Harrietsfield, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Harrietsfield, Nova Scotia -
The rising cost of electricity continues to strain household budgets across Nova Scotia, with the latest increase in residential energy rates sparking concerns among homeowners. Effective January 1, 2025, the standard residential electricity rate in the province rose from $0.17703 per kWh to $0.18094 per kWh, largely due to storm recovery costs from 2023. While this rate is set for one year, experts and regulators anticipate further increases driven by inflation, fuel prices, and infrastructure demands.
Rob MacDonald, the CEO of Maritime Solar, emphasized the growing urgency for homeowners to explore sustainable energy options. "Energy rates in Nova Scotia have steadily climbed for years, and this year is no different. With another increase in effect, it's time for homeowners to seriously consider long-term solutions like solar energy," MacDonald stated.
Nova Scotia has one of the highest electricity rates in Canada, and the upward trend shows no signs of slowing. Over the past decade, residents have faced consistent price hikes that burden household budgets and leave many searching for cost-effective alternatives. With the latest increase reflecting a 2.4% hike, the impact is being felt most acutely by middle-income families and small businesses.
According to Maritime Solar, solar energy presents a viable path forward, offering Nova Scotians a chance to stabilize energy costs while contributing to a cleaner environment. MacDonald explained, "Solar is not just a way to avoid rising electricity bills; it's a way to take control of your energy future. When you invest in solar, you're shielding yourself from rate hikes and contributing to sustainable energy goals."
For homeowners, there has never been a better moment to make the switch to solar energy. The province's SolarHomes rebate program remains active, offering $0.30 per watt up to $3,000, making solar more affordable. However, the Canada Greener Homes Grant is no longer available, shifting the focus to other financial incentives.
Financing options remain strong. The Canada Greener Homes Loan offers 0% interest for up to 10 years, covering up to $40,000, ensuring homeowners can transition to solar energy with minimal financial strain. Municipal financing programs like Solar City (Halifax) and Solar Colchester (Truro) continue to provide additional flexibility.
"The combination of rebates, grants, and financing options means homeowners can transition to solar energy with minimal upfront investment," MacDonald noted. "It's an affordable choice that pays off both financially and environmentally."