CANMORE – The Town of Canmore’s Clean Energy Improvement Program (CEIP) will soon launch after council gave the go-ahead to amendments to align with provincial regulations and a change in the maximum interest rate.
Council approved the amending bylaw at it’s Sept. 6 meeting after it had previously gave first reading Aug. 16, with the maximum interest rate now set at seven per cent for residents to get money for green improvements.
“I am certainly optimistic that our community will actually be wanting to participate in this program,” Mayor Sean Krausert said. “We will have to see how it goes.”
The CEIP’s goal is to facilitate the construction and installation of qualified clean energy improvement to eligible properties by providing upfront loans. Through the program, 100 per cent of project costs are covered for property owners for energy efficiency and renewable energy upgrades.
Once upgrades are installed and approved, repayment is made through the property owner’s municipal property tax bill.
Canmore’s CEIP is expected to launch in November, with an estimated 62 CEIP loans issued in the first four years, with an average of 14 to 18 applicants a year. The staff report noted each loan is expected to average about $24,500.
To complete the program, the Town will borrow $1.5 million for a period to not exceed 25 years from the Federation of Canadian Municipalities and another authorized financial institution. While it would impact the debt load of the Town, it would still keep the municipality below its borrowing limit.
The total cost of the first four years of the program is $2.041 million, of which $541,000 is covered by the Green Municipal Fund Grant, $1.08 million from the Green Municipal Fund loan. The Town of Canmore will contribute $405,740.
The commercial side of the program will be launched in the coming years, but no date has been set.
The staff report highlighted the program aims to help residents utilize clean energy for their home at more reasonable costs.
“CEIP intends to make it more affordable for Albertans to upgrade their residential and commercial properties to improve energy efficiency or add renewable energy through municipal financing paid back via property taxes,” the report stated.
