Solar panels installed by
GEMCO (Glennbarra Energy Management Company) at three city-run agencies will provide hot water through solar power. The zero emissions water heating is expected to meet almost half the hot water needs of the
Toronto Zoo,
Birchmount Community Centre and
True Davidson Acres. The truly inspired touch is that the installations and the water will cost the city no more than regular hot water usage would have, thanks to an innovative financing arrangement through the
Toronto Atmospheric Fund.
"The innovation we provide is a utility-style service -- we install and maintain the solar system and the city facilities get hot water at the same price as fossil-fuel heated water, without up-front capital costs, operations and maintenance responsibilities or pollution," Darren Cooper, President and CEO of GEMCO, said in a statement.
The 237 solar panels that will provide the power were financed through the Toronto Atmospheric Fund, who expect to get a competitive return on their investment. The city agencies have contracted to pay rates equivalent to what they would pay a carbon-based utility for their water usage for the next 20 years. Glennbarra expects to see a profit as a result of that contract. Everyone wins.
Tim Stoate of the Toronto Atmospheric Fund says that this type of financing arrangement represents a new model for clean energy companies and users that offers both financial return and environmental benefits.
Writer: Edward Keenan
Sources: Tim Stoate, Toronto Atmospheric Fund; Darren Cooper, GEMCO