Homeowners who invest in efficiency-related technology and clean energy equipment will soon get a tax break, according to the federal government’s Fall Economic Statement, reports the Heating, Refrigeration, and Air Conditioning Institute of Canada (HRAI).
Specific clean energy equipment will be eligible for an immediate and full write-off. Investments in other types of equipment, including efficiency-related technology, will be eligible for accelerated write-offs. These tax reforms represent an investment of $14.4 billion in clean energy technology, reported federal finance minister Bill Morneau.
This will allow businesses to immediately write off the full cost of related machinery and equipment used in the manufacturing and processing. It will also include specified clean energy generation and energy conservation equipment.
The former could enable energy efficiency upgrades in the manufacturing sector, while the latter includes technologies such as co-generation, solar heating, heat recovery equipment, geo-exchange and district energy systems.
