CanREA is pleased to see the Federal Government commit to refundable investment tax credits for wind, solar and energy-storage technologies that will bolster the competitiveness of Canada’s renewable-energy industry.
Ottawa, November 3, 2022 – The Canadian Renewable Energy Association (CanREA) is pleased to see our recommendations for renewable energy and green hydrogen investments strongly reflected in the Fall Economic Statement, presented today by Federal Minister of Finance Chrystia Freeland.
Recognizing the need for a Canadian response to the Inflation Reduction Act passed in the United States this summer, CanREA has continued to advocate for refundable investment tax credits that would help bolster the competitiveness of Canada’s renewable energy industry.
“CanREA applauds the Federal Government’s commitment to accelerating investment in decarbonization in Canada,” said Vittoria Bellissimo, President and CEO at CanREA.
The Fall Economic Statement included the following measures to ensure Canada can accelerate the deployment of wind, solar, energy storage and other clean energy technologies:
- A refundable 30% tax credit on capital cost of investments in wind, solar PV and energy storage technologies, which will begin with the implementation of Budget 2023 and remain steady through 2031 before winding down in 2035. All energy-storage technologies that don’t use fossil fuels are eligible.
- A refundable investment tax credit on green hydrogen of at least 40%, starting in Budget 2023 and phased out after 2030.
- The creation of a new Sustainable Jobs Training Centre.
- Commitment to carbon-price stability via new tools in the Canada Growth Fund
“This is a positive sign that Canada’s government is taking bold action to decarbonize with investment certainty for solar energy, wind energy and energy storage,” said Brandy Giannetta, Vice-President of Policy and Government Affairs at CanREA.
Today’s announcements are a strong step toward stabilizing investment opportunities in Canada that will support the acceleration of our progress toward net zero.
“The choice to pursue investment tax credits for storage and green hydrogen makes CanREA confident that Canada can remain competitive as it continues to decarbonize the energy sector,” said Evan Wilson, Senior Director of Policy and Government Affairs at CanREA.
“These new incentives will help create good clean-energy jobs and make Canada a leader in the net-zero transition.”
For more information on powering Canada’s journey to net-zero, see CanREA’s 2050 Vision.
Quotes
“CanREA applauds the Federal Government’s commitment to accelerating investment in decarbonization in Canada.”
—Vittoria Bellissimo, President and CEO, CanREA
“This is a positive sign that Canada’s government is taking bold action to decarbonize with investment certainty for solar energy, wind energy and energy storage.”
—Brandy Giannetta, Vice-President of Policy and Government Affairs, CanREA
“The choice to pursue investment tax credits for storage and green hydrogen makes CanREA confident that Canada can remain competitive as it continues to decarbonize the energy sector. These new incentives will help create good clean-energy jobs and make Canada a leader in the net-zero transition.”
—Evan Wilson, Senior Director of Policy and Government Affairs Canada, CanREA
-30-
About the Canadian Renewable Energy Association
The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vison.” Learn more at renewablesassociation.ca
For more information or for interview opportunities, please contact:
Communications
Canadian Renewable Energy Association
647-268-3382
Communications@renewablesassociation.ca
