(MENAFN- GlobeNewsWire - Nasdaq) OTTAWA, Sept. 27, 2023 (GLOBE NEWSWIRE) -- With the International Energy Agency's latest milestone report pointing to a peak in fossil fuel demand by the end of this decade, Clean Energy Canada has released a new study illustrating what ditching oil and gas means for Canadian households and their energy bills.
A family living in a house in a Toronto suburb that adopts a few common clean energy solutions-including EVs and heat pumps-could knock $800 off their monthly energy bills, compared to one that is largely reliant on fossil fuels, according to the new report, A Clean Bill . A condo owner who was able to make similar changes could save $450 a month.
By far, the single biggest money saver is an electric vehicle. Clean Energy Canada also calculated the ownership costs of a number of Canada's most popular EVs, comparing them to equivalent gas cars. In every case, the electric option was cheaper to own, with most breaking even in under a year.
Choosing a Chevrolet Bolt EV instead of a Toyota Corolla Hatchback, for example, would save a typical Canadian $33,600 over a 10-year ownership period. Similarly, buying a Tesla Model 3 instead of a Lexus ES would save $43,300.
The report also includes a number of recommendations to ensure more Canadians access the benefits of ditching fossil fuels. That includes additional help with the often higher upfront costs of the technologies, something the federal government and some provinces are already doing to an extent. Specifically, this could include extending purchase incentives to used EVs, funding EV-ready retrofits in multi-family buildings and requiring minimum energy efficiency standards for rental housing.
For a breakdown of household benefits and government actions to see them realized, check out A Clean Bill .
We compared hypothetical Toronto area neighbours and added up their energy bills from heating, cooking and transportation. The family that removes fossil fuels from their daily life saves $9,685 per year. The clean energy condo dwellers, meanwhile, save over $5,500. The family that drives a gas-powered SUV and pickup truck pays three times more to fuel their cars than the family with two EVs. The most fossil-fuel-dependent household pays 40% more than the clean energy family to heat and cool their home. The condo owners that swap a small gas car for an EV while introducing a heat pump save over $2,100 a year. Over a 10-year ownership period, an EV is significantly cheaper to own in every province and territory in Canada. In some cases, with current government rebates, the EV is already at price parity with an equivalent gas car. While there is some variation by housing type, installing a heat pump is already the most cost-effective option for most Canadian households over the lifetime of the system, according to a new study by the Canadian Climate Institute .
Report | A Clean Bill
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