Toronto, ON —Toronto Atmospheric Fund (TAF) and Toronto Community Housing announced today a joint project to implement energy efficiency retrofits in seven Toronto Community Housing multi-unit buildings.
TAF is providing a total of $4.2 million for the TowerWise Retrofit project through $3 million in financing and $1.2 million in grants and utility incentives. Toronto Community Housing and TAF will share revenues from the energy savings.
The seven buildings are on average 45 years old and in need of component replacements and energy efficiency upgrades. TAF’s investment allows Toronto Community Housing to accelerate high-impact upgrades ̶ such as double-glazed windows, low flow faucets and toilets, high-efficiency refrigerators, boilers, motors and lighting ̶to improve energy performance, lower operating costs and ultimately the living conditions and comfort of more than 1,200 households.
Seventy-five Toronto Community Housing residents across the seven buildings have had cutting-edge environmental monitoring equipment installed in their homes since March 2015. The data gathered will be used to optimize the retrofit designs to improve indoor air quality and temperature control for residents. Construction on the buildings will begin in January 2016.
These retrofits will help to address the $2.6 billion in capital repairs needed across Toronto Community Housing’s aging portfolio. In addition, these retrofits are projected to reduce greenhouse gas emissions by 30 per cent and utility costs by 20 per cent. Toronto Community Housing will use the energy cost savings to support its 10-year capital repair plan, which will create significant economic, environmental and social benefits for Toronto Community Housing residents and the entire city.
The City of Toronto has ambitious climate change targets – 30 per cent reduction of greenhouse gas emissions by 2020 and 80 per cent by 2050. With half of Toronto’s emissions associated with buildings, accelerating energy efficiency is key. The results of this project will clearly demonstrate the financial, social and environmental benefits of retrofits for Toronto Community Housing and ultimately all of Toronto’s buildings.
“Supporting this partnership is one example of how the City is working hard to improve quality of life for Toronto Community Housing residents. The Toronto Atmospheric Fund investment will both improve affordable housing and reduce carbon emissions for the City. With further investment from all levels of government, I hope we can make this happen in Toronto Community Housing buildings across Toronto.”
—Councillor Ana Bailão, Toronto’s Housing Advocate City of Toronto
“As we move forward with making needed capital repairs in the 2,200 buildings we own across Toronto, we will use the learnings from TAF to identify best practices and develop standards for energy efficiency across our portfolio. Through partnerships like this we will continue to improve the living conditions and comfort of Toronto Community Housing residents.”
—Greg Spearn, President and CEO (Interim), Toronto Community Housing
“Energy efficiency is the biggest, fastest and most cost-effective way to achieve deep carbon reductions and also a great impact investment opportunity. We are proud to be collaborating with Toronto Community Housing to improve the energy performance of their building portfolio and demonstrate the many benefits of taking action on climate change.” —Julia Langer, CEO, Toronto Atmospheric Fund
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About the Toronto Atmospheric Fund
Founded in 1991, TAF’s mission is to invest in urban solutions to reduce greenhouse gas emissions and air pollution. To date, TAF has invested more than $60 million, helping the City of Toronto save more than $55 million on its energy bills while reducing greenhouse gas emissions by 15% below 1990 levels – exceeding the 2012 Kyoto target. For more information about TAF’s projects and partners, please visit taf.ca.
About Toronto Community Housing
Toronto Community Housing is Canada’s largest social housing provider, and home to nearly 60,000 households with low and moderate incomes. Toronto Community Housing is committed to identifying best practices and developing standards for energy efficiency across its portfolio, and to educating staff and residents on its green initiatives. Visit torontohousing.ca/green for more information.