Every real estate developer knows that finding affordable and reliable systems for heating and cooling is critical to every build.
Driven by lower system costs and rising concerns about greenhouse gas emissions, the demand for geoexchange heat pumps has seen a tremendous rise in real estate.
Geoexchange (also known as geothermal) technology has proved to be an incredibly efficient and sustainable way to provide space heating and cooling while keeping maintenance and operating costs low.
Although it may seem like new technology, “geoexchange technology has been around for decades,” explained Jon Frank, Head of Clean Energy at Vancity Community Investment Bank (VCIB). In Chilliwack, BC, two geoexchange systems have been operational for the past fifteen years.
To maintain the viability of these systems, Geox Energy Ltd., and its development partner, Hotham Group, acquired the systems with $3.8 million in financing from VCIB.
These two systems have mitigated greenhouse gas emissions by nearly 554 tonnes of carbon dioxide annually, and will “continue to do that for another 20 to 40 years with ongoing maintenance,” said Jon.
VCIB’s vast project portfolio proves that innovative financing models can scale clean energy solutions like geothermal heat pumps for commercial and residential buildings.
“Our approach to financing geothermal is helping accelerate the adoption of this technology. We help our clients shift the upfront capital cost away from the homeowner or building owner, so that the owner only pays for the ongoing heating and cooling service,” said Jon.
Similarly, Vancity credit union - VCIB’s parent company – has for decades been a leader in green building development by financing keystone projects that helped build the sector while driving policy and building code development.
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