Federal Budget announces $70 Billion in Funding for Clean Energy

Get Maximum Savings with Canada's Renewable Energy Rebates and Tax Credits.

April 18, 2023

The 2023 Federal Budget has allocated over $70 billion in funding for clean energy projects. The newly announced budget will support funding for clean energy projects across the country, including the development of renewable energy generation projects such as solar, and renewable energy infrastructure upgrades such as transmission lines and energy storage facilities.

The budget includes several initiatives to encourage adoption of renewable energy technologies across Canada. The Clean Technology Investment Tax Credit, which is a 30% refundable tax credit on the cost of investments in solar PV and other renewable energies. This credit is applicable for all taxable entities: personal, business, corporations, trusts, and international and non-resident income.

The budget also includes the newly announced Clean Electricity Investment Tax Credit, which is a refundable 15% tax credit on the capital costs of investments made by municipalities, Crown corporations, and Indigenous communities that invest in renewable energy.

With the announcement of the 2023 Federal Budget, the federal government aims to support Indigenous communities to access renewable energy projects by offering funding in capacity building. This includes funding for training local community members, and the development of renewable energy projects in Indigenous communities.

These initiatives will support Indigenous communities’ transition to cleaner and more sustainable energy, especially remote communities who are currently relying on diesel to run generators.

The budget provides funding for the development of renewable energy infrastructure such as energy storage facilities and transmission lines, supporting clean energy projects across the country.

If you have been considering solar, now is a great time to explore sustainable energy solutions, whether it’s for your home, your business, or your community.

Contact us to learn more about how Hakai can help you take advantage of these opportunities and contribute to a greener future for Canada or check out other available incentives here.

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