Grid Innovation Fund
Highlights
This program is designed for businesses like yours to help you manage energy consumption and reduce costs. By applying, you can access funding for innovative projects that can lead to significant electricity bill savings. This is a unique opportunity to validate new technologies and practices that can benefit your business and the broader community.
What You Get
- Funding for up to 75% of project costs
- Support for projects up to three years in length
- Access to resources and expertise to help implement your project
Benefits
- Lower electricity bills through better energy management
- Enhanced competitiveness by adopting cost-effective energy solutions
- Validation of new technologies that can set your business apart
This program is easier to qualify for than many other financing options, as it focuses on specific projects rather than company-wide financial health. Approval can provide you with the financial support and resources needed to innovate and grow.
Financing Details
Type of Financing: Grant
Repayment Terms:
- No repayment required.
Eligible Expenses:
- Costs related to the development and demonstration of new technologies.
- Expenses for projects that help manage energy consumption.
- Costs associated with reducing the maintenance costs of the electricity grid.
- Administrative and operational costs directly related to the project.
Use of Funds:
- Funds can be used for expenses directly related to the project.
- Cannot be used for general operational costs not associated with the project.
- Not eligible for projects focused on most forms of generation (e.g., solar, wind, waterpower, fossil fuels).
Fees:
- No application fees.
- No ongoing fees associated with the grant.
Qualifications
- Must be a non-profit or for-profit incorporated entity.
- Must be located in Ontario.
- Must be able to submit project proposals between May 27, 2024, and July 22, 2024.
Eligible applicants include:
- Local hydro companies
- Technology companies
- Consulting firms
- Industry associations
- Educational institutions
- Public sector organizations
Disqualifications:
- Individuals, including incorporated individuals and sole proprietorships.
- Projects related to most forms of generation (e.g., solar, wind, waterpower, fossil fuels).
- Projects focused on research, development, and demonstration of transmission, distribution, and electricity generation technologies, except for waste energy recovery initiatives.
Description
This program offers your business a chance to save on electricity bills by funding innovative projects. You can receive financial support for projects that help you manage energy use better or reduce costs related to maintaining the electricity grid.
You can get funding for up to 75% of your project costs, depending on the project type. The projects should not exceed three years in length. This means you can test new technologies, practices, or services without bearing the full financial risk.
The fund is aimed at projects that show clear benefits and can overcome market barriers. It does not cover projects related to most forms of energy generation, but it supports initiatives that enhance energy efficiency and reliability. This is a great opportunity to innovate and cut down on your energy expenses.
Program Steps
Prepare Your Application: Begin by gathering all necessary information about your project. Make sure your project aligns with the program's focus on Electrification and Demand Management.
Prepare Documentation: Collect and organize the following documents:
- Detailed project proposal
- Business plan
- Financial statements
- Project budget
- Timeline for project completion
- Any other relevant supporting documents
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Submit your completed application form and all required documentation between May 27, 2024, and July 22, 2024. Ensure you meet the submission deadline.
Review and Await Feedback: After submission, your application will be reviewed. Be prepared to provide additional information if requested.
Approval and Agreement: If your project is approved, you will receive an agreement outlining the terms and conditions of the funding. Review and sign the agreement to proceed.
Project Implementation: Once the agreement is signed, begin implementing your project as per the approved plan and timeline.
Reporting and Monitoring: Regularly report on the progress of your project as required by the program. Ensure you meet all monitoring and reporting requirements.
Completion and Final Report: Upon project completion, submit a final report detailing the outcomes and benefits achieved. This report will help in assessing the project's impact and success.