Ontario government's budget boost for renewables

Google Translate

The Ontario government is promising more tax breaks to encourage the installation of alternative energy technologies like wind. The 2003 budget proposal includes a 100% corporate income tax deduction for new renewable energy assets that companies used to generate electricity for their own use. It also extended a sales tax rebate now in place for solar energy systems to include residential wind turbines, micro-hydro and earth energy systems bought before November 26, 2007. Finance Minister Janet Ecker also has plans to invest C$20 million over five years to establish a Centre of Excellence for Electricity and Alternative Energy Technology, which will co-ordinate applied research and commercialisation projects and develop energy education initiatives. The budget measures come on top of a series of tax breaks for alternative energy sources announced in November in an attempt to boost electricity production in the province's tight supply market. Those include a corporate income tax holiday, a property tax holiday for new facilities, a 100% corporate tax write-off for the cost of assets used to generate new supply and a capital tax exemption for those assets. The Independent Power Producers Society of Ontario (IPPSO) praised the budget initiatives, but called on the government to go even further by implementing a long-promised renewables portfolio standard in the province's electricity market.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in