(TECUMSEH, ON) – Ontario’s Minister of the Environment and Climate Change has announced the launch of the Green Ontario Fund. Local solar company Unconquered Sun is applauding the new program as a potential windfall for the future of the company and other green-tech firms in the province.
The Green Ontario Fund, or GreenON, will provide rebates and other incentives to help businesses and residential energy consumers slash their energy costs. It is expected to launch several solar-focused initiatives this autumn.
“The Green Ontario Fund is a great harbinger of growth for Unconquered Sun Solar Technologies and a great step toward increased solar deployment within the Province of Ontario,” said Sean Moore, the founder of Unconquered Sun.
The fund will be administered under Ontario’s Climate Change Action Plan and backed by proceeds from the province’s new cap-and-trade program, which places limits on the amount of pollutants that companies can emit.
The province held its second cap-and-trade auction in June and raised $504 million. Total revenues from the program are expected to reach C$1.8 Billion in 2017. The provincial government will initially invest $377 million in GreenON with total investment expected to reach $2.4 Billion by end of the decade.
The Tecumseh-based Unconquered Sun, founded in 2008, is responsible for 20 per cent of all of the province’s installed residential solar generation in 2017.