Canadian agriculture producers and agribusiness operators who are considering the use of renewable energy sources in their business will soon have a new financing option thanks to a new energy loan announced Monday by federal Agriculture Minister Gerry Ritz.
The Farm Credit Canada (FCC) energy loan is designed to assist local people who want to make the move towards producing their own renewable energy. The loan announcement came as part of Ritz’s presentation to the Canadian Federation of Agriculture (CFA) annual general meeting in Ottawa.
“There are sources of energy all around Canadian farmyards and we’re helping producers invest in the technologies needed to tap those opportunities,” said Ritz. “This initiative is good for the environment and it’s good for the bottom line on farms across Canada.”
FCC President and Chief Executive Officer Greg Stewart said, “We’re definitely seeing an increase in the number of people across the country that are interested in renewable energy sources to reduce costs and demand on the energy grid. The Energy Loan ensures FCC is taking an active role on the renewable energy front and shows our commitment to improving rural Canada.”
A recent FCC vision survey showed 60 per cent of people surveyed are considering new ways to find financial value by reducing their environmental impact. The survey, completed in November by 1,172 producers and agribusinesses across the country, revealed 37 per cent of those people considering reducing their impact are considering the use of renewable energy sources in their operation.
Available on March 1, the energy loan will help producers and agribusiness operators purchase and install on-farm energy sources such as biogas, geo-thermal, wind or solar power. The energy loan offers an interest term of up to five years at variable or fixed rates and with monthly, quarterly, semi-annual, and annual payments available.
For more information on the survey, visit the web site: http://www.fccvision.ca/InAction.aspx.
