A ventilation fan and light (10) is disclosed which includes a housing (12) and a light kit (13). The housing (12) includes an air intake 15 adjacent the light kit and an air exhaust port (16) coupled to an exhaust duct (17). The light kit has one or more light sources (20). A motorized fan (19) is mounted within the housing. The motorized fan is operated at a low speed whenever the light source is illuminated and a high speed whenever ventilation is required. The operation of the fan at a low speed prevents the build-up of heat within the housing. The ventilation fan includes an electric circuit (22) which includes a capacitor mounted between a light source electrical branch (23) and a fan motor electrical branch (24).