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Leveraging Incentives for Energy Savings First Project Completions for BOMA CDM Program
March, 2009
The second year of BOMA Toronto's conservation and demand management (CDM) program is expected to be a productive one as capital projects are approved and advancements are made toward the target 100-megawatt (MW) reduction in electricity demand among participants. More than 70 applications are now in the approval stage.
The CDM program provides an incentive of $400 per kilowatt (KW) or $0.05 per kilowatt-hour (kWh) for eligible measures that reduce summer on-peak demand or KWh consumption. Qualified recipients are eligible for rebates of up to 40% of the applicable capital project costs. This reduces the overall capital investment and improves the owner's return from the project, while reducing operating costs and environmental impact.
Commercial buildings in excess of 25,000 square feet are eligible for the program. Among the earliest approved projects now completed or underway are: Rogers Centre; 145 King Street West; and the Canadian Tire store at Leslie Street and Shepherd Avenue.
At Canadian Tire, the retailer used CDM program funding to install energy-saving overhead lighting. Overall, the store stands to save approximately $88,000 in annual lighting costs. At 145 King Street West, deep-water cooling technology has replaced outdated, inefficient chillers. At Rogers Centre, home of the Toronto Blue Jays, the CDM incentive contributed toward a new state-of-the-art lighting system that will enable the complex to slash its electricity consumption.
"We wanted to be a great corporate citizen by taking the initiative to reduce our electricity consumption," says Paul Godfrey, President of the Toronto Blue Jays. "But we also cut our electrical bill by a third and had the financial support through BOMA to cut our capital expenditures."
"The Program is designed to assist property owners accomplish those energy and cost reducing measures that make sense for the property and all its stakeholders," says Wayne Proulx, the recently appointed Program Director. "It assists owners and managers to achieve the objective of ownership: greater asset returns through more competitive operating costs, more satisfied tenants and higher, long term occupancy levels."
Proulx brings 27 years experience in the commercial real estate industry to his new role. Most recently, he was the National Manager of Green Initiatives & Health & Safety Services with GWL Realty Advisors.
The CDM web site also offers a convenient one-stop source of information about the program, including the Cashback Calculator for instant estimates of a project's potential rebate. Video testimonials, an application process description, and all the applicable forms can also be found on the web site at www.bomacdm.com.
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