The City of Cold Lake is set to introduce the Clean Energy Improvement Program, a financing initiative to assist residential property owners in funding energy efficiency upgrades and renewable energy installations.
Securing a grant of $627,600, and a loan of $1,255,280 from the Federation of Canadian Municipalities, the city aims to encourage local contractors to participate in the program.
Mayor Craig Copeland expressed excitement about the innovative program, emphasizing the potential benefits for residents. Through CEIP, property owners can borrow funds from the city at a low 3.1 percent interest rate, repaying conveniently through property taxes. The financing can also be transferred to new property owners if the property is sold.
The program covers a range of eligible upgrades, including doors, windows, insulation, furnaces, water heating, solar energy systems, and more. Participants can also benefit from a $580 rebate the city offers for each completed CEIP project.
CEIP, administered in collaboration with Alberta Municipalities, will open for applications on February 27. Property owners and contractors interested in participating are reminded to become CEIP Qualified Contractors by submitting a no-cost application on the CEIP website.
For more information visit Clean Energy Improvement Program – City of Cold Lake.