Energy Retrofit Loans

By mmuise
Description:

The Energy Retrofit Program offers fixed, long-term, low-interest financing to enable building owners to invest in low-carbon, energy-efficient capital improvements and increase their net operating income (NOI).


Comments on Funding:

The program offers fixed-rate financing for up to 100% of project costs for terms up to 20 years. Funding limits will be determined by a business case assessment. The interest rate will reflect the City’s cost of borrowing. As the City’s cost of borrowing varies daily, the actual interest rate cannot be confirmed until the loan is approved

Deadline: Continuous Intake
Eligibility:

Applicants must be owners:

  • willing to invest in low-carbon, energy-efficient capital improvements.
  • of buildings located in Toronto, including: a) commercial, retail and industrial;
    b) multi-family residential;
    c) condominium buildings (common areas only, not individual units);
    d) social housing;
    e) hospitals and long-term care;
    f) schools, colleges and universities;
    g) not-for-profit;
    h) hospitality.
Application Steps:

Applicants must:

1. download and complete the Expression of Interest form and submit it to bbp@toronto.ca;

2. complete a detailed application to verify the project energy and carbon savings and create a business case, if invited;

3. sign the funding agreement, if the detailed application is approved.

Documentation Needed:

Applicants must submit:
1. two years of audited financial statements;
2. detailed project summary including:
a) estimated energy saving calculations;
b) estimated emission savings;
c) project costs;
3. feasibility or engineering study including:
a) equipment details;
b) facility description;
c) spec sheets (if available);
d) cost estimates;
e) project management timeline;
4. other documents, as required.

Other Things to Note:

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About the author
mmuise