11/23/2012 02:27 EST | Updated 01/23/2013 05:12 EST

Denman Island to get new cable ferry by 2014

BC Ferries has confirmed plans to install a cable ferry on the crossing between Denman and Vancouver islands by 2014.

The decision comes after a study concluded the 50-car ferry will be more cost effective than a regular ferry, according to president Mike Corrigan.

"A cable ferry provides substantial cost savings of $19 million over the life of these assets calculated on a discounted net present value basis,” said Corrigan.

"These significant cost savings will help reduce pressure on future fare increases."

The project has already been approved by the federal Department of Fisheries and Oceans and Transport Canada.The ferry and terminal designs are already underway and construction of both is expected to begin in the summer of 2013.

A public information session to update the community will be held on Nov. 29 from 7 to 9 p.m. PT at the Denman Island Senior's Hall.

BC Ferries is currently looking for ways to cut millions from its operating costs to cover a growing budget deficit.