NB Power has announced its intentions to invest up to $234m in energy efficiency programs for homes, businesses and public spaces in New Brunswick over the next five years.
These investments include up to $82 million from NB Power, up to $51 million from the federal government through the Low Carbon Economy Fund, and $101 million for energy retrofits and renewable energy upgrades in provincial government buildings.
“We owe it to future generations, our children and grandchildren, to prevent the worst impacts of climate change from occurring,” said Environment and Local Government Minister Serge Rousselle. “Our climate change plan calls for investments in energy efficiency. These investments will reduce greenhouse gas emissions, create jobs and save money.”
The $234 million investment could support an estimated $150 million growth in GDP and up to 400 jobs over the five-year period. The multi-year investments will begin in the spring of 2018.
NB Power’s investment of up to $82 million will be made over three years and feature new and enhanced programs for homeowners, businesses and industry to reduce energy consumption. The new funding includes $44.7 million for residential customers, $32 million for commercial and industrial customers, and $5.7 million to support public education and market transformation projects.
On their own, the new and enhanced NB Power programs could help New Brunswick avoid about 129,000 tonnes of CO2 emissions, or the equivalent of taking 27,000 cars off the road.
“We are very pleased to offer expanded programs for all our residential and business customers to help them save on their energy bills,” said NB Power president and CEO Gaetan Thomas. “Not only do efficiency programs help customers save money, they create spinoff benefits in increased spending in the local economy while also decreasing greenhouse gas emissions. Investing in energy efficiency is a key part of NB Power’s long-term strategy to ensure New Brunswickers have clean, reliable energy at stable prices for generations to come by reducing demand on the grid and investing in its modernization.”
In addition to its own customers, NB Power’s enhanced efficiency programs will also be available to homes and businesses that are served by New Brunswick’s municipal utilities.
Additional details about the investments will be announced in the coming months.
Additional incentives funded by the province and the federal government for energy efficiency in public buildings and homes that heat with non-electric sources will be announced in the coming weeks.