For Immediate Release
March 28, 2022

econext and the City of St. John’s have joined forces to bring other municipal and non-municipal partners together to explore the potential for new programming to help homeowners finance energy efficiency retrofits.

“While we know that a wide variety of energy efficiency retrofits can pay off even over a short period of time, the up-front costs associated with them continues to be a barrier for some homeowners,” said Kieran Hanley, Executive Director of econext. “It is beyond the means of many individuals and families to make those purchases today, even if it means savings tomorrow.”

“We are excited to be partnering with the City of St. John’s to explore what might be possible in terms of programming to address this challenge locally, and to work with other municipal partners to find what can work throughout Newfoundland and Labrador,” said Hanley. Hanley notes creative approaches exist in other jurisdictions that might be replicated in this province. These approaches leverage local, provincial, and federal funds to realize a benefit for the residents.

“In other jurisdictions homeowners can access low-interest loans, borrow from their future savings, combine multiple grants, or even borrow from the expected increase in their home’s value that results from investing into energy efficiency measures,” said Hanley.

“These programs are seeing high uptake and federal funding in other parts of Canada, and we want to conceptualize what is possible here at home.” The collaboration between econext and the City of St. John’s will evaluate municipal programming that exists in other jurisdictions, explore their applicability within the local context, and then structure a proposed program for Newfoundland and Labrador that can scale with municipalities.

“Our goal in this partnership is to address gaps in programming and reduce long-term household energy poverty by leveraging funding from other levels of government and matching those funds directly with homeowners who need it,” said Councillor Ian Froude, Council lead for Sustainability. “The upfront costs of installing a heat pump, or insulating a basement, for example, is often out of reach for residents on a fixed income. The City of St. John’s can play a bigger role in helping residents access funding to cover these upfront costs, and that’s what this partnership is all about.”

Home heating is a major contributor to the province’s greenhouse gas emissions. “Increased energy efficiency retrofit activity will reduce our overall greenhouse gas emissions and put the province on a better path to reaching net zero by 2050,” said Hanley. For electric heated homes, retrofits will help build resiliency in and increase the reliability of the province’s electricity grid, helping to keep rates from rising.

Hanley said a program would help grow the clean economy. “Increasing energy efficiency across the board will create new green jobs and business opportunities in every corner of Newfoundland and Labrador.”

econext is an association of businesses that accelerates clean growth in Newfoundland and Labrador and works on behalf of over 200 members to foster environmentally sustainable economic development. More information can be found at https://econext.ca.

Media Contact:
Kieran Hanley
kieran@econext.ca

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