Schneider Electric Solar Business, a British Columbia (BC) headquartered institution in solar power conversion technology, welcomed BC Finance Minister Mike de Jong’s budget and the stable framework it provides for BC based businesses.
“Coming as it did on top of a Federal budget that also emphasized research, innovation, jobs and strong economic fundamentals, this budget reinforces BC and Canada as great places to do business,” commented Jill Tipping, Vice-President of Finance & Operations for the Solar Business of Schneider Electric. “Enhanced tax allowances from the Federal government for clean energy equipment will not only support the growth of our business but will also incentivize businesses that want to make a positive impact on our climate, and demonstrate Canada’s commitment to the Green economy.”
Tipping also welcomes BC’s extension of its scientific research and development tax credit, calling it “a critical cornerstone” to supporting Schneider Electric’s development of best-in-class products and bankable solar solutions for the Canadian and global markets.
However, Tipping cautions that more needs to be done to secure and advance the innovation economy in Canada and BC. “Cleantech is a capital-intensive, R&D-intensive sector and funding major investments year after year is a challenge even for a business with our balance sheet strength,” said Tipping.
On the jobs front, Tipping says Schneider Electric’s Solar business welcomes the $11 million of new funding for LMO over the next two years and the millions more for training and internship programs in the Federal budget.
“Labour supply and skills shortages remain at the top of the agenda for BC-based businesses like ours which are critically dependent on attracting and retaining the very best talent,” indicated Tipping. “Overall, the BC and Federal Budgets contained some very positive news which will support us as we continue to bring innovative green energy solutions from Burnaby to the world.”