The 2023 Federal Budget was released today, revealing a series of clean energy incentives for businesses.Government’s commitment to a sustainable future
With the government committed to a sustainable future, these investments aim to keep Canada competitive in the market. Despite the anticipated doubling of electricity demand by 2050, the cost of renewable energy has significantly decreased in the last decade (see chart 3.3). The budget outlines the country’s significant investments in building a sustainable and affordable electricity grid, which will be crucial for creating middle-class jobs and powering the Canadian economy.
Investment Tax Credit (ITC) for clean technology manufacturing
One of the main incentives in the budget is the Investment Tax Credit (ITC) for clean technology manufacturing, which covers solar PV, battery storage, and hydrogen. This refundable incentive offers up to 30% of the cost of capital investment and encourages companies to transition to net-zero energy. Eligible investments include solar and wind power, zero-emission technologies, and clean hydrogen. The ITC is available until 2034 and is expected to cost over $11 billion.
More clean energy incentives and investments
As outlined on the Canadian Renewable Energy Association website, Canada’s 2023 Budget has unveiled a series of measures aimed at accelerating the deployment of clean-energy technologies. Overall, these measures demonstrate Canada’s commitment to accelerating the clean energy transition and achieving its net-zero emissions target by 2050. By supporting various clean energy technologies and infrastructure projects, Canada is positioning itself as a leader in the transition to a more sustainable future.
Focus on supporting clean energy and keeping Canada competitive
The incentives and budget presented today show a significant focus on supporting clean energy and creating an aggressive yet necessary move to keep Canada competitive and attractive to future investments. For further information about the Federal 2023 Budget, visit the official government website.
Take advantage of these clean energy incentives today and transition your business to a sustainable future!
To learn more about how solar energy can benefit your business and leverage the Investment Tax Credit, give us a call at 1-855-593-4731 or get in touch with a member of our team in Calgary, Edmonton, Regina, or the Okanagan.
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Renewable Incentives Available
Canada’s Investment Tax Credit (ITC)
Canada’s Investment Tax Credit is a refundable incentive up to 30% of the cost of capital investment, encouraging Canadian businesses to transition to clean energy. Eligible Investments include solar and wind power, storage, zero-emission technologies like electric vehicles, and clean hydrogen.