Greener Choices Can Save You Money
While everyone, including businesses, will pay the carbon tax, the cost of the carbon tax per family will depend on the choices they make. By making climate smart choices and choosing a lower carbon lifestyle, British Columbians have an opportunity to save enough on their household expenses to come out ahead financially.
Whether you switch to energy-efficient light bulbs, shop locally for produce, or purchase eco-friendly upgrades in your home, your decisions can make a big difference. Simply driving 10 kilometres less per week is enough to offset the carbon tax in the first year for most British Columbians.
Take the scenario of a family of four with two parents earning $90,000 a year, two vehicles, and heating their home with natural gas. With the Climate Action Dividend and income tax cuts made possible by the revenue-neutral carbon tax, this family will be $419 ahead this year. If they made climate smart choices such as installing a high efficiency hot water heating system and installing low- flow showerheads and taking shorter showers, they could save an additional $193 - for a total estimated savings of over $600.
Or, consider a single parent earning $30,000 a year, with one vehicle, and heating their home with electricity: with the Climate Action Dividend, income tax cuts, and the new Low Income Climate Action Tax Credit, this family will be $285 ahead this year. If they made climate smart choices such as keeping the vehicle tuned up and tires properly inflated and switching to compact fluorescent light bulbs, they could save an additional $299 - for a total estimated savings of more than $584.
Taking steps to reduce your carbon footprint can lower your energy, water and fuel consumption - not to mention save you money in the long run.
Here are some examples of how:
Climate Smart Action
Estimated Savings Per Year
Switch to compact fluorescent light bulbs
$39
Weather strip doors and windows
$68
Install a high efficiency hot water heating system
$90
Install low-flow showerheads and keep showers under 10 minutes
$103
Tune up your vehicle and keep tires properly inflated
$260
Install crawl space insulation
$243
Drive 10 km less per week
More than $60
Switch to a higher efficiency vehicle (from 12L/100km to 10L/100 km)
More than $500
Source: Government of British Columbia
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