Updated: Feb 25
Are you in the middle of upgrading your mechanical equipment? Parkade and other common area lighting? Accent lighting LED replacements?
In an exciting announcement by the Province of Alberta in November 2020, Emissions Reduction Alberta is offering substantial grants that includes condominium common areas as eligible spaces to participate in this program.
The grants are substantial - up to $250,000 per project / $500,000 aggregate. The eligible measures are found here. There are additional limitations so condo boards will need to read through the program terms and conditions.
In the City of Edmonton, these grants are stackable with the grants available under the Building Energy Retrofit Accelerator (BERA) program.
The City of Calgary upon the writing of this information, has no additional grants similar to that of Edmonton.
In a recent example within our portfolio, our client have been able to recover in excess of 50% of their LED retrofit project. With an estimated return on investment of between 3-5 years without the grants, this condo will be able to benefit from the additional savings in utility costs after 1.5-2.5 years, year over year for the life of the equipment.
There is only limited funding under both grant programs and is provided on a first come, first serve basis.
Additionally, both the province and the Canadian government are to announce funding opportunities shortly to enable the uptake of energy efficiency projects quicker, without the upfront capital requirements. For condos, this would mean no condo fee increases or special assessments to pay for this project upfront.
Need help navigating the various programs? We've mapped out the process to get you started towards increased energy efficiency. Contact us today >> email@example.com