16 February 2023
The Building Owners and Managers Association of British Columbia (BOMA BC) and SOFIAC are pleased to announce a new collaboration to provide an innovative financing option to commercial building owners for decarbonization and deep energy retrofit projects in British Columbia. This partnership is timely since the province’s commercial buildings will soon be subject to new regulations.
Existing buildings account for about 10 percent of the province’s greenhouse gas (GHG) emissions, mainly from the energy used to heat the buildings and the water used therein. Deep energy retrofits can significantly reduce energy consumption and costs for building owners and tenants while also reducing GHG emissions. However, the upfront costs and complexity of such retrofits can be a barrier for many building owners.
SOFIAC can provide BOMA BC members whose annual energy costs exceed $500,000 (for a portfolio of buildings) with a turnkey investment solution that removes the financial, technical, and operational barriers to energy efficiency and decarbonization projects. Through its innovative business model, the SOFIAC solution does not require clients to make any down payment as project costs are reimbursed solely through a portion of the savings generated in addition to offering substantial financial benefits. Building owners can work with their existing contractors to undertake projects or choose from SOFIAC’s list of experienced partners.
“Decarbonization and energy efficiency are key factors in the long-term sustainability of commercial buildings,” says Damian Stathonikos, President of BOMA BC. “By working with organizations such as SOFIAC, we can help commercial building owners reduce their environmental footprint while saving money on energy costs. SOFIAC’s approach removes most obstacles that prevent building owners from undertaking this important work.”
Starting next year, commercial building owners in Vancouver will be subject to a carbon emission limit regulatory framework. Metro Vancouver is also developing an initiative to reduce GHGs from large buildings. BOMA BC has worked with its members to prepare for these changes, including developing a decarbonization planning tool, a utility tracking system, and specific energy training for its members.
Through this collaboration, BOMA BC and SOFIAC will work with building owners to assess their decarbonization needs. The goal is to help building owners access the resources they need to make energy efficient upgrades while minimizing administrative and financial burdens.
“We are excited to collaborate with BOMA BC and its members. Utilizing SOFIAC’s turnkey approach, our shared objective is to significantly reduce the carbon footprint of BOMA members in a fiscally prudent manner while also lowering their exposure to energy costs through demand-side reductions and the growth of renewables”, says Stuart Galloway, SOFIAC Executive Vice-President – Ontario and Western Canada.
BOMA BC and SOFIAC will host informational events and workshops throughout the year to educate building owners about the benefits of deep energy retrofits and the financing options available to them.
Founded in 1911, the Building Owners and Managers Association of British Columbia (BOMA BC) represents the commercial property and facility management industry in British Columbia. BOMA BC members own or manage over 170 million square feet of property across the province. BOMA BC is a leader in helping transition commercial buildings industry toward energy efficiency and environmental responsibility in a voluntary and pragmatic manner. For more information, visit https://www.boma.bc.ca/.
SOFIAC develops, manages, and invests in major decarbonization and energy retrofit projects to the benefit of companies in the commercial, industrial, and multi-residential sectors. The innovative SOFIAC business model enables Canadian businesses to lower their energy costs, achieve their ambitious GHG emission reduction targets, and increase their short, medium, and long-term profitability without making any financial contribution. For more information, visit https://sofiac.ca/en/.