BC Hydro has launched a new $1 billion energy efficiency program called Power Smart 2.0 to help families and businesses in Colwood and across British Columbia lower their electricity bills. The three-year initiative, announced in May 2026, marks the largest conservation investment in the history of the utility.
The program offers several new incentives to help residents manage their energy use. Starting in the fall of 2026, homes with electric baseboard heating will be eligible for free smart thermostats, which are valued at $350 each. Additionally, residential customers can earn up to $200 per year through new conservation reward programs, with increased support of up to $325 annually available for income-qualified households. Residents will also be able to access instant rebates at more than 300 retailers.
Esquimalt-Colwood MLA Darlene Rotchford highlighted the announcement as positive news for the region. As the local population continues to grow, with Colwood projecting a 30 percent population increase by 2038, these measures aim to reduce overall strain on the provincial power grid.
Provincial officials project the program will generate $1.4 billion in economic growth and support 3,500 jobs each year. By 2030, the initiative is expected to save enough energy to power 220,000 homes and help the province avoid more than $2 billion in future infrastructure costs.
