A Renewable Energy Community (REC) is an emerging concept that aims to empower local customers to generate decentralized renewable energy. Integrating RECs into the building industry presents a promising opportunity to support the goal of achieving net-zero cities. However, the viability of RECs depends on the regulatory framework of each region, as well as on the members and organizations formed to own and manage the REC. Compared to pioneering European countries, Canada lacks the regulatory support needed to fully enable RECs. This paper proposes a business model evaluation of potential REC scenarios that align with Canada’s regulatory limitations. These include the 'behind-the-meter' distribution of electricity generated without the support of a Distribution System Operator, recognizing the multi-stakeholder concept of REC in terms of individual consumers' distinct identities in both electricity consumption and generation. The different scenarios reviewed will explore factors such as community-based or third-party ownership, legal structure, and varied value propositions, including income distribution models among entities.