Removal of Carbon Tax results in 12% Natural Gas Savings
The natural gas utilities will be directed by the Ontario Energy Board to remove the Carbon Tax from all gas bills starting October 1st. This will result in an approximately 12% reduction in a condominium corporation’s natural gas bill. We are also pleased to advise that Crossbridge buildings participating in the ECNG/Crossbridge natural gas program will see a price reduction from 12.9 cents to 10.5 cents effective Nov 1, 2018 to Oct 31,2019.
As we indicated in a Canadian Property Management article, our Manager of Energy and Sustainability has already modified our utility budget templates to reflect these changes. Our managers use these sophisticated budget templates to accurately predict utility costs – this is an important value add to our clients because utilities are typically a corporation’s largest controllable expense.
Karen Mergler, Regional Vice President reports that one of our more environmentally conscious corporation Presidents was unhappy that the carbon tax had been cancelled, but was comforted with the idea that they could use the savings to contribute to the cost of a lighting retrofit. This is a great idea! Another great idea is to set aside some of the gas “savings” in preparation for the mandate to report on energy and water. The deadline for the first wave of condominiums is in 10 months - we discussed the requirements of this mandate way back in a July 2017 blog entry.