Efficiency Capital builds partnerships to forge path for Canada’s climate goals
In an effort to forge a path for Canada’s climate goals, Efficiency Capital has built partnerships across various regions to address capital and capacity challenges and advance Energy-as-a-Service.
These partnerships include the Greater Montréal Climate Fund, EfficiencyOne in Nova Scotia, and Alberta Ecotrust.
In collaboration with Efficiency Capital, the Greater Montréal Climate Fund (GMCF) has created this program which has been made possible through a donation of $5 million from the Trottier Family Foundation. This contribution aligns with Montréal’s goals for decarbonization.
Introduced during the Montréal Climate Summit, the initiative named MultiRés is geared towards the decarbonization of buildings within the Montréal Metropolitan Community. This program aims to offer a streamlined avenue for proprietors and inhabitants of older, fossil-fuel heated, multi-residential structures across greater Montréal, enabling them to embark on the journey of decarbonization. By doing so, they can effectively curtail expenses and attain a spectrum of interconnected advantages for their edifices.
GMCF and Efficiency Capital have united private and public resources, utilizing over $100 million in project capital from diverse sources, to enhance building value and encourage investment.
Efficiency Capital is set to initiate renovations through pilot projects in the upcoming summer, leading to full program implementation in the following year. Geared towards mid-sized structures across Greater Montréal, the program offers flexible financing covering up to 100 per cent of retrofit expenses, along with support to ease financial and administrative burdens for owners. MultiRés will conduct inclusive upgrades, such as heating system replacements, utilizing energy savings to address affordability and decarbonization. Owners will benefit from specialized expertise, personalized coaching, contractor choice, and a streamlined turnkey solution for a hassle-free experience facilitated by local partners.
EfficiencyOne and Efficiency Capital have also forged a partnership aimed at assisting building proprietors and operators throughout Nova Scotia in their efforts to decarbonize properties. This collaboration facilitates access to fully-funded, turnkey energy efficiency and net-zero retrofits, which are gradually paid off to ensure affordability when compared to current alternatives. This approach also eliminates a hurdle hindering the widespread adoption of energy efficiency solutions across the province.
EfficiencyOne, operating as Efficiency Nova Scotia, serves as Canada’s inaugural energy efficiency utility, providing energy efficiency programs and services to the residents of Nova Scotia. Meanwhile, Efficiency Capital, as Canada’s pioneering energy-as-a-service enterprise, invests in low-carbon projects across the nation, particularly within the built environment.
Alberta building owners also now have a streamlined avenue for enhancing energy efficiency, reducing carbon footprint, and augmenting property value through a collaboration between the Alberta Ecotrust Foundation and Efficiency Capital. This partnership facilitates comprehensive energy retrofits in multi-unit residential buildings (MURBs) across the province. The Alberta Ecotrust Foundation, dedicated to climate action in Calgary and Edmonton through its Climate Innovation Fund, is innovatively addressing climate goals.
Demonstrating market demand, the initial project, involving two buildings with 165 units in Edmonton, is underway, managed by Efficiency Capital to ensure cost savings and emissions reduction. This endeavor aligns with Calgary and Edmonton’s climate plans, targeting residential building retrofits as a pivotal step towards carbon neutrality by 2050, addressing approximately 30 per cent of greenhouse gas emissions in Calgary and 20 per cent in Edmonton.