A standard energy performance contract template for building owners and firms will be developed by the Singapore Green Building Council (SGBC) and the Building and Construction Authority (BCA). The guidelines for retrofitting green building features will be implemented to help building owners overcome the initial financial barriers in retrofitting their buildings with energy efficient features.
According to the BCA and the SGBC, the standard Energy Performance Contract (EPC) template will state key conditions of the agreement between the contractor retrofitting the building and the building owner.
The EPC template further states a need for the firm to guarantee specific energy savings, either in monetary terms or as a saving percentage, for the building over a time frame. The firm can either provide financing or the building owner can finance the retrofitting work. If the building owner opted for monetary terms, they would not need to incur financial expenditure to start saving energy.
Adding to the Building Retrofit Energy Efficiency Financing (BREEF) scheme by BCA, the EPC template offers financing to EPC firms, building owners, Special Purpose Vehicles, and Management Corporation Strata Titles (MCSTs) for retrofitting buildings. The template will be available for purchase from SGBC around early 2016.