Throne Speech Announces Electricity Cost Relief
Last week, we were excited to roll out PUMPsaver, a new Toronto Hydro program where Brookfield-managed buildings will be first in line to start saving on electricity.
We are encouraged by the throne speech announcing the Ontario government’s intention to reduce electricity bills by 8%. The reduction is to be delivered via a rebate that is equal to the provincial portion of the HST on electricity bills.
While this sounds straight forward, our experience causes us to exercise caution. Our view is that condominium eligibility is not assured as electricity billing for condominiums is a complex combination of commercial and residential pricing mechanisms. As demonstrated with the Ontario Clean Energy Benefit and Debt Retirement, we will work hard to ensure our clients receive equitable treatment. To that end, our Vice President of Client Services and Manager of Energy and Sustainability has already contacted both Ministries of Environment and Energy on our clients behalf.