Islanders invested just under $2 million in PEI Energy Savings Bonds before 2006 drew to a close. The bonds went on sale December 11 and, by December 29, more than $1.9 million worth of bonds were sold. Sales for the first week of 2007 won’t be tallied until next week but it’s expected the total is now well over $2 million.
“The bond program was created to give Islanders an opportunity to be partners in wind energy development, to invest in a green energy future. Clearly that is something Islanders support,” said Jamie Ballem, Minister of Environment, Energy and Forestry. “Government is very pleased with the sales to date, especially when you consider that many investors are waiting for confirmation that the bonds are RRSP eligible.“
PEI Energy Savings Bonds have a guaranteed return of 5% annually for five years, making them an attractive investment. It is expected that the bonds will qualify as an eligible investment for self-directed registered retirement savings plans (RRSPs), which would make them an even more appealing investment. Eligibility is pending approval from the Canada Revenue Agency. A decision is expected this month.
PEI Energy Savings Bonds are available at Credit Unions across the province and at Provincial Treasury, 2nd Floor South, Shaw Building, 95 Rochford Street, Charlottetown. The minimum purchase is $500 and the ownership limit is $10,000 per calendar year. Therefore, those who purchased bonds in 2006 are eligible to own an additional $10,000 in bonds in 2007. Either the purchaser or the owner of the bond must be a Prince Edward Island resident, business or organization.
PEI Energy Savings Bonds are issued through the Prince Edward Island Renewable Energy Corporation, a wholly-owned subsidiary of the PEI Energy Corporation which will own and operate the Eastern Kings Wind Farm. A delay in the delivery of the transformer – the equipment that transfers the energy from the wind farm into the power grid – has put the opening of the wind farm slightly behind schedule. However, it is expected to be in operation by early February. The wind farm will supply 7.5% of PEI’s total energy needs – enough wind energy to power about 12,000 homes and reduce greenhouse gas emissions by 75,000 tonnes annually.
For more information on PEI Energy Savings Bonds, call 1-877-6-BONDS-0 (877-626-6370) or visit the website at www.peienergysavings.pe.ca