Market forces and government tinkering have both played a role in the price of Ontario wholesale energy. But no matter what your beliefs, saving money on energy costs remains critical for businesses operating in the province. To that end, energy efficient upgrades produce a faster return on investment through the application of Save on Energy incentives.
Here are four such energy-savings incentives Ontario businesses can take advantage of today.
Retrofit Programs
Businesses can transform their operations with energy-saving equipment or control systems retrofits. Under the retrofit program, there are two types of project applications: prescriptive track and custom track. Prescriptive track applications are considered ideal for quick system upgrades with a fast turnaround. Projects must be pre-approved and worth a minimum incentive of $500.
Custom track applications are designed for more comprehensive projects, such as lighting controls, building automation systems, water chillers and cooling towers. Incentives are based on energy savings over pre-project baselines. All custom track incentives are capped at 50% of a project’s costs.
Energy Managers
Hiring a dedicated energy manager can lead to significant cost savings. Along with strategic and technical expertise, energy managers also have the skills to implement energy savings strategies, managing financial incentives that benefit a company’s bottom line.
Energy Performance Program
Ontario’s Energy Performance Program rewards businesses that can make behavioural and operational changes complementary to capital investment projects. This program is designed as a pay-for-performance model, encouraging energy savings improvements. Incentives are provided at four cents per kilowatt hour of savings per year, for up to four years.
Process and Systems Upgrades
If you have a specialized upgrade project at your business, you could be eligible for process and systems upgrades incentives, available for a wide assortment of projects, such as installing variable frequency drives on motors or generating electricity from waste energy.
When energy efficiency becomes a priority along with other business goals, owners will see direct benefits. One of the many advantages of energy efficiency is an improved customer experience. Energy savings projects can help showcase products and services better, make customers feel more at home, all the while demonstrating a company’s ongoing commitment to sustainability.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin