Two of the transitions that Nova Scotia must make in the near future involve action to reduce the GHG in power generation and provide affordable housing for many of our citizens. Recent media coverage points to market forces that are apparently acting against these transitions.
Transition needed in Energy Generation
The Canadian Renewable Energy Association calls on the Nova Scotia Government to restore consumer confidence by challenging recent actions taken by Nova Scotia Power Inc. in proposing a significant system access fee for solar energy installations.
“We are calling on the Government of Nova Scotia to intervene to ensure that Nova Scotians can continue to pursue rooftop solar installations and make significant climate-friendly investments in the province,” said Brandy Giannetta, CanREA’s Vice-President of Policy, Regulatory and Government Affairs. NSPI’s proposed system access charge, of $8 per kilowatt of solar PV capacity per month, or nearly $800 per year for the average solar home in Nova Scotia, would erase approximately 60% of the economic value of solar net-metering.1
A Media Release from the Sierra Club of Canada declares it is time to break up with Nova Scotia Power. NSPI’s announcement that it wants to charge a premium on homeowners with solar panel installations is a huge step backward for renewable energy in the province.
“The company is gaslighting homeowners who want to be part of the climate solution,” says National Program Director Gretchen Fitzgerald.. “It’s giving the public the false impression that homeowners with solar panels are cashing in on low electricity at the expense of other customers. That’s simply not true. It takes most solar customers at least ten years just to pay off the loans for their solar panel installation.”2
The Sierra Club suggests NSPI’s proposed 10 percent rate hike over three years, while maintaining its 9 percent guaranteed profit rate underscores the problem of a private energy monopoly.
“Nova Scotians are waking up to the reality that there is no way forward with Nova Scotia Power. If we want affordable, reliable, and clean renewable energy in this province, it can’t be controlled by a private multinational and a rubber stamp review board,” says Deveaux. “We need to recognize that electricity is an essential service. We shouldn’t have to tell Nova Scotia Power that reducing greenhouse gas emissions isn’t a luxury; it’s essential too.”2
Taryn Grant, of CBC News, reports that investors make a fifth of home purchases in Halifax where real estate prices continue to soar.
The report provides context, although it does not directly answer the question of how much investors are responsible for driving up real estate prices.
In Halifax, the average home sale was 26 per cent higher in 2021 than the year before, and 14 per cent higher in 2020 than the year before that, according to statistics reported by the Nova Scotia Real Estate Association. Most major Canadian cities have seen investor activity grow in recent years, but Halifax has seen one of the biggest jumps. Since 2014, investor purchases rose more than four per cent in Halifax, second only to Ottawa's five per cent growth.3
Providing power to Nova Scotia through publicly owned, community or province wide utilities would recognize the public interest in providing a high standard of electrical service while at the same time leading the transition to reduce the GHG emissions without the need to maintain shareholder dividends. Social action groups are increasingly making the case that in the often severe and constantly changing climate of Nova Scotia, adequate housing is a right and a necessity for health and welfare. When housing is bought and sold as a commodity, the cost of shelter becomes subject to the laws of supply and demand. Unfortunately, demand drives the price up and investors seem to have little interest in increasing the supply of affordable accommodations.
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