In Canada, the pursuit of a greener and more sustainable future is a top priority for the government. The recently unveiled 2023 Federal Budget showcases a series of clean energy incentives aimed at driving innovation, supporting clean technology manufacturing, and building a sustainable electricity grid.
With a commitment to a sustainable future, the Canadian government recognizes the importance of fostering clean technology advancements. The investments outlined in the budget aim to keep Canada competitive in the market while addressing the anticipated doubling of electricity demand by 2050. Notably, the cost of renewable energy has significantly decreased over the past decade, making it an attractive and viable option for powering the Canadian economy.
Clean Technology Investment Tax Credit:
A notable incentive in the budget is the Investment Tax Credit (ITC) for clean technology manufacturing. This credit supports companies transitioning to net-zero energy and covers technologies such as solar photovoltaic (PV), and battery storage. The ITC offers a refundable incentive of up to 30% of the capital investment cost, encouraging businesses to invest in solar and wind power, zero-emission technologies, and clean hydrogen. This incentive is available until 2034 and is projected to cost over $11 billion.
The budget highlights the importance of investing in a sustainable and affordable electricity grid. With the anticipated growth in electricity demand, the government is committed to establishing an efficient and resilient grid infrastructure to support clean energy generation.
The government’s dedication to building a sustainable electricity grid highlights their commitment to creating jobs and powering the nation through clean energy sources. With the ITC incentive, businesses can play a significant role in Canada’s clean energy transition, driving innovation, sustainability, and a brighter future for all. Whether you’re located in the Okanagan, Thompson Okanagan, or Vancouver area, we’re here to help make your business greener.
Let’s embrace clean energy together and pave the way for a more sustainable tomorrow!
