News Release - May 27, 2009
MORE FINANCIAL SUPPORT FOR GEOTHERMAL SYSTEMS IN SASKATCHEWAN
The provincial government has introduced a rebate program to encourage the use of geothermal heating systems within Saskatchewan's business sector. Eligible businesses can receive a 15 per cent rebate on the cost of installing a Canadian GeoExchange Coalition (CGC) certified geothermal heating and cooling system. The maximum rebate is $100,000.
Financial support for residential and farm customers wishing to install a geothermal system has also been enhanced. Interest rates for the Geothermal and Self-Generated Renewable Power Loan Program, introduced last fall, have been lowered. By working with TD Canada Trust, SaskPower will now subsidize these loans by 3.5 per cent off of TD's fixed interest rate.
"Geothermal is an environmentally responsible alternative to many traditional sources of heating - especially electric heat," Crown Corporations Minister Ken Cheveldayoff said. "Interest in geothermal is growing in our province and providing these financial incentives will make it feasible for even more people to install a geothermal system in their home or business."
The commercial rebate program is funded by SaskPower and administered by the Saskatchewan Research Council (SRC). To be eligible for the rebate, projects must be professionally designed and installed by a certified member of the Canadian GeoExchange Coalition (CGC).
"Currently, there are a relatively small number of contractors who have experience with geothermal on a commercial scale," Cheveldayoff said. "We are working with the private sector to develop that expertise and ensure Saskatchewan has a reliable and robust network of certified geothermal contractors - in both the residential and commercial markets."
SaskPower has approximately 30,000 commercial customers, of which nearly 2,500 use electric heat and will derive the most benefit from switching to a geothermal system.
Existing buildings currently heated by natural gas are not eligible for the rebate. In a new building, if there is access to natural gas, a feasibility study will be conducted to compare the cost and environmental implications of geothermal, electricity and natural gas.
SaskPower will assist with the cost of those studies, funding up to 50 per cent of the first $5,000 and up to 25 per cent of the remaining costs.
For more information about the geothermal programs, visit saskpower.com or src.sk.ca/ec.
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