Proposal suggests providing a municipal property tax exemption up to 100 per cent of the total eligible cost for as long as 10 years.
In a move designed to cut greenhouse gas emissions, Victoria council Thursday endorsed a staff plan to establish an incentive program to urge rental building owners to undertake mechanical equipment electrification, energy efficiency improvements, and seismic upgrades.
To be eligible, buildings must be market rentals built between 1960 and 1979 with three to four storeys, an elevator, and rely on natural gas for heat and hot water. An energy analysis done as part of a Market Rental Revitalization Study found energy and emissions reductions of between 22 and 50 per cent could be achieved by upgrading existing natural gas equipment and performing substantial building envelope improvements.Coun. Jeremy Caradonna said this kind of project could be the start of taking a massive bite out of the city’s emissions.
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