Expanding Financing for Solar PV
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- Amanda Jackson
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1 Expanding Financing for Solar PV
2 2
3 Solar Ready II: Regional Partners 3
4 Chad Laurent Meister Consultants Group
5 Who Are We? Using global best practices to inform local decisions 100 Consultants 7 offices worldwide U.S. HQ in Boston 15 years experience 5
6 Solar Ready: Technical Assistance One to One Assistance Regional Workshops Training Materials Resource Toolkit 6
7 Agenda Welcome & Introductions Overview of Solar Markets Solar Market Drivers and Finance Landscape Why Lend for Solar? Current Solar Financing Options Discussion
8 Solar Technologies Solar Photovoltaic (PV) Solar Hot Water Concentrated Solar Power 8
9 Solar Technologies Solar Photovoltaic (PV) Solar Hot Water Concentrated Solar Power 9
10 Some Basic Terminology Cell Panel / Module
11 Some Basic Terminology Array
12 Some Basic Terminology e - e - e - Capacity / Power kilowatt (kw) Production Kilowatt-hour (kwh)
13 Some Basic Terminology Residence 5 kw Factory 1 MW+ Office kw Utility 2 MW+
14 Solar Development in the US In 2013, the US solar industry installed 31,000 new solar installations of which 94% were residential projects
15 World Solar Market Top 5 Countries Solar Operating Capacity (2013) USA 8.6% Germany 26 % Germany China Italy USA Spain Rest of World Source: REN 21
16 Global Market & Module Prices $/W GW GW Installed Module cost ($/W)
17 US Solar Market US Installed PV Capacity (MW)
18 Cost per Watt DC Falling PV Prices $14.00 $12.00 $10.00 $8.00 US Average Installed Cost for Behind-the-Meter PV Price in 2013 is almost half of what it was in 2009 $6.00 $4.00 $2.00 $- Tracking the Sun VII: The Installed Cost of Photovoltaics in the US from (LBNL); Solar Energy Industries Association Solar Market Insight Q2 2014
19 $ per Watt The Cost of Solar in the US $6.00 Comparison of US and German Solar Costs $5.00 $4.00 $3.00 Non-Hardware Cost Hardware Cost $2.00 $1.00 $- US Solar Cost German Solar Cost Source: NREL ( LBNL ( 6350e.pdf)( )
20 $ per Watt $ per Watt The Cost of Solar in the US $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 Comparison of US and German Solar Costs $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 Solar Soft Costs Other Paperwork Permitting & Inspection Column1 Financing Costs Non-Hardware Cost Hardware Cost Customer Acquisition Installation Labor $- US Solar Cost $0.00 German Solar Cost Source: NREL ( LBNL ( 6350e.pdf)( )
21 US Solar Resource Source: National Renewable Energy Laboratory 21
22 Megawatts Florida Solar Market 250 Cumulative Installed Capacity
23 California Arizona New Jersey North Carolina Massachusetts Nevada Colorado Hawaii New Mexico New York Texas Pennsylvania Maryland Florida Georgia Ohio Connecticut Tennessee Delaware Oregon Indiana Missouri Louisiana Illinois Vermont Washington Wisconsin Michigan District of Columbia Utah Minnesota Virginia New Hampshire South Carolina Kentucky Rhode Island Maine Iowa Montana West Virginia Alabama Arkansas Idaho Kansas Mississippi Wyoming Oklahoma Nebraska Alaska North Dakota South Dakota Megawatts US Solar Market 5, Installed Capacity (MW) , , , , , , , , , % of US Capacity 0.00 Source: U.S. Solar Market Trends 2013
24 Florida Solar Market Florida US 5.8 watts per person 39 watts per person CleanTechnica. Top Solar Power States per capita vs. Top Policy Leaders. June 25, 2013.
25 Solar Development in the US In 2013, the US solar industry installed ove 45,000 new solar installations of which 94% were residential projects
26 Solar Job Growth 200, , , , , ,000 80,000 60,000 40,000 20,000 0 Solar Job Growth in the US SEIA Estimates The Solar Foundation Source: SEIA Estimates ( ), The Solar Foundation s National Solar Jobs Census 2014 (2014), The Solar Foundation s National Solar Jobs Census 2014 ( ). 26
27 Solar Economic Growth $16,000,000,000 $14,000,000,000 $12,000,000,000 $10,000,000,000 ~40% CAGR $8,000,000,000 $6,000,000,000 $4,000,000,000 $2,000,000,000 $ Source: SEIA/GTM Research 2009/2010/2011/2012 Year in Review Report 27
28 Benefits: Stabilize Energy Prices Florida Residential Electricity Prices (cents/kwh) Source: EIA Data
29 Benefits: Valuable to Electric Grid Avoided Energy Purchases Avoided T&D Line Losses Avoided Capacity Purchases Avoided T&D Investments Fossil Fuel Price Impacts Backup Power 29
30 Value of Solar In many cases the value is greater than the retail rate Source: Rocky Mountain Institute 30
31 Agenda Welcome & Introductions Overview of Solar Markets Solar Market Drivers and Finance Landscape Why Lend for Solar? Current Solar Financing Options Discussion
32 A Policy Driven Market Federal Investment Tax Credit Accelerated Depreciation Qualified Energy Conservation Bond State & Utility State & Utility Renewable Portfolio Standard Solar Access Net Metering Interconnection
33 The Current Financing Landscape Direct Ownership Third-Party Ownership
34 Direct Ownership Customer $ $ Utility
35 Direct Ownership: Benefits Direct Ownership Third Party Ownership Upfront Cost O&M Costs Electricity Costs Development Risk Performance Risk Difficulty Value to Customer Availability High Yes None Yes Yes Complex Higher ROI for Customer Everywhere
36 Third Party Ownership Power Purchase Agreement Customer e - e - $ $ Incentives Developer
37 Third Party Ownership: Benefits Direct Ownership Third Party Ownership Upfront Cost High Low to None O&M Costs Yes No Electricity Costs None Predictable Payments Development Risk Yes No Performance Risk Yes No Difficulty Complex Easy Value to Customer Higher ROI for Customer Shared Benefits Availability Everywhere Only in some states
38 Third Party Ownership % California Arizona Colorado Massachusetts New Jersey New York 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Source: GTM Research/ Solar Energy Industries Association, U.S. Solar Market Insight 2012 Year-in- Review & U.S. Solar Market Insight Q2 2014
39 Third Party Ownership: State Policy Third Party Ownership is not always available Authorized by state or otherwise currently in use, at least in certain jurisdictions within in the state Apparently disallowed by state or otherwise restricted by legal barriers Status unclear or unknown Puerto Rico
40 Third Party Ownership: Cost 16.0% 14.0% 12.0% 10.0% Weighted Average Cost of Capital Third Party Ownership can be expensive 8.0% 6.0% 4.0% 2.0% 0.0% Third Party Ownership Direct Ownership with Debt
41 DOE WACC Targets Source: National Renewable Energy Laboratory (NREL) 2013
42 DOE WACC Targets Source: National Renewable Energy Laboratory (NREL) & Rocky Mountain Institute 2013
43 Over 20 years Loans can beat PPA Source: EnergySage
44 LCOE of Loans vs. PPA $0.30 $0.25 LCOE for Residential Solar PV based on Financing San Diego Res. Retail Rate $0.26 $0.20 $0.15 $0.14 $0.15 $0.16 $0.20 $0.10 $0.05 $- 5-Year Loan 10-Year Loan 20-Year Loan 20-Year PPA SDG&E Res. Tier 2/3 Source: NREL (2014)
45 Additional Local Benefits Source: John Farrell, Institute for Local Self-Reliance
46 Florida Barriers PPAs not allowed Tangible personal property tax for thirdparty owned systems? the exemption provided by H.B. 277 applies only to real property improvements
47 Agenda Welcome & Introductions Overview of Solar Markets Solar Market Drivers and Finance Landscape Why Lend for Solar? Current Solar Financing Options Discussion
48 Lending for Solar Is lending for different from lending for or?
49 Why Lend for Solar? Cost + Installed Cost + Maintenance Generate s Savings - Direct Incentive Generate s Revenue Benefit + Avoided Energy Cost + Excess Generation + Performance Incentive
50 Solar = Positive Cash Flow $20, $15, $10, $5, $- $(5,000.00) $(10,000.00) $(15,000.00) $(20,000.00) $(25,000.00) $(30,000.00) $(35,000.00) Estimated Cumulative Cash Flow from a Hypothetical 5 kw Project Year Cumulative Cash Flow (Retail Electricity) Cumulative Cash Flow (PV Project w/ Debt) With Solar Without Solar
51 Installed Capactiy (MW) Growing Market Opportunity 5000 US Annual PV Installation Capacity Source: Solar Energy Industries Association
52 Customers Want Solar 131,000 new solar installations in % were in the residential market Total market size valued at $13.7
53 New Lending Product Opportunity Fewer than 5% of the 6,500 banks in the US are actively financing solar PV projects
54 Third Party Owned Residential Market Share Why Lend for Solar? 100 Percentage of New Residential Installations Owned by Third Party in CA, AZ, CO, and MA Local lenders have the opportunity to 60 provide many of the benefits of third party ownership with fewer drawbacks Q Q Q Q Q Q Q Q California Arizona Colorado Massachusetts Source: GTM Research/ Solar Energy Industries Association, U.S. Solar Market Insight 2012 Year-in- Review
55 Why Lend for Solar? Direct Ownership Third Party Ownership Upfront Cost High Low to None O&M Costs Yes No Electricity Costs None Predictable Payments Development Risk Yes No Performance Risk Yes No Difficulty Complex Easy Value to Customer Higher ROI Shared Benefits Availability Everywhere Only in some states
56 Why Lend for Solar? Direct Ownership Third Party Ownership Upfront Cost High Low to None O&M Costs Yes No Electricity Costs None Predictable Payments Development Risk Yes No Performance Risk Yes No Difficulty Complex Moderate Easy Value to Customer Higher ROI Moderate Shared Benefits Availability Everywhere Only in some states
57 Agenda Welcome & Introductions Overview of Solar Markets Solar Market Drivers and Finance Landscape Why Lend for Solar? Current Solar Financing Options Discussion
58 Loan Options Solar specific Title I HUD Home equity loan Home equity line of credit On-bill PACE Commercial loan
59 Process Customer Acquisition Loan Approval and origination Servicing Aggregation/ Warehousing Securitization
60 Value Chain for Solar Loans Installation Operations and Maintenance Bundled within the loan (Mosaic, Dividend Solar) Responsibility of system owner (Admirals, PACE)
61 Challenges to lending to Solar PV asset class Lack of historical performance and credit data Regulatory treatment of solar loans Tax deduction if home equity loan PPA is off-balance sheet Complications with the characterization of solar assets as fixtures versus personal property Rights of secured lender in foreclosure situations Experience Longer amortization schedules Source: NREL
62 Examples Between October 2013 and October 2014 at least nine new solar-specific loan programs were announced and several more have begun operations. Admirals Bank; Digital Credit Union (with SunPower and Sungage); Dividend Solar; Lightstream; Mosaic; OneRoof Energy; SolarCity; Sungage Financial; WJ Bradley (with SunEdison) Source: NREL
63 HUD Energy Efficient Mortgage The dollar amount of costeffective energy improvements, plus cost of report and inspections, or The lesser of 5% of: The value of the property, or 115% of the median area price of a single family dwelling, or 150% of the conforming Freddie Mac limit.
64 Title 1 Home Improvement Loan Maximum Loan Amount: Single family house - $25,000. Multifamily structure - an average of $12,000 per living unit, up to a total of $60,000. Maximum Loan Term: 20 years. Loan Security: Over $7,500 must be secured by a mortgage or deed of trust on the property.
65 HUD FHA PowerSaver For single family homes Up to $25k for terms of 15 (or in some cases 30) years Interest rates between 5-7% and secured by mortgage or deed 11 participating lenders Available through 5/4/2015
66 Admirals Bank Secured Up to $25,000 Up to 20 year term Fixed rate 4.95% % Secured by 1 st or 2 nd position lien Unsecured Up to $15,000 Up to 10 year term Fixed rate 9.99% % Bridge loan
67 SunPower Loan Program Panel manufacturer partnered with Admirals Up to $60,000 dollars for 5-20 year terms Preferred interest rates from Admirals Bundled with 25-year performance guarantee and warranty
68 Mosaic Home Solar Loan Program Crowdfunding provider Up to 20 year terms with no money down Integrates ITC into loan payment Bundled with Enphase O&M package Interest rates vary Nationwide online portal
69 OneRoofEnergy SolarSelect All access solar provider Previously lease-only SolarSelect Platform Lease PPA Loan options Not all programs nationwide Based on West Coast
70 Lightstream Home Improvement Loan Division of Suntrust Unsecured home improvement loans for energy projects Up to $100,000 Terms up to 7 years Rates from % Some loans available for small business Nationwide
71 GreenSky Home Improvement Loan Online credit provider Unsecured home improvement loans for range of credit scores Rates begin at 3.99% month terms No income verification for up to $25,000
72 Digital Federal Credit Union Up to $50,000 dollars Separate no interest loan for tax credit Second full-term loan $100 million dollar facility for residential solar Nationwide for members
73 Empower Loan Enables institutional investors to access residential solar market Climate Bonds Initiative Direct lending service No money down Rates begin at 6.5% Bundled with 15-year production guarantee, warranties and monitoring Nationwide online intake platform
74 SolarCity MyPower Loan 4.5% over 30 years Customer takes the 30% federal tax credit Monthly payment based on amount of energy the system produces Offered in Arizona, California, Colorado, Connecticut, Hawaii, Massachusetts, New York and New Jersey
75 Property Assessed Clean Energy The local government finances the up-front costs of the energy investment, which is repaid through a special property tax assessment. Source: Department of Energy
76 Property Assessed Clean Energy City creates type of land-secured financing district or similar legal mechanism Property owners voluntarily signup for financing and make energy improvements Proceeds from revenue bond or other financing provided to property owner to pay for energy project Property owner pays assessment through property tax bill (up to 20 years) Source: Department of Energy
77 Property Assessed Clean Energy Advantages Over Conventional Loan: Longer term Repayment transfers with ownership Low interest rates Interest is tax deductible Lower transaction costs
78 Property Assessed Clean Energy / April Source: DSIRE 29 states, + Washington DC, authorize PACE (27 states have passed legislation and HI permits it based on existing law).
79 Limitations of residential PACE financing
80 Source: pacenow.org
81 Source: pacenow.org
82 PACE: Resources Resource PACE How to Guide for Local Governments This report is designed for local government officials in getting a PACE program established in their region. rael.berkley.edu Source: Renewable and Appropriate Energy Laboratory, University of California, Berkley
83 Qualified Energy Conservation Bonds QECBs are similar to Build America Bonds (BABs) Interest on QECBs is taxable but the federal government offers a direct cash subsidy to the bond issuer to subsidize the interest costs. Subsidy of 70% of the Qualified Tax Credit Bond Rate
84 Qualified Energy Conservation Bonds Reduce energy consumption in publically owned building by at least 20% Implement green community programs Rural development Renewable energy facilities (wind, solar, biomass) For certain mass commuting projects Local governments and municipalities with 100,000 or more in population
85 Qualified Energy Conservation Bond Qualified Energy Conservation Bond $ QECB QECB US Treasury + 3.7% Local Gov 6% annual coupon Project Bond Holders $ + 2.3% net interest cost
86 Examples Los Angeles Dept. of Water and Power wind and solar project expansion and development Boulder, CO QECBs for commercial PACE San Diego and Richmond, CA streetlight replacement North Carolina Agricultural Finance Authority loans for solar projects on agricultural land
87 Learn More Resource EPC QECB Guide Monthly updates to QECB utilization and case studies
88 Learn More Resource Local Lending for Solar PV A guide for local governments seeking to engage financial institutions.
89 Learn More Resource NREL Analysis Analysis and overview of banking and lending opportunities for US Solar PV market.
90 Agenda Welcome & Introductions Overview of Solar Markets Solar Market Drivers and Finance Landscape Why Lend for Solar? Current Solar Financing Options Discussion
91 Chad Laurent Meister Consultants Group
92 SAPC Analysis Master Limited Partnerships Real Estate Investment Trusts (REITs) Solar Securitization Securitization Library: v/finance/content/securit ization-library
93 NREL Solar Access to Public Capital Working Group NREL Solar Access to Public Capital (SAPC) working group Developed standard residential lease and commercial power purchase agreement (PPA) contracts Working Group PV project development standards Unofficial ratings guidance for rating agencies Collecting performance and credit data Technical Reports and Analysis uritization_public_capital_finance
94 osparc Open Source Performance and Reliability Clearinghouse sparc/ a nationwide network of solar PV power plants that report daily in order to answer the question of how solar PV performs over the long term
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