A Green Revolving Fund (GRF) is an internal fund that provides financing for energy efficiency, renewable energy, operations and maintenance and other sustainability projects that generate cost savings. These savings are tracked and used to replenish the fund for the next round of green investments.
The model is simple: money is loaned interest free to selected projects. The savings resulting from the project are then used to pay back the loan from the fund. After all funding is returned, the utility savings accrues to the fund. The revolving fund continues to grow and is a significant lever we use as the University progresses towards its sustainability goals.
Engagement
Our Green Revolving Fund provides financing for projects that provide benefits beyond a one-time investments, including; engaging the students, faculty and staff in promoting hands-on learning, enhancing reputation, and building community and culture through sustainability. Engagement projects are not required to generate cost savings.
Project Eligibility
To be eligible for consideration, applications must:
- Include an explanation of why the project could not be funded through the normal budgeting process;
- Show a reduction of Energy and/or GHG emissions from UTM buildings as a result of the project; and
- Be accompanied by a business case showing the expected financial savings over the project lifetime.
Funds for projects may be used for:
- Materials or products that constitute the project- often the primary cost
- Professional work, installation, or design-costs provided by an outside organization (these should be minimized when possible)
- Testing or monitoring equipment (where the business case shows this is an essential component of the project). Wherever possible, applicants are requested to seek alliances with external agencies.
Types of Projects
There are two categories of projects: Those that have demonstrated and quantifiable savings (Category 1) and those that have non-quantifiable or intangible savings (Category 2). Category 1 projects receive funding preference over those in Category 2.
Category 1: Green Revolving Funds finance projects that reduce resource use (e.g., energy, water, waste) or mitigate greenhouse gas emissions (e.g., renewable energy). Category 1 projects should have demonstrated and quantifiable returns on investment and a payback period of -10 years or less. Cost savings resulting from the project are returned to the Green Revolving Fund to fund future projects. Projects must be completed within one to three years of grant allocation. Category 1 projects represent a minimum of 80% of available funds awarded during each funding cycle. Examples
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Category 2: Category 2 projects have non-quantifiable savings and result in progress on sustainability goals. Projects must demonstrate positive economic or environmental impacts on future resources, ecosystem health, and human wellbeing. Projects in this category may support education, outreach, and waste reduction, support utilities or support the operation of sustainability programs. Fund allocations to Category 2 projects will not exceed 20% of total funds awarded during each funding cycle and must be completed within one year of grant allocation. Examples
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How to Apply
Please submit an Expression of Interest (EOI) form. Link and QR code below:
QR Code:
If you have any questions, please email sustainability.fmp@utoronto.ca.