The Canadian Renewable Energy Association (CanREA) is an organisation described because the voice for wind energy, solar energy and energy storage solutions that may power Canada’s energy future. Its members are positioned to deliver clean, low-cost, reliable, flexible and scalable solutions.
Ontario — The Canadian government unveiled its Budget 2023, which incorporates a clean technology Investment Tax Credit to speed up the deployment of solar, wind, energy storage and other clean-energy technologies.
The Investment Tax Credit, a direct response to the Inflation Reduction Act passed last summer in america, is a refundable 30% tax credit on the capital cost of investments made by taxable entities in solar PV, wind, and energy-storage technologies.
The Credit can be available to all project spending from March 28, 2023, to 2034.
Canadian Renewable Energy Association (CanREA) announced its excitement concerning the Budget as presented by Federal Minister of Finance, the Honourable Chrystia Freeland.
“The alternative to pursue investment tax credits for clean technology, like wind, solar, storage and green hydrogen, will allow Canada to take a competitive lead in accelerating the decarbonization of the energy sector,” said Evan Wilson, Senior Director of Policy and Government Affairs at CanREA, who was on site for the introduction of the Budget.
CanREA notes that Canada must expand solar and wind energy capability almost tenfold to satisfy its commitment to achieving net-zero GHG emissions by 2050.
“The 2023 Budget demonstrates Canada’s strong leadership in leveraging policy, programs and the tax system to speed up decarbonization while supporting a robust economy, with recent investment certainty for solar energy, wind energy, energy storage and green hydrogen,” said Brandy Giannetta, CanREA’s Vice-President of Policy and Government Affairs.
CanREA also says it expects the deployment of latest solar, wind and storage to speed up significantly, with support from the brand new investment tax credit, in comparison with probably the most recent data released in January 2023.
“Today’s announcements are a robust and crucial step, accelerating our progress toward net zero. Canadian investment tax credits will stabilize investment opportunities while safeguarding affordability for Canadians,” said Vittoria Bellissimo, President and CEO at CanREA. “These recent incentives will help create good jobs in clean energy and make Canada a pacesetter within the energy transition.”
