TORONTO, Sept. 24 /CNW/ - Ontario can now claim to have one of the best Feed-In Tariff (FIT) programs in the world. The FIT program, launched today by the Minister of Energy and Infrastructure, provides for a fixed rate 20-year power purchase contract with the Ontario Power Authority (OPA) for electricity generated from renewable sources.
Though not originally intended to help compensate for the effect of the global meltdown, the FIT will undoubtedly become a key economic driver in Ontario. Unlike many stimulus dollars that are not yet released, this program serves to bring private dollars into the marketplace rather than public ones. The program creates an investment climate and by doing so has created an industry that is ready to explode.
According to Fidel Reijerse, President of RESCo Energy, "building this market requires certainty." A study by Dr. Robert Pollin, Professor of Economics at the University of Massachusetts-Amherst, estimates that Ontario could create up to 90,000 jobs, of which, 69,500 are created in support of the industry. Mr. Reijerse believes that, "partnerships between best-in-breed companies will provide the enormous local capacity and expertise to service this market." The total market is estimated at $47.1 billion over 10 years, of which, $700 million and almost 12,000 jobs are attributed to solar projects, according to the study.
Kevin Monsour, a Vice-President with RESCo Energy, predicts that the FIT Program will allow RESCo to continue to realize "order of magnitude gains annually." Toronto-based RESCo Energy is currently completing the largest solar rooftop project in Canada and has designed and built some of the most innovative solar projects. Mr. Monsour suggests that what used to be $200,000 solar projects are now $2,000,000 projects and the launch of the FIT program will see project sizes ramp up quickly to the $20,000,000 mark. According to the study, that would be the creation of over 30 jobs per project.
About RESCo Energy Inc.
RESCo Energy Inc. is a Canadian corporation based in Toronto with a US office in Michigan. RESCo Energy Inc. provides turnkey solutions for on-site green energy to its clients including: Fortune 500 companies; private equity funds; developers; and, asset managers.
SOURCE RESCo Energy Inc.
For further information: For further information: Kevin Monsour, VP, Partner Development, Tel: (416) 361-0752, Fax: (416) 366-2483, Email: email@example.com; RESCo Energy Inc., 1 First Canadian Place, Suite 350, Toronto, Ontario, Canada, M5X 1C1, Web: www.rescoenergy.com