RETP PACE Financing Program Yukon (Complete Guide 2018)
This page gives a complete overview of the RETP. Read from top to bottom, or select your preferred section by clicking on it below:
How It Works
The Rural Electrification and Telecommunications Program (RETP) is a voluntary financing option that allows you to cover the entire cost of your energy generation project with a $0 down, fixed interest (currently 1.75%) ‘loan’*, with an amortization period of up to 15 years. Repayments are billed yearly (see Repayments Section for details) alongside your property tax bill.
This type of financing (a clean energy loan that is attached to your property, not you) is called ‘Property Assessed Clean Energy’, or PACE for short.
REPT can be used to finance the following permanently-installed energy generation projects provided that that property owner(s) are not currently connected to an electrical grid:
- Solar Power Systems
- Wind Power Systems
- Hydro Power Systems
- +Any required distribution infrastructure (lines, poles, transformers, etc.)
*Although the REPT is not technically administered as a loan, but rather as a ‘Local Improvement Charge’, conceptually it is very similar – you must repay the balance used to finance your project, plus any accrued interest. We will continue to use the word loan in this guide for simplicity sake.
Eligibility
It should first be noted that the REPT program is completely voluntary – you may decide to take advantage of it, but other financing options are always available.
In order to be eligible for the Solar City Halifax program, you must be in good standing on current property taxes.
Note that the program is only open to rural residential, small-load commercial, and business property owners in non-incorporated communities where the Yukon Government is the property taxation authority. Applications can be made for a single property, or for groups of properties.
Repayments
Upon receiving your REPT financing, you will then be billed on an annual basis along with your property tax bill. The payment appears as a separate charge, titled ‘Local Improvement Charge’, and can be repaid in the exact same manor that you are currently paying your property tax.
You always have the option to repay the entire balance in full and without penalty. The entire balance must be paid in full if the energy project becomes non-functional or if it is removed from the property.
Benefits
The main benefit of the REPT program is that it allows you to overcome the main hurdle for most people interested in energy generation projects: the upfront costs. And instead, spreads that cost over the course of up to 15 years on a fixed interest interest financing option (currently 1.75%).
The other major benefit is that the financing is attached to your property, not to you. This means that if you sell your property, repaying the REPT loan will then be the obligation of the new property owners.
(This also means that the long term savings potential of your system will lie with them too)
Note that REPT Financing is limited to 25% of the total assessed value of the property and proposed improvements with a maximum financing amount of $50,000. There is also a minimum funding amount of $1,000.
Program Administration
The REPT program is administered by the Property Assessment and Taxation branch of the Department of Community Services under the Yukon Government. Yearly funding limits are set and approved each year by the Yukon Legislative Assembly.
According to the Yukon Government, the REPT program is 100% cost recoverable from the participating property owners and no financial burden is passed on to general taxpayers.
Getting Started
Getting started with REPT is easy.
- Educate yourself about solar power
- Read the Complete Yukon Territory Solar Power Guide here.
- Read about upfront costs here.
- Read about other financing options here.
- Decide that you’re ready to go solar and request an estimate
- Apply for REPT financing (ask your installer for assistance) if that is your preferred financing option
Yukon Territory Solar Power Rankings
We’ve ranked the Yukon Territory as being the 7th best province/territory in the country for solar power. Not just because of the NEPT/PACE Financing Program, but also because of high electricity costs and fantastic local installers.
All interested home and business owners and highly encouraged to read our Complete Solar Power Guide For The Yukon Territory (Updated 2018).
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