Housing Retrofit Project Earns Canada’s First IREE Certification

Efficiency Capital's energy efficiency retrofit project is first in Canada to achieve the internationally recognized Investor Ready Energy Efficiency certification.

Efficiency Capital’s comprehensive energy efficiency retrofit project across multiple WoodGreen Community Housing buildings is the first in Canada to achieve the internationally recognized Investor Ready Energy Efficiency (IREE) certification, awarded by Green Business Certification Inc. Canada (GBCI Canada).

Efficiency Capital funds, develops, and manages efficiency retrofit projects, offering performance-based investment solutions to improve building energy efficiency with no upfront cost to building owners. The WoodGreen Retrofit Project managed by Efficiency Capital successfully addressed a backlog of deferred maintenance and asset renewals, ensuring WoodGreen’s financial health while decreasing its environmental footprint and improving occupant comfort and safety.

“We congratulate Efficiency Capital on achieving Canada’s first Investor Ready Energy Efficiency (IREE) certification. Through a certification like IREE, projects can more easily unlock the financing needed to accelerate the implementation of high-quality retrofits,” said Thomas Mueller, President and CEO of GBCI Canada and Canada Green Building Council (CaGBC). “This project shows that energy-efficient retrofits in residential buildings, including non-profit housing, can play a key role in helping Canada achieve its climate mitigation goals.”

Investor Ready Energy Efficiency
(Photo: CNW Group/Efficiency Capital)

IREE certification is based on GBCI’s Investor Confidence Project (ICP) framework, which gives funders the confidence that retrofit projects have undergone a standardized method of analysis that is certified by an independent third-party. The WoodGreen project met or exceeded all ICP framework requirements, exemplifying Efficiency Capital’s leadership in supporting the standardization of building efficiency upgrades and accelerating the development of Canada’s retrofit economy.

“We follow a very high project development and verification standard in order to satisfy our funders,” said Matt Zipchen, President of Efficiency Capital. “New sources of capital must enter the sector if we are to achieve our climate goal. With IREE certification, we’re providing a standardized mechanism for more mainstream investors to come to the table. Such certification tools are critical for reducing both the risk and the due diligence required for pooling and funding efficiency retrofits at scale.”

Multi-residential, social housing, commercial, industrial, and institutional building owners turn to Efficiency Capital to fund, develop, and manage sustainable upgrades. Its investment and funding strategy helped WoodGreen leverage $1.3 million in reserve funds into a $3.4 million retrofit project projected to achieve over $5.7 million in utility savings over the useful life of the equipment.

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