Glenbarra Energy Management Corp. (GEMCO) has activated 237 solar water heating panels at three Toronto locations: the Toronto Zoo, the Birchmount Recreation Centre, and True Davidson Acres, a long-term-care facility. GEMCO will own and operate the systems and provide the facilities with hot water under a long-term power purchase agreement.
Commercial financing for the three systems was provided by the Toronto Atmospheric Fund (TAF), an arm's-length agency of the City of Toronto that has a mandate to help the city reduce air pollution and meet its greenhouse-gas-reduction targets through strategic investments.Â
‘The utility model removes one of the biggest barriers to installing solar water heating systems: the up-front capital cost of the equipment and the general lack of familiarity with the technology,’ says Tim Stoate, associate director of impact investing for TAF." Now, companies, institutions and governments can simply contract for hot water just as they do from the gas or electric utilities – you just turn on the tap.’
SOURCE: Toronto Atmospheric Fund