Here’s how the new NL energy rebates will help you

Inside Newfoundland and Labrador Hydro’s energy control centre, NL Premier Tony Wakeham pledged that his government would help people on Oct. 22.

Flanked by Finance Minister Craig Pardy, they made a set of announcements they believe will save residents across the province about $54 million.

The savings, they said, will come in the form of energy and fuel relief as residents prepare for the coldest months of the year.

“That means that more money is staying in household budgets, helping people manage expenses, particularly through the winter months,” said Pardy.

Here’s how these new measures will help you this winter.

Valued at 15 per cent, the previously announced energy rebate was tied to the announcement of the new Churchill Falls agreement in August, but it wasn’t supposed to be brought in until the final deal closed with Quebec.

While it appears that deal won’t meet the December 2026 deadline, residents won’t have to wait for those negotiations to finish.

Instead, they’ll see the 15 per cent decrease in their power bills from Newfoundland Power and Newfoundland and Labrador Hydro start in January.

According to the province, that equals an average savings of $351 a year for a household.

“This means lower monthly power bills for hundreds of thousands of households across Newfoundland and Labrador, and it means families will begin receiving those savings this winter,” said Wakeham.

The government is also doubling the Home Heating Supplement for residents who rely on furnace and stove oil to keep their families warm.

Normally, people who apply for the supplement and receive it get a one-time payment of $500 to help offset the cost. With this announcement, the government is increasing that payment to $1,000 a year.

The criteria haven’t changed, but any household that makes $150,000 or less can now apply for the rebate.

Currently, furnace oil is priced at $2.20 a litre, and the government hopes the rebate increase will help offset that.

“It is about putting money back into people’s pockets and helping make life more affordable for all of us,” said Wakeham. “It is about, as I’ve said, helping people balance their books before we balance ours.

“Many families, particularly in rural and remote communities, continue to depend on heating oil through the winter months.”

Both Wakeham and Pardy say these affordability measures are just the start to what the government has planned.

They didn’t elaborate on what that means, but they pledged that the dollar amount fixed to their help will continue to rise going forward.

For them, it’s all about keeping a promise to lower prices for the people of this province.

It also builds on some $200 million in affordability measures that the provincial government has installed since taking power just over a year ago.

“At a time when families are looking for relief, they deserve results, and at a time when affordability remains a challenge, they deserve a government that keeps its promises,” said Wakeham. “That’s exactly what we are doing: delivering lower energy costs, delivering direct support, and delivering on our commitments.”