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 Feb. 22 by Agriculture Minister Gerry Ritz.
The Farm Credit Canada (FCC) Energy Loan is designed to assist producers and agribusiness owners who want to make the move towards producing their own renewable energy.
“There are sources of energy all around Canadian farmyards and we’re helping producers invest in the technologies needed to tap those opportunities,” Ritz said in a release.
“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,” says Greg Stewart, FCC president and chief executive officer. “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 that 60 per cent of individuals surveyed are considering new ways to find financial value by reducing their environmental impact. The survey, completed in November 2009 by 1,172 producers and agribusinesses across the country, revealed that 37 per cent of those people looking at 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, geothermal, 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.