March 31, 2009

The Honourable Lisa Raitt, Federal Minister of Natural Resources, announced yesterday that the value of grants under the EcoENERGY Retrofit-Homes Program will grow by 25 per cent. For instance, the installation of a high-efficiency gas furnace will increase from $500 to $625.
“This is a great chance for Canadians to save money on home renovations that will cut their energy bills for years to come, but I do encourage homeowners to act quickly,” said Minister Raitt. “This special increase in grants is for a maximum of two years only, putting money back in the pockets of Canadians when they need it most.”
The announcement is actually part of Ottawa’s Economic Action Plan, which was unveiled at the end of January. The increase in grants will mean an extra $300 million will be invested by the government into the program over the next two years. That could mean as many as 200,000 more homeowners participating in the program, translating into as much as $2.4 billion in economic activity for the country as a whole.
Add to this the potential $1,350 tax credit for home renovations which was also announced in the Economic Action Plan, and Minister Raitt sees the makings of a strong incentive for homeowners to renovate.
“This is a great deal for homeowners and it’s a great deal for Canadians,” said the Minister. “As more people retrofit their homes, they’ll be generating economic activity and protecting and creating jobs in communities across the country. And, of course, as we become more energy efficient, we’re also reducing emissions.”
To qualify for the program, homeowners must agree to pre-retrofit and post-retrofit evaluations by a certified evaluator. Funds are available until March 31st, 2011, and are subject to availability. Approved grants can entitle homeowners to up to $5,000.