended to help provinces and territories upgrade and expand their grids with clean electricity. The funds can help accelerate the build out of clean, reliable electricity and ensure grids are ready to meet growing demand as Canada electrifies its economy and moves towards net zero emissions by mid-century.
By signing on to high-level conditions for accessing federal support, provinces and territories can unlock significant benefits for their ratepayers and deliver the bigger, cleaner, smarter electricity systems that businesses are increasingly demanding as a requirement for their investment.