Community-Scale Climate Mitigation Development and Financing Mechanisms Study

The Town of Bridgewater will complete an Operational Study on community-scale climate mitigation development and financing mechanisms determining the most effective means to structure and finance the ambitious mitigation efforts described in its Community Energy Investment Plan (CEIP), also known as Energize Bridgewater.This operational study provides an investment roadmap for new initiatives including a district energy system, a community-owned solar photovoltaic field, and a neighbourhood-scale energy retrofit and financing program. Innovative financing mechanisms, including a municipal energy utility, local energy CEDIF, and municipal green bonds, will be researched and assessed for the Town’s ability to operationalize them from a legal, regulatory, economic, and social perspective.The completion of this operational study is critical to the implementation of the CEIP. Without it, significant barriers will continue to prevent or slow down the deployment of community-scale energy efficiency and renewable energy initiatives, including:- Lack of awareness of energy investment opportunities- Reduced access to capital- Lack of de-risked energy investment opportunities- Regulatory uncertaintiesThe CEIP’s proposed investments gives the community cleaner, more efficient, more secure energy, and reduces energy costs in 2050 to one quarter of the business-as-usual. In the proposed plan, the community can save over $2 billion in energy costs over 33 years, reducing GHG emissions 80% of the 2011 rate.In addition to GHG reduction, Energize Bridgewater will have the following positive effects:- A cleaner mix of energy sources and more efficient use of energy offers significant investment opportunities. - Job opportunities will be created.- The Bridgewater economy will have decarbonized.- Energy costs will be reduced.This study will progress through four phases, each resulting in a set of deliverables corresponding to the three signature energy projects:- Phase 1: Background Research & Scoping. Deliverables: background research & scoping reports.- Phase 2: Selection of Detailed Operational Study Criteria & Options. Deliverables: criteria & options for further study selected and approved by Bridgewater Town Council.- Phase 3: Detailed Operational Studies and Legal Reviews. Deliverables: detailed operational studies and legal reviews.- Phase 4: Completion of Stakeholder Consultations. Deliverables: stakeholder consultation reports.The study, conducted under the supervision of the Director of Planning and Director of Finance, involves a team of project staff, consultants, and external advisors.