Capital Region Residential Energy Retrofit Program

The Capital Regional District (CRD) represents the agglomeration of municipalities and rural areas around Victoria, British Columbia. In partnership with the City of Victoria and the District of Saanich, CRD will undertake a design study to support a residential energy efficiency retrofit program for the region. CRD’s previous feasibility work in this area identified third-party lending as the preferred financing model. CRD will be targeting credit-enhancement to leverage preferred lending terms from financial institutions. The study will examine the following aspects of program design: · A streamlined approval process · Loan thresholds and rates · Eligible retrofit measures · Integration with rebate programs · Loan loss reserve structures · Estimated program uptake · Qualified contractor list The study will also evaluate whether to manage the program internally or to work with a third-party administrator. The program is linked to British Columbia’s PACE Roadmap investigation, the climate emergencies and climate plans from all three participating municipalities, and the regional Transition 2050 project. The study will also build on the findings from the District of Saanich and District of Central Saanich’s PACE pilots, which were supported by the Green Municipal Fund (GMF 16580 and GMF 16872). Program benefits: · Environmental: The program aims to retrofit 800 homes in its first four years of operation, with expected greenhouse gas reductions of 567 tCO2e and energy consumption reductions of 22,312 GJ per year · Economic: lower energy bills for program participants, economic stimulus for local contractors · Social: Improved home comfort for program participants Innovative aspect(s): The regional approach is considered highly innovative in the British Columbian and Canadian contexts. The large number of program partners (CRD, thirteen partner municipalities, third-party lender(s), and a potential third-party delivery agent) will require complex coordination efforts Replicability: The third-party delivery model is currently the only viable financing option in British Columbia, given that PACE-enabling legislation has not yet been passed. Many other municipalities in British Columbia are exploring similar financing programs, who could benefit from the findings of the CRD study (Project description from original funding application)