The Industrial Conservation Revolving Fund (Fund), operated by BlueCommons, Inc. (a nonprofit conservation “bank”), is targeting an initial capitalization of $2 million over three years to provide low-interest financing to upgrade outdated, high-water use, and lower-efficiency wet cooling systems connected to municipal water utilities with new, high-efficiency, low-water use hybrid wet/dry cooling systems. Project funding in the early phase will be used to implement and construct water softening and chemical treatment retrofits, media replacement, and plumbing system upgrades in existing wet cooling tower applications within large hospitals in the Phoenix metro area: this will launch this program, catalyze the revolving fund, and achieve large-scale conservation and cost-savings for Phoenix hospitals. Twenty-four candidate hospitals have been identified for these retrofits. The systems are expected to provide the following benefits for the hospitals: Reduce chemical use in cooling systems; Reduce “hard demand” hospital water use; and Generate significant cost-savings for hospitals by reducing annual water and chemical costs.