Airdrie City Council has approved a funding request for the Clean Energy Improvement Plan (CEIP) to help residents finance energy-efficient home upgrades. This decision follows the recent approval of the funding application of the Federation of Canadian Municipalities (FCM).
"Today, we're laying the groundwork for an exciting initiative that will help our residents make significant energy improvements to their homes," said Monica Labait, Manager of Treasury, during a Tuesday council meeting. "This program will offer low-cost loans that can be repaid through property taxes, making energy upgrades accessible for many homeowners."
The CEIP allows homeowners to borrow up to 100 per cent of the costs associated with energy-efficient projects, with repayment terms of up to 25 years. Labait emphasized that the loan is tied to the property rather than the owner, which does not affect the City’s overall debt limits.
"The funding breakdown includes a $2,165,280 grant from FCM for administration costs and homeowner incentives, alongside a $4.3 million loan from FCM," Labait explained. "The City will contribute $1,623,968, and we proposed to draw this amount from the operating reserve. This simplifies interest calculations and ensures that the interest rates for residents remain low, estimated to be under three per cent."
Council unanimously approved the operating reserve draw of $1,623,968 for the CEIP, reinforcing Airdrie's commitment to promoting energy efficiency and supporting residents in creating sustainable homes.
City Council members expressed enthusiasm for the program. Councillor Ron Chapman inquired about the types of projects eligible for funding, asking, "Are we talking windows, insulation, that kind of stuff?"
Labait confirmed that eligible projects include windows, insulation, thermal heating, and solar panels. She noted combining multiple energy improvements could yield additional grant dollars, saving homeowners money on renovations.
Councillor Darrell Belyk raised concerns about potential financial risks related to the operating reserve draw. Labait reassured him that the program is tied to the property, so homeowners must repay their loans and property taxes.
Should any defaults occur, properties may eventually go to auction to recover funds, similar to tax defaults.
A comprehensive communications plan is already being developed to inform residents about the CEIP once the agreement with FCM is finalized. Labait anticipates launching the program in early 2025, targeting a go-live date of February.
"Once we have all the details ironed out, we'll be sure to share all the incentives and options available to residents," she added.
The decision comes as the City proclaimed Wednesday, October 2, Energy Efficiency Day in Airdrie.
"The City continues to engage its departments to reduce energy use, cut utility costs, and lower environmental impacts. Through our Energy Management Program, launched in 2022, we’re upgrading facilities, improving building efficiency, and exploring renewable energy options," the City stated in a social media post.
It added that, in 2024, they had already made significant strides by installing energy-efficient lighting, improving heating and cooling systems, and piloting new energy technologies.
Sign up to get the latest local news headlines delivered directly to your inbox every afternoon.
Send your news tips, story ideas, pictures, and videos to news@discoverairdrie.com. You can also message and follow us on Twitter: @AIR1061FM.
DiscoverAirdrie encourages you to get your news directly from your trusted source by bookmarking this page and downloading the DiscoverAirdrie app.