Project type
HVAC Electrification
IPC product
Catalyst Term Loan
Location
Detroit, MI
Building type
Nonprofit
Catalyst loan amount
55 kW
Projected lifetime
GHG avoided
53 tons
Deal partners
Michigan Saves
Projected lifetime
energy savings
230 mmBTU
Upgrades
Variable Refrigerant Flow (VRF) Heat Pump System
Removal of insulation containing asbestos and existing ductwork
HVAC Electrification · Catalyst Term Loan · Detroit, Michigan
The Project
EcoWorks, a Detroit-based nonprofit creating equitable and inclusive solutions to climate change and other sustainability challenges, wanted to fully electrify and completely decarbonize their energy use. Inclusive Prosperity Capital, Inc. (IPC) worked in partnership with Michigan Saves, to fund the final step in EcoWorks’ decarbonization and electrification journey.
EcoWorks’ building started out as an energy demonstration center. They had already installed rooftop solar and added insulation to the building, but they were still running a 30-year-old gas boiler and a 20-year-old hot deck / cold deck air conditioning system, both extremely inefficient. Additionally, the heating system’s damper was disconnected, creating a health and safety hazard for the occupants of the building. Asbestos insulation and existing ductwork would have to be removed, further complicating the project and adding expense.
As a nonprofit with very little capital, EcoWorks needed a longer loan term to make the payments for this project affordable, and IPC, in coordination with MI Saves, was able to provide the more flexible Catalyst loan required. Meanwhile, Detroit Economic Growth Corporation provided the loan loss reserve funding. Advanced Temperature Solutions, a locally-owned and operated HVAC contracting company based in Warren, MI, installed the new air source Variable Refrigerant Flow (VRF) heat pumps that provided efficient, fully electric heating and cooling for EcoWorks, completing their decarbonization journey.
The Impact
When nonprofit organizations with missions aligned at the crossroads of sustainability and social justice collaborate, previously unreachable goals like full decarbonization can be attained, and we all take a step together toward solving climate change.
IPC and MI Saves were able to provide the financing that EcoWorks required to move their decarbonization electrification project forward.
$175,748
Projected lifetime energy cost savings