Canada announces $2 billion investment for home energy retrofits

The Government of Canada has announced a $2 billion investment over the next eight years to improve home energy efficiency and reduce energy costs for citizens. Part of the National Electricity Strategy, the initiative aims to support up to one million home retrofits across the country.

A key component of this plan is the introduction of a National Heat Pump Rebate, which is intended to help up to 820,000 households transition to more efficient electric heat pumps. This measure addresses the high costs associated with heating homes using oil, propane, diesel, or outdated furnaces.

Additionally, the government is collaborating with the Canada Mortgage and Housing Corporation and the Canada Infrastructure Bank to assist apartment building owners in retrofitting 280,000 units. These efforts include providing affordable financing through the Multi-Unit Mortgage Loan Insurance Select program to enhance building sustainability and economic competitiveness.