Scotiabank (BNS-T) has rolled out a Home Energy and Advice Tool made by Fredericton-based Climative Inc. across Canada, which guides homeowners through planning for retrofits that enhance affordability, comfort and climate resilience.

A bundle of three of its software tools, Climative’s CEO Winston Morton said in an interview with Sustainable Biz Canada the intent of the partnership is to spark conversations with homeowners about upgrading their homes.

“The whole goal here is to make that conversation and that discovery much easier for the homeowner to figure out how to derive benefits from an upgrade.”

For example, a retrofit can lead to energy savings, better regulation of indoor temperatures and protection from extreme weather events such as heavy floods and stronger fires that are likelier to happen in a warming climate.

The Canadian government has made building retrofits a pillar of its climate strategy. In the Canada Green Buildings Strategy, it identified a need to “accelerate the retrofit of approximately 11 million buildings and construct millions of new greener buildings in the coming decades.”

Co-benefits abound from retrofits

The first step in using the Home Energy and Advice Tool is searching for an address. Climative draws on satellite data and retrofit assessments carried out across Canada to calculate the carbon and energy ratings of a home. The tool then gives the homeowner a chance to provide additional information such as the year the house was built or the fuel source of its heating system to narrow down the data and recommendations.

With the information, the tool lays out a personalized retrofit plan for the home. Once the pathway is made, the tool connects the homeowner to local rebates and funding programs to ease the financial burden of a retrofit.

While reducing carbon emissions is a critical part of the retrofits, it is also a co-benefit of the financial savings, improved comfort and resiliency, Morton said.

If a homeowner decides to replace the old roof shingles in favour of a steel roof, it would translate into less fire risk. The homeowner could also choose to upgrade the roof’s insulation with a more energy-efficient version, reducing energy use, energy costs and carbon emissions. Plus, it would trap heat for a longer time if there is a power outage during the winter, providing more thermal comfort.

Scotiabank can provide Canadians with access to capital for the retrofits, Morton said. Existing bank customers can have access to virtual energy coaching support in relation to the Home Energy and Advice Tool.

Partnership validates Climative's tech, model

Scotiabank is the first bank that Climative has partnered with in such capacity, Morton said. He called Scotiabank a leader in the banking industry for its interest in educating the market about the advantages of retrofits.

Climative is “really excited” about the Scotiabank partnership, he added.

“It really raises awareness, not just for our company but for the industry,” Morton said, referring to climate adaptation. It also validates its technology and business model, he continued.

The collaboration “reflects Scotiabank's commitment to supporting clients that want to implement lower-carbon solutions in their homes," Kim Brand, vice president and global head of sustainable business at Scotiabank, said in the announcement of the partnership.

"By integrating practical climate advice directly into our client experience through Climative's tool, we're helping Canadians take meaningful, accessible steps to improve the efficiency and resiliency of their homes."

Last year, Scotiabank announced the creation of a $100-million venture with the Canada Infrastructure Bank to finance energy efficiency retrofits for its Canadian real estate clients.

Morton said to expect announcements later this year about new Climative industry partnerships, new products and services, and possibly expansion to the U.S.

“We expect that the financial services industry in general – whether it’s banks or insurance companies or credit unions – are going to see that every loan is a climate-aware loan,” he said.