Notable Policy Achievements
CanGEA took issue with the de facto moratorium on land sales in BC despite tenure requests from industry. In response to our lobbying efforts, the BC Government undertook a handful of tenure requests and provided permits to several companies. However, no tenure has been granted in Canada's lowest hanging fruit geothermal resource base in NE BC. Further, there are dozens of land requests around the province that remain unprocessed.
In recent years CanGEA has cleared the way for significant project funding for developers. Numerous federal and provincial funds that were available to most green energy developers were historically not available to the geothermal industry. CanGEA successfully addressed these oversights. From these funds, 5 projects related to the geothermal industry qualified for a maximum of nearly $50 million. Such funding benefits all participants in the geothermal value chain.
CanGEA also successfully advocated to introduce tax breaks for geothermal projects. Under Schedule II of Canada’s Income Tax Act, if certain types of renewable energy and conservation equipment are included under Class 43.1, it then allows for a 30% accelerated capital cost allowance rate. Formerly, geothermal equipment was not included under Class 43.1.
Continued work is needed at all levels of government to create a vibrant geothermal energy industry.