By Anthony Capkun
December 6, 2020 – Efficiency Capital’s energy efficiency retrofit project across multiple WoodGreen Community Housing buildings is the first project in Canada to achieve Investor-Ready Energy Efficiency (IREE) certification, awarded by Green Business Certification Inc. Canada (GBCI Canada).
“Through a certification like IREE, projects can more easily unlock the financing needed to accelerate the implementation of high-quality retrofits,” said Thomas Mueller, president & CEO of GBCI Canada and Canada Green Building Council (CaGBC).
ECap funds, develops and manages efficiency retrofit projects, offering performance-based investment solutions to improve building energy efficiency with no upfront cost to building owners.
The WoodGreen project addressed a backlog of deferred maintenance and asset renewals, ensuring WoodGreen’s financial health while decreasing its environmental footprint and improving occupant comfort and safety, says ECap.
IREE certification is based on GBCI’s Investor Confidence Project (ICP) framework, which aims to give funders the confidence that retrofit projects have undergone a standardized method of analysis that is certified by an independent third-party.
“With IREE certification, we’re providing a standardized mechanism for more mainstream investors to come to the table,” said Matt Zipchen, president of Efficiency Capital. “Such certification tools are critical for reducing both the risk and the due diligence required for pooling and funding efficiency retrofits at scale.”
ECap’s investment and funding strategy helped WoodGreen leverage $1.3 million in reserve funds into a $3.4-million retrofit project projected to achieve over $5.7 million in utility savings over the useful life of the equipment.