Successful energy retrofits can specifically benefit residents of low‐income apartment buildings. Programs like TowerWise show that retrofits can lead to a 30% reduction in energy and carbon usage. Energy efficiency programs can also have up to a 2:1 cost‐benefit ratio. Retrofits of low‐income housing can potentially result in the co‐benefits of carbon reduction, energy efficiency, and costs savings, as well as positive health outcomes. On a macroeconomic level, retrofits can reduce the need for government spending on health and energy subsidies, which can be redirected to other types of social spending for low‐income Canadians.