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Tax credit announced for energy retrofits
A new tax credit will save British Columbian homeowners five per cent on retrofits to help reduce energy use, the Ministry of Finance and Ministry of Environment and Climate Change Strategy announced recently.
The Clean Building Tax Credit supports the CleanBC commitment to reduce province-wide emissions by 40% from 2007 levels and aligns with B.C.’s target to reduce emissions in buildings and communities by more than half by 2030.
Buildings eligible for the Clean Buildings Tax Credit include residential buildings, commercial spaces and warehouses in the private sector. Examples include office spaces, food retail and purpose-built rentals.
“Building owners want to reduce the energy use of their home, office or retail space but the upfront costs of these retrofits can be a challenge for people,” said Selina Robinson, Minister of Finance. “This Clean Building Tax Credit will help owners of larger, often older and energy-inefficient buildings invest in cleaner energy retrofits by putting dollars back into their pockets.”
George Heyman, Minister of Environment and Climate Change Strategy added: “Improved energy efficiency means fewer emissions, which is good for our environment and brings our existing building infrastructure closer to net-zero and our climate targets.”
“Our members want to be part of the climate change solution, but retrofits can be costly and do not always make financial sense,” said Damian Stathonikos, president of the Building Owners and Managers Association of B.C. “The tax credit helps reduce the retrofit cost for building owners and lowers energy expenses for tenants, while modernizing buildings to reduce greenhouse gas emissions. It benefits everyone involved, and the environment.”
The credit supports work involving building systems, such as heating, ventilation, air conditioning and building envelopes.
To be eligible for the credit, building owners must work with a certified professional to determine that the energy use-intensity of their building has been reduced and is meeting made-in-B.C. targets through a qualifying retrofit before applying for certification with the Ministry of Finance. Qualified professionals include architects, a qualified energy adviser certified by Natural Resource Canada, and engineers.
Lead image: Buildings eligible for the Clean Buildings Tax Credit include residential buildings, commercial spaces and warehouses in the private sector. Examples include office spaces, food retail and purpose-built rentals. e-KNOW file photo
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