June 28, 2023
Canadians are calling for action to fight climate change in a way that will build a strong economy, keep life affordable, and ensure clean air for our communities.
The federal government announced an investment of up to $48.7 million from Canada’s Low Carbon Economy Fund to reduce energy costs and support climate action, building a strong economy in Prince Edward Island.
The funding will be divided into two parts:
- Up to $16.8 million for provincial Home Heating Oil Transition programming to support low-income homeowners’ transition from home heating oil to more affordable low-emitting heating technologies.
- Up to $31.9 million for provincial initiatives that support Canada’s 2030 greenhouse gas emissions reduction target and align with Canada’s goal of net-zero emissions by 2050.
The federal government is working closely with Prince Edward Island to finalize an agreement on the delivery of this funding.
This funding is in addition to other Government of Canada efficiency programs, including Natural Resources Canada’s Oil to Heat Pump Affordability Program, in which eligible homeowners with low-to-moderate incomes can receive up to $10,000 in federal support when including funding available from the Canada Greener Homes Grant. These two programs have supported the installation of over 10,000 heat pumps in Atlantic Canada, with 470 installed in Prince Edward Island.
The Low Carbon Economy Fund has already supported projects in Prince Edward Island that include home energy assessments, energy-efficient equipment rebates for homes, weatherization of low-income homes, exploration of greenhouse gas emissions reductions opportunities with agriculture products, and expanding and managing forests for carbon sequestration.