Monday, May 25, 2009

Ontario Green Energy Act and Residential Real Estate

Bill 150 was tabled at the Legislative Assembly of Ontario on February 23, 2009 and passed into law on May 14, 2009.

Some of the issues the legislation focusses on are green energy procurement, financing green energy, community energy, engaging First Nations and M├ętis communities, grid upgrades and evolution, conservation and protecting the environment.

The purpose of this Act is to facilitate the development of a sustainable energy economy which would protect the environment while streamlining and improving the environmental and planning approvals process, mitigate climate change, engage communities and build a world-class green industrial sector, enable all Ontarians to participate and benefit from green energy as conservers and generators, at the lowest cost to consumers.

Now that the legislation has passed, it makes home energy audits mandatory for home sellers, unless waived by buyers. However, the Bill’s requirements regarding home energy audits are NOT YET IN EFFECT and are not expected to take effect until 2010.

The Ministry of Energy and Infrastructure is working on preparing regulations that will outline the details on how the home energy audit requirement will be implemented. The home energy audit requirement will not take effect until these regulations are finalized, which is expected in 2010. REALTOR®, through TREB and OREA expect to work with the Ministry of Energy and Infrastructure to provide input on the regulations.

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