Canada’s new renewable energy investment tax credit will make the country a global leader in favorable financial conditions for green energy projects.
Canada is already a global leader in renewable energy power generation, with 83% of its grid power coming from renewable and nuclear sources. Canada’s new renewable energy investment tax credit , unveiled in the 2023 federal budget, will make the country a global leader in favorable financial conditions for green energy projects.
Thanks to this reimbursement, a 250-megawatt project built in Canada will now boast a full lifecycle net present value of $202 million after-tax, up from $131 million before the ITC was announced.* This marks a significant rise in value, which is likely to encourage further developments and revitalize some projects that have been sidelined due to unfavorable economics.
Canada is already a global leader in renewable energy power generation, with 83% of its grid power coming from renewable and nuclear sources. We expect that share to hit 97% by 2050, with most of the additional capacity supported by solar project development., Alberta has emerged as a surprising leader in solar and wind developments. The province’s determination to reach its net zero goals has spurred solar, wind and storage capacity growth through corporate PPAs.
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