Prince Edward Island continues to strengthen their commitment to reducing greenhouse gas emissions with a new 0% loan program.
The Charlottetown City Council implemented a new Switch program in July 2021 to help cut upfront costs of solar and other renewable energy projects. The Switch program is aimed at residents of Charlottetown and Stratford and offers 0% financing for up to 15 years without any upfront costs. Switch will finance up to $40,000 or 15% of your property value, which is more than enough for most solar projects as the average system should cost anywhere between $10,000 to $25,000.
This is a great way to help islanders get started for those interested in purchasing solar panels. The municipality promises to pay the contractor for the renewable energy project of the homeowner’s choice. The homeowner will then have to pay back the loan with the projected savings from their new project.
The process is also really simple. Switch helps homeowners look through local contractor quotes and will arrange a Home Energy Assessment on their behalf. They’ll also help homeowners work through any federal and provincial rebates that can be applied to their project, further lowering the overall cost.
High Demand for Switch
Three months after launching, it was announced that nearly 300 P.E.I. homeowners had already taken part in the program. There has also been a very promising surge in demand for solar PV installations in the two cities.
It’s exciting to see the province of Prince Edward Island embracing solar and other renewable energy sources more over the last few years. In 2018, the province pledged to reduce greenhouse gas emissions by 30% by 2030. The Switch program is a great way to push the province toward that goal.