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B.C. introduces retrofit tax credit

B.C. introduces retrofit tax credit

VANCOUVER – Energy retrofits are getting a boost in B.C.

The province is introducing a new tax credit that will pay for five per cent energy retrofits for multi-unit residential and commercial buildings.

“Building owners want to reduce the energy use of their home, office or retail space but the upfront costs of these retrofits can be a challenge for people,” said Selina Robinson, minister of finance, in a statement. “This Clean Building Tax Credit will help owners of larger, often older and energy-inefficient buildings invest in cleaner energy retrofits by putting dollars back into their pockets.”

Officials noted the tax credit is one way the province is looking to cut provincewide emissions by 40 per cent from 2007 levels and to reduce emissions in buildings and communities by more than half by 2030.

Office spaces, food retail and purpose-built rentals are all eligible for the tax credit.

The credit covers work involving building systems, such as heating, ventilation, air conditioning and building envelopes.

The province highlighted a recent a successful retrofit in the public sector: Vancouver’s Kitsilano Community Centre, which underwent heat-recovery improvements that nearly eliminated the need for natural gas to heat the facility.

It also reduced greenhouse gas emissions by more than 80 per cent.

“The Vancouver Park Board is a partner with the province in understanding the need for us to all play our part in reducing energy use and our greenhouse gas emissions,” said Stuart Mackinnon, chair of the Vancouver Park Board. “It’s great to see an opportunity for commercial and multi-unit residential building owners that supports retrofits like the one completed at the Kitsilano Community Centre because reducing B.C.’s emissions requires support from all sectors.”

The qualify for the credit, building owners must work with a certified professional to determine that the energy use intensity of their building has been reduced and is meeting targets through a qualifying retrofit before applying for certification with the Ministry of Finance.

Qualified professionals include architects, a qualified energy adviser certified by Natural Resources Canada and engineers.

The Clean Buildings Tax Credit is open and ends March 31, 2025.

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