With the growth of British Columbia’s population, BC Hydro has announced that as of April 1, electricity rates will increase by nine percent. The 10-year plan includes additional increases in the following three years.
As electricity rates increase, building energy efficiency projects will change. Lorina Keery, sustainability manager at Colliers International, says BC Hydro rate increases will mean a beneficial three to five month reduction on the payback period for investment in energy efficiency projects. She says the rate increase will impact businesses in two ways: “For those already thinking ahead and considering energy efficiency investments, the business case has improved. For example, if that project's payback threshold was two years, all of a sudden, it's maybe palatable to look at, or fits within their investment criteria. For others who have not kept up with investments in efficiency, the rate increase offers a bit of a wake-up call.”
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