Energy-efficient community housing retrofit earns Canada’s first IREE certification
December 4, 2020
The project met or exceeded all requirements.
Toronto-based Efficiency Capital’s energy-efficient retrofit of seven local WoodGreen community housing buildings has become the first project in Canada to achieve Investor Ready Energy Efficiency (IREE) certification, based on the Investor Confidence Project (ICP) framework.
“We congratulate Efficiency Capital,” says Thomas Mueller, president and CEO of the Canada Green Building Council (CaGBC) and Green Business Certification Inc. Canada (GBCI Canada), which awarded the honour. “This project shows energy-efficient retrofits of residential buildings can play a key role in helping Canada achieve its climate-change mitigation goals.”
Efficiency Capital funds, develops and manages efficiency retrofits for social housing, commercial, institutional and multi-residential buildings with no upfront cost to owners.
The WoodGreen project, addressing a backlog of deferred maintenance and asset renewal, met or exceeded all ICP framework requirements, which ensure standardized analysis. The strategy leveraged $1.3 million in reserve funds for a $3.4-million retrofit that is expected to save more than $5.7 million in utility costs over the useful life of the newly installed equipment.