Calling all Spaces of Faith!

In an era when climate change is a pressing concern, various sectors across Canada are striving to reduce their carbon footprint and adopt sustainable ways of life. One area that is often overlooked in this endeavour are faith-building organizations. Spaces of faith and spiritual worship play a vital role in our communities but face financial barriers when it comes to funding retrofits to reduce their carbon emissions. Enter the Faithfully Green Fund (FGF), a pilot initiative developed by the Sustainable Capacity Foundation (SCF) in partnership with Greening Sacred Spaces (GSS). In this blog, we will explore the potential of the Faithfully Green Fund and highlight some exciting project ideas, all while encouraging individuals and institutions to participate in this transformative journey.

Founded by SCF, the FGF is a groundbreaking solution that addresses the financial challenges faced by faith-building organizations in Ottawa. These organizations often struggle to secure funds for

retrofit projects aimed at reducing their carbon footprint. The FGF operates as a revolving loan program, providing loan interest financing to faith spaces seeking $10,000 to $250,000 for green energy retrofit projects. This innovative approach not only helps faith communities become more sustainable but also allows them to save money on energy costs in the long run.

How does the application process work?

Green energy retrofit projects should be available to all that are interested; below is a list of eligible spaces that can apply for a loan from the FGF. Keep in mind these are just some examples, if you aren’t sure if your space qualifies, just ask! 

Step 1: APPLY

The first step is to fill out our expression of interest form, after which SCF will contact you and provide you with a more detailed form. This gives us a chance to both meet you and understand what type of project your organization is interested in. Our team will be there every step of the way to answer questions and provide sustainability advice! Once your application is received, GSS and SCF will conduct due diligence to ensure your project’s success. Additionally, we understand that some faith communities may have concerns related to interest payments. In such cases, the FGF offers alternative options to ensure that all faiths can participate in this initiative while respecting their beliefs. 

Step 2: RECEIVE

Once approved, receive your contract, and most importantly, the funds to start implementing your project(s)! Your organisation will get on-going support from our organisations to track your progress and your financial/environmental savings!

Let's take a look at some potential projects that could benefit from the Faithfully Green Fund: 

• Solar Panel Systems: What’s better than reducing your electricity consumption? The larger the solar panel system, the higher the long term savings and potential income from excess power generation! 

• EV Charging Stations: Install level-2 electrical vehicle charging stations at faith spaces. This not only encourages the use of electric vehicles but also generates a new revenue stream for your organizations! 

• Carbon Neutrality: Support faith communities in converting from natural gas to 100% electric heating, reducing your carbon footprint by replacing outdated rooftop HVAC units and complete necessary roof repairs. Additionally, install heat pump systems and solar panels to reduce energy consumption and reliance on non-renewable sources. 

• Lighting Upgrades: Completely upgrading your lighting has never been more accessible. Plus, it’s easy to monitor and control! 

• Water-conservation Retrofits: With diverse options like rainwater collection,  greywater recycling systems, and low-flush toilets, there are plenty of ways to minimise water consumption in these spaces!

Step 3: REPAY

Pay back your loan over an up to 7 year (or otherwise agreed upon) period. Congratulations! Your faith space will now save on energy costs indefinitely, and you’re contributing to Canada’s sustainable future!

INVESTORS: How Does the FGF Work?

We are also seeking out passionate individuals looking to invest in community projects. Investors, both individuals and institutions, can purchase these bonds from a minimum of $1,000 and up, thus supporting The FGF. 

• Bond Funds Support Green Retrofits: The funds raised from the sale of bonds are then loaned to faith communities to finance green retrofit projects. These projects, big or small, can range from energy-efficient HVAC systems to installing electrical vehicle charging stations, to completely transitioning to solar power systems! 

• Faith Communities Repay Loans: Faith communities repay the loans with interest over a 5-7 year period, ensuring the financial sustainability of the fund. Bond investors, in turn, receive a fixed interest rate over the term of their investment.

• Reinvestment Opportunities: At the end of the bond term, investors can choose to reinvest in any available bond offerings, perpetuating the cycle of sustainable investment. 

INVESTORS: Series and Terms 

The FGF offers different series of bonds to cater to various investor preferences and budgets. Here are the current offerings: 

• Series A (Institutional): 7 years term with a 4.0% interest rate.

• Series B (Retail): 5 years term with a 3.5% interest rate (minimum investment of $20,000).

• Series C (Retail): 5 years term with a 3.0% interest rate (minimum investment of $1,000).

With these diverse options, the FGF invites both individual investors and institutions of all sizes to participate in creating a greener, more sustainable Ottawa.

The Impact of FGF 

The FGF aims to raise $1 million within the first year of launching (we’re almost there!), supporting 10 faith-building organizations. Over the next decade, we will fund 150 projects, which will undoubtedly have a substantial impact on sustainability in the Ottawa community. These projects will touch the lives of at least 100 faith and spiritual communities, helping them reduce their carbon footprint and contribute to a more sustainable future.

Excited about this opportunity?

Fill out our expression of interest form here! 

Let's take action! If you or someone you know is interested in creating a retrofit project for an Ottawa-faith space, investing, or simply learning more about the Fund and other initiatives from the Sustainable Capacity Foundation, visit our website or contact us! 

• Website: greeningsacredspaces.ca/bond 

• or reach out by Email: [email protected] 

Together, we can build a better, more sustainable world.

Jefry Green is a former Sustainable Development Intern for Sustainable Capacity Solutions.