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What to Know: Canada’s Investment Tax Credit (ITC)

Canada’s Investment Tax Credit (ITC)  was introduced in the 2022 Fall Economic Statement by the federal government. This incentive targets clean technologies including solar PV, battery storage and hydrogen. 

Production of solar panels. Green energy concept. Modern production factory or plant. Special equipment.

The goal for this incentive is to enhance the country’s competitiveness. It will make Canada more attractive to investors and level the playing field with the United States who recently introduced the Inflation Reduction Act (IRA). Canada’s Investment Tax Credit is available with the start of the 2023 budget until 2030. This refundable incentive offers up to 30% of the cost of capital investment, and encourages Canadians to transition to net-zero energy. Eligible Investments include: solar and wind power, storage, zero-emission technologies like electric vehicles and clean hydrogen.

Considering Solar for you Home or Business

Solar options are available to homeowners and commercial businesses. SkyFire works with you to understand your energy goals and identify the best options available. Contact us today and we will review your information and see if solar is the right fit for you. Then, we complete a site assessment and get the project in motion. You might also be eligible for one of the solar incentives or tax credits available for making the change, which are below.

Renewable Incentives Available

Canadian Greener Homes Grant

The Canada Greener Homes Grant is available to eligible Canadians that apply. The grant provides funding for home evaluations and retrofits, up to a total of $5,600. In addition, homeowners are eligible for up to $600 for the total cost of pre-and post-retrofit EnerGuide evaluations and up to $5,000 for the implementation of eligible retrofits. This includes home insulation, windows, doors and solar PV system installation.

Canadian Greener Homes Loan

The Canadian Green Homes Loan is a 10-year interest-free loan (up to $40,000) and can be either an unsecured personal loan or approved credit. The funding helps to finance eligible products and installations (list of eligible products and services is found here) for retrofitting your home. Canadians can make their homes more efficient, more comfortable and better for the planet. This loan can be paired with the Canadian Greener Homes Grant.