Energy efficiency is an opportunity for public and private asset managers to leverage long term value for their stakeholders, and to provide other public good. Energy efficiency can provide economic, social and environmental benefits to communities, businesses and governments across Canada. It can contribute to economic and employment growth by improving business productivity and competitiveness, generating new opportunities for the energy efficiency industry, and creating new jobs of diverse grades and skill requirements. Energy efficiency also contributes to energy conservation for industry and households, while helping Canada meet its greenhouse gas reduction targets under the Paris Agreement. As with all change, the benefits arising from energy efficiency technologies and upgrades require capital investment. For those who adopt energy efficiency, the cost-benefit analysis compares the cost of capital and other opportunity costs against future cost savings, future benefits, government incentives and disincentives throughout the project life cycle.

Witnesses who participated in this study discussed several ways for Canada to maximize energy efficiency gains. They highlighted the following priorities:

• ensuring that government incentive and disincentive programs and prices are predictable and reliable over the long-term, and that they are effective in meeting stated policy goals;
• improving public knowledge of, and access to, energy efficiency resources and services;
• harmonizing energy efficiency programs and product standards across jurisdictions;
• ensuring Canada’s tax system and regulatory environment are competitive with other juridisctions;
• investing in skills training and workforce development;
• leveraging private sector capital to facilitate energy efficiency investments;
• scaling up deployment of market-ready technologies;
• improving building codes and energy performance programs for new buildings and building retrofits; and
• ensuring affordability is a priority when implementing building codes, energy performance programs for new buildings and building retrofits.

Considering that energy efficiency is an area of shared jurisdiction and responsibility in Canada, witnesses called on the federal government, among other things, to collaborate with provinces, territories and stakeholders to scale up Canada’s actions on energy efficiency.