towerwise.ca energy savings purchase agreement teeac presentation
TRANSCRIPT
TowerWise.ca
Energy Savings Purchase AgreementTEEAC Presentation
About TAF
Toronto City Council created
the Toronto Atmospheric
Fund (TAF) in 1991
$23 million endowment for
grants & mandate-
related investments
Helping Toronto meet its
GHG emission reduction targets
Energy Savings Purchase AgreementEnergy Savings Purchase AgreementThe ESPA is a new financing structure developed by TAF to help buildings finance energy efficiency upgrades. TAF will pre-purchase the projected energy savings from the project, providing the funds to purchase and install the equipment.
Time
Financing Term
Savings used to Pay TAF
Post-Project Energy Costs
Pre- Project Energy Costs
Savings kept by Corp
Project Phases Corporation Toronto Atmospheric Fund
Project Planning Develop project plan in partnership with engineering consultant(s) of choice
Select products and Contractors Secure necessary approvals and permits
Verify projected energy savings using third party engineer
Project implementation
Manage project implementation Purchase equipment and pay contractors
Commissioning of project on completion
Post-project Monitor energy performance Repair and maintain equipment Pass 75% of savings to TAF Keep 25% of savings (and 100% after
financing term is completed)
Monitor energy performance
Re-commissioning of systems as required during term of agreement
ESPA: Roles and ResponsibilitiesESPA: Roles and Responsibilities
Key Benefits:
Designed to be cash flow positive from day one = pay for costs without an immediate payback
Payments pro-rated to verified energy savings
Unlike a loan, there is no lien on the property
Leaves owners own fund intact to pay for other projects
Commissioning and re-commissioning provided to ensure that new equipment is installed and operating correctly
Partnership with a not-for-profit municipal agency
ESPA - BenefitsESPA - Benefits
Questions?
www.toronto.ca/taf
Tim Stoate – VP Impact Investing – [email protected]
Bryan PurcellManager, Incubation and Social Innovation