Combat Your Energy Increases By Taking Advantage of Savings:

energy savings

While energy costs are slated to rise a little, you can really make a dramatic impact on your heating and cooling costs by taking advantage of the incentives for this that are offered in Ontario.   It isn’t just for residents but is also applicable to businesses.

Of course there is certain criteria that has to be made other than being in Ontario.   The central heating and cooling equipment purchase has to meet the requirements and it has to be installed by a participating contractor.   This was available in 2014 and is still available for 2015.

Now the amount you will receive is probably not enough to make it the deciding factor to upgrade, but if you are in need of a new heating or air conditioning system then why not take advantage of the incentive that will save you a little money.

If you are replacing your furnace then it has to be a high efficiency furnace with a ECM motor (Electronically commutated motor) If you comply with this then you will receive a $250. incentive.

For your central air replacement or new purchase it needs to be an Energy Star with specific criteria and you will again receive a $250. incentive.

If you want to go a little better with your air system then you will get a $400. incentive for installing a stand-alone Tier 2 with specific qualifications.

Remember these rebates are only available when you use a qualified dealer that is participating in the incentive program.

What you will soon be losing as of the end of 2015 is Ontario Clean Energy Benefit, it you were receiving this.   It was estimated that the average household saved about $190 yearly as a result of this clean energy bill, so a significant saving is coming to an end.

You may want to try and further your savings by paying closer attention to the times that you use your home energy.   Discounts are offered through the time of use system offered through hydro one. It is worth taking a look at your next bills to see if you are capitalizing on this.

By looking for incentives not only within the tax system but outside of it, this is one way of racking up your savings instead of focusing just on what you are losing, or what added expenses you are going to be hit with throughout the coming year.

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Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant


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