Dunsky Supporting Halifax in Exploring Financing Options to Scale Clean Energy Upgrades for Homes and Businesses

Dunsky is researching and identifying innovative approaches to achieve deep retrofits as part of HalifACT’s Retrofits, Renewables and Resiliency (R3) program.

As part of HalifACT – Halifax Regional Municipality’s (HRM) ambitious climate action plan, HRM has retained Dunsky to study innovative third-party financing solutions to support its new Retrofit, Renewables and Resiliency (R3) program. Aimed at expanding financing options that can help fast-track deep energy, low-carbon, and climate resilience retrofits in existing residential and commercial buildings, R3 will build on the success of HRM’s Solar City initiative, Canada’s first Property Assessed Clean Energy (PACE) program.

Recognizing that financing is a critical tool to enable deep retrofits and the adoption of renewables, Dunsky and HRM will consider innovative financing solutions and approaches that go beyond typical Local Improvement Charge (LIC) programs to achieve HalifACT’s ambitious GHG emissions reduction targets. This includes partnering with third party lenders who have the capital needed to invest in a large-scale program that includes innovative services to lower barriers faced by homeowners, coupled with attractive financing terms to help expand participation and enable deep retrofits.

As part of our research, Dunsky engaged in extensive consultations with various stakeholders, including banks and credit unions, mortgage insurance providers, investors, energy efficiency program administrators, program delivery agents and other critical industry partners. The results paint a comprehensive picture of the efficiency financing landscape and innovative solutions that will be applied to support the design and delivery of an R3 program that responds to homeowner needs and contributes to HRM’s climate goals.  

Moreover, recognizing that not all people will be affected by climate change equally, and that financing programs can struggle to provide economically equitable access, the study is applying an equity lens. Based on our research and stakeholder input, we are developing recommendations to ensure that a future program design take into account the needs of the most vulnerable community members, ensures equitable access and contributes to an equitable and just transition. The study is to be completed by early 2023, and the R3 program is expected to launch later in the year pending HRM’s approval. More information can be found on the HalifACT website.

About Dunsky Energy + Climate Advisors

Founded in 2004, Dunsky supports leading governments, utilities, corporations and others across North America in their efforts to accelerate the clean energy transition, effectively and responsibly.

With deep expertise across the Buildings, Mobility, Industry and Energy sectors, we support our clients in two ways: through rigorous Analysis (of technical, economic and market opportunities) and by designing or assessing Strategies (plans, programs and policies) to achieve success.