Residential Geothermal in Toronto

Residential Geothermal in Toronto

Invested to date

$847,000

100%
$847,000

Term of loan
84 months

GREENHOUSE GASES AVOIDED EQUIVALENT TO 82 TONNES OF CO2 PER YEAR

CoPower has provided $847,000 in financing for a geoexchange system at a 55-unit townhouse complex located in Toronto.

When it comes to saving energy and reducing emissions, geoexchange is one of the most effective clean technologies available; however, the high upfront costs remain a significant barrier for both building owners and project developers. This loan has allowed the townhouse condo corporation to finance the purchase of the geothermal system over a seven-year term, making this otherwise expensive technology cost-effective.

In addition to expected carbon emissions savings of 82 tonnes annually, the systems generate monthly energy and cost savings for the homeowners over time. In place of a monthly gas bill, homeowners repay the CoPower loan over time through their monthly condo fees. Once the loan is paid off, the community has essentially established its own utility and greater control over its heating and cooling expenses.

The impact of the loan differs from those we’ve made previously in one main way: we’re lending directly to the condo corporation rather than through a clean energy project installer.

When we lend through a clean energy project developer, part of our positive impact is in helping them grow their business and offer their services to more customers. By lending directly to a condo corporation (or a real estate project) we’re providing the financial tools the real estate industry needs in order to make green building methods and clean energy sources the easy option for real estate developers. Both types of financing are essential to decarbonizing our built environment.