Energi, a provider of risk management and insurance programs for the energy industry, will provide an energy savings warranty for a Toronto Atmospheric Fund (TAF) energy efficiency retrofit in Toronto, Ontario.
The energy savings warranty will enable TAF to finance and implement $460,000 in energy upgrades to the Robert Cooke Co-Operative Homes, achieving annual cost savings of more than $70,000.
TAF will fund the initial costs to construct, maintain and monitor the energy-saving improvements through an energy savings performance contract, at no cost to Robert Cooke. The co-op will pay TAF using realized energy savings over the term of the ESPC.
Toronto-based Finn Projects will provide project design, installation and ongoing measurement and verification of the savings, while Energi’s warranty will backstop Finn’s energy savings guarantee for TAF.
Energi’s warranty is written through the International Insurance Company of Hannover, a subsidiary of Hannover Re. The warranty program allows project stakeholders to underwrite project revenue by assessing the underlying project guarantee and insurance providers’ financial stability.
Recently, Energi partnered with the American Council for an Energy-Efficient Economy to develop a report, “Engaging Small to Mid-Size Lenders in the Market for Energy Efficiency Investment: Lessons Learned from the ACEEE Small Lender Energy Efficiency Convening.”