CanREA celebrates Bill C-59 and the Cleantech ITC

Source: | · CANREA · | June 19, 2024

The passing of Bill C-59, which implements the Clean Technology Investment Tax Credit, makes Canada a more competitive place to invest in renewable energy and energy storage.

The Canadian Renewable Energy Association (CanREA) celebrates the passage today of Bill C-59, implementing the long-awaited Clean Technology Investment Tax Credit (Cleantech ITC).  

“The Clean Technology ITC will drive momentum for the renewable energy and energy storage industries in Canada. It will make Canada a more competitive place to invest, creating new opportunities for our members in all provinces and territories,” said Vittoria Bellissimo, CanREA’s President and CEO.  

Entitled An Act to implement certain provisions of the fall economic statement tabled in Parliament on November 21, 2023 and certain provisions of the budget tabled in Parliament on March 28, 2023, Bill C-59 makes the Cleantech ITC available to companies looking to invest in Canada’s wind energy, solar energy, and energy storage industries. It allows companies investing in renewable energy and energy storage projects to recoup between 20 and 30 percent of their capital costs as a refundable tax credit. 

“The Cleantech ITC is potentially worth billions to the renewable energy and energy storage industries,” said Fernando Melo, CanREA’s Federal Director. “Its relatively straightforward design and refundability will put Canada in a competitive position relative to the US and other jurisdictions that are looking to decarbonize their electricity systems.” 

CanREA has been at the table with Finance Canada since August 2022 to successfully advocate for and advise on a Canadian response to the Inflation Reduction Act in the U.S.