Investment in PEI Energy Savings Bonds is nearing the $5 million mark. Islanders have invested $4.6 million in the bonds in less than three months.
Premier Pat Binns said he’s pleased to see Islanders take advantage of this opportunity to invest their money in Prince Edward Island.
“Whether it’s because they want their money to support something that they believe in, or simply because the bonds are a safe, reliable place to invest their money and earn a good return, Islanders clearly see PEI Energy Savings Bonds as a good investment,” the Premier said.
The bond program was created to give Islanders an opportunity to invest in the Eastern Kings Wind Farm which began commercial operation last month. PEI is now generating 12.5% of its total electricity needs from wind energy at Eastern Kings and North Cape. Minister of Environment, Energy and Forestry Jamie Ballem said that impressive achievement is making the province a leader in renewable energy development and is helping to strengthen the PEI economy and improve our environment.
“About $12 million that used to leave the province each year to import electricity generated from fossil fuels will now stay here in PEI, contributing to the local economy,” the Minister said. “At the same time, we are reducing greenhouse gas emissions that contribute to climate change by more than 100,000 tonnes annually – the equivalent of taking 22,000 cars off the road.”
The amount of the bond issue is $20 million, so Islanders still have plenty of opportunity to invest in PEI Energy Savings Bonds. The bonds have a guaranteed return of 5% annually for five years. They 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. Either the purchaser or the owner of the bond must be a Prince Edward Island resident, business or organization.
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