Residents of a new Richmond condo development relying on alternative energy for its heating needs won’t have to pay higher power bills for the privilege – and neither will taxpayers, according to Mayor Malcolm Brodie.
“All of the costs for the project will be recovered over time through user rates, thus imposing no other burden on Richmond taxpayers,” said Brodie Thursday at the construction launch of the $4 billion Alexandra District Energy Utility. The geothermal utility will heat 251 units of the Mayfair Place development.
City officials said the project would be profitable in 15 years and reduce annual greenhouse gas emissions by 200 to 600 tonnes.
“It’s really becoming economically advantageous as well as environmentally and socially, said John Irving, Richmond’s engineering director. While B.C. Hydro is talking about raising electricity rates by 50 per cent over the next five years, he added the rate for geothermal will cost no more than it does today.
Richmond is already planning to build a second geothermal utility as part of the new residential development around the Olympic Oval.
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