How will the 25% Ontario hydro bill reduction apply to condominiums?
Brookfield Condominium Services has focused on helping their clients reduce their energy costs for almost 10 years now. In 2016, we delivered an additional $1.8 million dollars of energy savings to our clients, bringing the cumulative value of energy savings to $25 million dollars.
Part of those energy savings is from our work with the Ministries of Energy and Finance on programs like the Debt Retirement Charge exemption. Today, we have again offered to Ministry staff, the expertise of our energy manager (Ontario’s first energy manager dedicated to condominiums!) to support equitable treatment for condominiums in the Ontario Fair Hydro Plan.
Condominium electricity bills are a complex mixture of residential and commercial pricing mechanisms. So, we strongly caution boards against treating today’s announcement of an additional 17% reduction on residential electricity bills as a sure-thing at this time.
Note that the government’s announcement of a 25% reduction included the 8% that is already provided by the reduction of the provincial portion of the HST. The HST reduction started January 1st, 2017, and has already been accounted for in your budgets.
Stay tuned for further updates on this recent announcement and the impact that the reduction has on our condominium budgets once more detailed information becomes available.