Affordable Solar Energy in New Brunswick: Government Incentives, Rebates, and Financing Options
Here in New Brunswick, making the switch to solar energy has never been more accessible or affordable. With rising power rates and a strong community focus on sustainability, homeowners, businesses, and even renters have some great opportunities to take advantage of financial incentives that make solar a smart investment. Government programs, tax rebates, and flexible financing options can help cut down the upfront costs and make the switch easier than ever. Let's take a look at how you can bring solar energy to your home or business.
For Homeowners
Government Incentives for Solar Energy in New Brunswick
Our provincial government, along with federal programs, offers several incentives to help New Brunswickers embrace solar power. Some of the key programs include:
New Brunswick Total Home Energy Savings Program: Run by NB Power, but accessible to all NB Homeowners, this program offers rebates for energy efficiency upgrades, including solar installations. You could get up to $3,000 towards your project cost.
Canada Greener Homes Loan: This interest-free loan provides up to $40,000, payable over 10 years, to help cover the cost of solar projects. It's a great way to spread out the investment into a manageable monthly payment, without worrying about interest piling up.
Flexible Financing Options for Homeowners
We get it—upfront costs can be a challenge. Thankfully, there are several financing options to make solar power more accessible for New Brunswickers:
0% Interest Loans: The federal government’s interest-free loans of up to $40,000 make it easier to invest in solar without dealing with high-interest payments.
Green Energy Loans from Local Banks: Many financial institutions offer green energy loans with competitive rates tailored for solar projects.
For Businesses
Government Incentives and Tax Rebates for Businesses
Businesses across New Brunswick can also tap into several programs and tax incentives to lower costs and boost their sustainability efforts:
Commercial Building Retrofit Program: Through the provincial governments Commercial Building Retrofit Program, businesses receive a rebate for every gigajoule of energy saved with solar, up to $250,000.
Federal Clean Tech Investment Tax Credit (ITC): Businesses can deduct up to 30% of their solar installation costs from federal taxes, making solar a financially smart decision.
Atlantic Investment Tax Credit (AITC): This regional incentive provides certain types of businesses (farms, fisheries, manufacturing, for example) and homeowners in Atlantic Canada with an additional 10% tax credit for eligible solar projects
Accelerated Depreciation: Businesses can write off a larger chunk of their solar system costs in the first few years, which helps lower taxable income.
Flexible Financing Options for Businesses
There are several ways businesses can finance their solar projects and start saving on energy costs:
Commercial Solar Loans: Several financial institutions offer loan solutions tailored to businesses adopting solar energy.
Government Funding: Depending on the project, funding can be found through various government agencies
Why Now Is the Right Time to Go Solar in New Brunswick
With power rates seeing double digit increases over the last three years and the range of incentives, tax rebates, and financing options available, there’s never been a better time to switch to solar energy here in New Brunswick. Whether you're a homeowner looking to cut energy costs, a business aiming to meet sustainability goals, the opportunities are better than ever.
If you're ready to explore your solar options, reach out to our team today for a free consultation and find out how you can take advantage of these great incentives!