At Avenue Living, we are always evaluating and refining our Environmental, Social and Corporate Governance (ESG) practices to ensure we’re serving our residents, employees, and investors — as well as the communities in which we operate — to the best of our ability. Our ESG efforts encompass everything from supporting non-profit efforts to advocating for our residents to sustainability initiatives throughout our multi-family real estate portfolio.
One example of this is a green initiative we have launched, replacing aging furnaces in more than 500 townhomes in the Alberta cities of Edmonton, Wetaskiwin and Camrose. The innovative approach will improve our carbon footprint, lead to annual energy cost savings, lower the cost of ownership, and enhance the resident experience all while being a capital improvement project undertaken during the challenging COVID-19 environment.
“We have a service agreement with a provider who guarantees an onsite response within 24 hours for service calls to improve residence experience in cities that have one of the coldest climates in Canada,” says James Jung, Chief Executive Officer, Global Logistic Solutions Inc. and Chief Shared Services Officer, Avenue Living Communities.
Avenue Living is taking on the HVAC replacement project for several reasons, including improving our resident experience by keeping our residents warm, to address environmental concerns, and to achieve energy savings. “A newer machine means newer technology so our residents will benefit from advances in gas valves and sound-absorbing materials,” says Jung. “The new furnaces will provide better and more consistent heating from room to room with significant noise reductions.”
The new gas furnace uses hot-surface ignition, one of the most robust and durable ignition systems available. It eliminates the need for a pilot light, reducing gas usage — in some cases by up to two-thirds — and promoting more consistent operation.
“High-efficiency models have lower carbon dioxide emissions and help conserve natural resources. High-efficiency furnaces have between a 90 to 99 per cent annual fuel utilization efficiency (AFUE), but older models may operate at around 65 per cent, meaning 35 per cent of the fuel is wasted. AFUE ratings are like your car’s miles per gallon – the higher the number, the greater the potential for savings.” States Jung, “The new gas furnaces we are installing offer a range of efficiencies that reach as high as 96.5 per cent AFUE and the potential for some serious savings on gas heating costs. Using less fuel reduces heating bills and the environmental footprint.”
Avenue Living is conscious of greenhouse gas emissions and the responsibility businesses have in lowering emissions. Being a good citizen means helping reduce the environmental footprint — a core value of Avenue Living’s operations.
The replacement of old furnaces with new ones comprises all our townhomes in Edmonton, Wetaskiwin and Camrose. The overall capital investment in this initiative is nearly $2 million, with each furnace costing about $3,500.
“Frankly, we’ve been getting quite positive feedback from our residents. After their furnaces were changed, they say their place is warmer than ever before,” says Jung. Avenue Living owns and operates more than 1,300 townhomes in Alberta, Saskatchewan and Manitoba. “Changing of furnaces will likely be rolled out to other cities as well in the future,” says Jung.
This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at www.avenuelivingam.com for additional information regarding forward-looking statements and certain risks associated with them.