Prince Edward Island (PEI) has seen nearly $5 million invested in its energy savings bonds in less than three months, say PEI government officials.
The bond program was created to give PEI residents and business owners an opportunity to invest in the Eastern Kings Wind Farm, which recently began commercial operation. The amount of the bond issue is $20 million, so islanders still have plenty of opportunity to invest in the them. The bonds have a guaranteed return of 5% annually for five years, and the minimum purchase is $500.
"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," says Jamie Ballem, minister of environment, energy and forestry. "At the same time, we are reducing greenhouse gas emissions that contribute to climate change by more than 100,000 tons annually - the equivalent of taking 22,000 cars off the road."