Digging deep for energy savings and sustainability.

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 might sound new, geoexchange technology has been around for decades," said Alfred Lee, Climate Finance Manager at Vancity Community Investment Bank (VCIB)  

To maintain the viability of two geoexchange systems in BC, Geox Energy Ltd. acquired them with refinancing from VCIB - a Toronto-based Vancity subsidiary.

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.

Growing a portfolio of geoexchange projects.  

Over the last few years, VCIB has amassed a track record for financing geoexchange projects that provide low-carbon heating and cooling.  

VCIB's financing extends to buildings across a range of asset classes, types, and geographies. Some of the projects supported by the bank include:

• A $6.4-million project finance loan for a portfolio of geothermal heating and cooling projects developed by TerraSource Utility Services in Kelowna, BC, structured to finance the up-front costs homeowners would otherwise have had to cover on their way to future energy and cost savings.
• A construction financing facility with Forum Equity Partners and Subterra Renewables to support multiple geothermal district energy systems in the Greater Toronto Area.
• An $847,000 loan for a geoexchange project at a new 55-unit condominium townhome complex in Toronto.

Similarly, Vancity Credit Union 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.  

"As part of the Vancity Group, we want to showcase that innovative financing models can accelerate the adoption of renewable energy. We're seeing an increasing demand for specialized suppliers of geoexchange systems, and VCIB is stepping up with the financing to help them succeed," said Alfred.