On-Bill Financing. Frank Spasaro. OBF Webinar June 29, 2010
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1 On-Bill Financing Frank Spasaro OBF Webinar June 29, San Diego Gas and Electric Co. and Southern California Gas Company. All copyright and trademark rights reserved.
2 What is On-Bill Financing? On-Bill Financing (OBF) provides easily accessible, low to zero interest, on-the-utility bill financing for purchasing and installing qualified energy efficient equipment. It is targeted to overcome the barriers of capital constraints, administrative and/or time burdens.
3 Research A growing number of Utilities are doing/have done some sort of program over the years Multiple versions Fewer than a handful say they are (or were) successful. Loan defaults were the key problem
4 Legal and Regulatory Issues Lending Laws: State and Federal Federal Truth in Lending Act Equal Credit Opportunity Act Fair Credit Reporting Act and the full panoply of federal and state laws which deal with privacy and the safeguarding of information about consumers. DOC Licensing Disclosures Regulatory Rules, Tariffs and Billing Reporting! Credit checks
5 SDG&E/SCG Program Design: Program Overview Businesses only (commercial, industrial, taxpayer-funded, and non-owner occupied MF). Customers receive both an OBF loan and a rebate/incentive from an energy efficiency program. Energy savings covers the loan installment Zero-percent interest, unsecured, non-transferable Minimum loan $5,000; Maximum $100,000 / $250,000 Monthly loan payment is included on the utility bill Loan Default = Meter shut-off
6 SDG&E/SCG PROGRAM DESIGN: Current Eligibility/Rules Project: Must qualify for a utility rebate/incentive program (business programs) Loan term is tied to the payback period: cap of 10 years for taxpayer-funded, 5 years for all other businesses (or useful measure life). Credit: Applicant s account must be in good standing Applicant must be a customer of the utility (active account) for at least 24 months in the same business, with at least 12 months of energy usage data at the current location. Other Requirements: Audit; pre-/post-inspection
7 SDG&E On-Bill Financing Step by Step STEP 1: Vendor reserves program rebates/incentives Vendor or Account Executive submits OBF application on customers behalf STEP 2: SDG&E pre-inspects site and determines if project savings/payback, scope meets guidelines OBF contacts customer/vendor on project financing approval STEP 3: Customer/vendor sign SDG&E loan agreement SDG&E clears for installation Contractor performs installation and submits final invoice and rebate applications
8 SDG&E On-Bill Financing Step by Step continued STEP 4: SDG&E performs post inspection and adjusts loan terms if required Customer signs new loan term Rebate and OBF project checks issued to customer or contractor STEP 5: OBF staff enters loan information into system module Nightly interface with customer billing system allows for line item to display on next billing statement STEP 6: Loan installment amount appears on customer scheduled bill
9 SCG On-Bill Financing Step by Step STEP 1: Interested customer contacts Account Executive or contractor or OBF Staff STEP 2: SCG reviews customer payment history and determines if customer s account meets OBF credit requirements. If yes, continue to Step 3 STEP 3: Account Executive or contractor or OBF Staff prepares energy savings projections to be reviewed and approved by SCG s Engineering Support Services STEP 4: OBF Staff determines if project savings/payback and scope meet guidelines. If yes, SCG contacts Account Executive/customer/ contractor on financing approval
10 SCG On-Bill Financing Step by Step continued STEP 5- Customer/contractor sign SCG loan agreement. SCG clears for installation. Contractor performs installation. Upon completion, customer submits final invoices and notifies SCG to inspect project STEP 6: SCG performs post-installation inspection and adjusts loan terms if required Customer signs true-up letter with new loan terms. OBF loan check issued to customer or contractor STEP 7: OBF staff enters loan information into system module. Nightly interface with customer billing system allows for line item to display on next billing statement STEP 8: Loan installment amount appears on customer s scheduled bill
11 Program Status (thru May 2010): # of Loans Amount($) Avg. Loan ($) SDG&E: 332 7,458,223 22,465 SoCalGas: ,955 39,766 Defaults: 3 55,829
12 Program Status (thru May 2010): # of Loans Amount($) Avg. Loan ($) Institutional: 90 3,158,077 35,090 Public Schools 80 2,720,312 34,004 Governments - Local 5 308,692 61,739 - State 5 129,072 25,814 Non-Institutional: 255 4,817,101 18,891
13 An OBF Example Customer: A business customer of The Gas Company who manufactures aluminum castings. Size: Approx. 30,000 therms a year Project: Replacing existing inefficient 900-lb crucible with a new high efficiency one equipped with precise temperature control, small pilot (as opposed to the log gas flame pilot in existing equipment) with convection flow to transfer heat, and insulation. Cost: $43,264.55
14 An OBF Example (Continued) Estimated annual energy savings: 7,169 therms or $8, Business Energy Efficiency Program (BEEP) Incentive amount: $7,169 Loan amount: $36, (project cost minus BEEP incentive) Simple Payback period: 4.37 years Loan Term = 53 months (4.37 years in months plus one month) Monthly payment: $681.05
15 Examples of local government projects financed through On Bill Financing A municipality received $11,000 in rebate and $23,139 in interest free loan from SDG&E to upgrade the lighting system in a municipal facility from T12 to T8, resulting in electricity savings of 52,617 kwh a year. The monthly loan repayment is $593, slightly less than the projected monthly electricity savings. The loan is to be paid back in full in 39 months. A county government received $13,200 in Emerging Technology funds and financed the balance of the project (total project cost was $20,628) with zero percent financing from The Gas Company to install an ozone laundry system in one of its jail facilities. The annual energy and water savings are projected to be 5,228 therms for gas, 2,580 kwh for electricity, and 777 HCF for water. The loan will be paid back in full in 22 months with a monthly payment of $338 which can be covered by natural gas savings alone.
16 Lessons Learned Understanding applicable laws/regulations is key. Expect the unexpected! Be nimble with IT and program design. Working with contractors is a challenge. Manage expectations OBF is not a panacea!
17 On Bill Financing Beyond OBF Energy Efficiency Finance Study: Energy Division is tasked to engage key actors and secure industry perspectives thru meetings, workshops, or other means to explore additional financing possibilities and oversee preparation of a report recommending the most-promising energy efficiency financing approaches that should be considered in California for underserved segments of energy users. Utilities are directed to coordinate any potential market research on financing instrument feasibility or development with the Energy Division effort.
18 On Bill Financing Beyond OBF (Continued) Utility Coordination with Community Financing Programs: Utilities are to assist in the development of community financing programs by offering routine information about typical energy improvements, their costs, expected lives, and saving, etc. providing existing consumer-specific documentation from ratepayer-supported energy programs (e.g., information on rebate applications, verification of completed installations, etc). pointing customers to community (or other) nonutility financing programs when these are available
19 Getting Started is Easy! SoCalGas: Call (select option 6) or to contact The Gas Company s On-Bill Financing Program Staff SDG&E: Call SDG&E Energy Information Center at or sdgeobf@semprautilities.com to inquire about On-Bill Financing
20 Southern California Edison Navigating the Climate for Energy Efficient Financial Solutions Gary Levingston, Offer Manager 20
21 Designing the Financial Solutions Element Program: What is the Financial Solutions Element? The Financial Solutions Element is a nonresource (no energy savings claimed) program, that provides customers additional options for financing their energy efficiency projects. This Element will advance the California Long Term Strategic Plan s strategy of using targeted and innovative financing for Energy Efficiency. The program will be offered in conjunction with and through other core SCE incentive and rebate programs (Partnerships & Business Programs) to stimulate and enable higher levels of customer participation.
22 Key Design Element details for Financial Solutions Program Elements Financial Solutions Working Group Finance Task Force (Financial Institutions, Bldg Owners, Contractors, Local Govt s, IOU s) to explore lending solutions Determine the magnitude of investment needed in the Commercial Sector Identify methods to attract capital to expand OBF Part of FS Working Group
23 Grand Total OBF projects $ 715,280 (Average Loan ~ $9,800) The pilot program is fully subscribed and closed to new loans
24 On-Bill Financing Overview* Funding: Government & Institutions $ 12 Mil Business Customers $ 4 Mil Small to Very Small $ 2 Mil Medium to Large $ 2 Mil Loan Caps: Aggregate at customer number* Government Institutions Min $5k, Max $250k Business Customers Min $5k, Max $100k OBF Applications: Must be received with completed EE New Project Application Business & Partnership Application Energy Solutions Online Application Tool Program Launch 8/2 SCE Begins Accepting OBF Apps Design/Policy Changes, as necessary 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 12/31 90 Day Evaluation Period *After 90 day evaluation period loan caps may be modified and special qualifying criteria being developed for exemplary Institutional Projects.
25 On-Bill Financing (OBF) Program Program Design/Policies Eligibility: All customers in good credit standing with SCE Criteria: Must have at least two years of history at the service account Cannot have any disconnect notices. Cannot have any 48-hour shut-off notices Cannot have returned checks in the 12 mos. prior to the loan application Must not have a deposit to establish or reestablish credit in last 12 mos. Qualifying Offerings: Statewide: Customized, Express Pending 3 rd Party: Customized, Express Pending Ineligible Offerings Installed Express All Upstream Offerings (e.g. HVAC) New Construction Solar DR RCx IDSM 3rd Party Pilots (EE/DR) Any project started prior to OBF launch (8/2 OBF Apps accepted) OBF loans are for approved for eligible Energy Efficiency projects Loan Parameters: Available Funding - $16M Local Gov t & Intuitions $ 12,000,000 Commercial/Industrial/Ag $ 4,000,000 C/I/A Small to Very Small (<199kW) $ 2,000,000) C/I/A Medium to Large (>200kW) $ 2,000,000) Loan Term: Business Customers - 5 years or the Expected Useful Life (EUL) of the bundled measures Gov t & Institutions - 10 years or EUL of the bundled measures--whichever is less Amount: Caps Business Customers: Min $5K - Max $100k (aggregate at customer number for initial roll-out) Local Gov t & Institutions: Min $5k Max $250k (aggregate at customer number for initial roll-out) Max Total Funding = Total project cost SCE Incentives Exception: If project term is beyond loan term limit a loan of lesser amount may be approved. Loan Rate, Fees & Repayment Zero-Interest No Fees Monthly loan payment included on the utility bill- must pass bill neutrality test *After 90 day evaluation period loan caps may be modified to apply to service account. Plus Institutions may be eligible for loans up to $1,000,000 (per SA) for unique opportunities to capture large savings and when all other terms have been met. Special qualifying criteria being developed during evaluation period.
26 OBF Application & Reservation Process The OBF process aligns with IDSM project flow. Funds are reserved for eligible projects per the Customized and Express Pending program terms & conditions. Notification Sent* Notification Sent* Notification Sent* 1 Customer/Vendor submits Online Project Application & OBF Loan Application 2&3 OBF Application Complete Funds Pre- Commitment (Loan Pool Flagged) 4 Pass Credit Worthiness & Funds Reserved (Loan Pool Adjusted) 5 OBF & Project Requirements still met after Project Approval Notification Sent* Notification Sent* Install Project IR package Installation reviewed by Report (IR) technical engineer Customer signs Customer OBF & Project Requirements still met after IR and Post Inspection Loan Agreement receives Incentive and OBF Funds days later OBF on Utility Bill * Merging of OBF language into IDSM Communications Matrix in progress. BCD Account Rep and Analyst copied on all customer communications.
27 Provide financial support for 3 rd party asset-based leasing and/or financing for EE projects with outof-pocket costs in excess of $25,000 Loans are made through 3 rd party lenders. This program is not On-Bill Financing Task Group 1 - Energy Efficiency benchmarks Define boundaries of EE program based on CPUC requirements (new construction, institutions, etc) Analyze customer profile data, defining the pool of potential borrowers by type, size, past investment, etc Identify available, high-impact investments with cost and savings profiles Estimate the size and composition of loan portfolio to meet SCE's goals Assess the viability of shaping loan attributes (eg guarantees) to enhance attractiveness Present proposed program approach and rationale to Steering Committee Task Group 5 - Infrastructure & processes Complete baseline analysis/current capability assessment through internal interviews with SCE team Define personnel requirements for program (roles, responsibilities, etc) Define high-level infrastructure / investment requirements Assess capability gaps and complete detailed implementation roadmap Deliver key findings and recommendations to Steering Committee Task Group 2 - Third party outreach Agree to target list of lenders, technology vendors, and other parties with interest in the program Draft, refine, and finalize formal discussion guide for each target segment Solicit, schedule, and complete interviews over an 8-week period Consolidate findings and share insights with Steering Committee via interim and final feedback sessions Task Group 3 - Relationship building Solicit, schedule, and complete follow-up meetings with likely participants, involving SCE team Gather input from likely participants on program parameters (eligible activities, credit pricing, etc) Draft credit agreement template for program, refine based on feedback from capital providers Assess impact under different program design options Present recommended program parameters / credit agreement template to Steering Committee Task Group 4 - Collateral materials Draft basic collateral materials for the marketing, credit application, and credit approval process Iterate with capital providers to ensure materials support a bankable credit agreement Lead educational workshop / forum for SCE team and state officials (as needed) Draft, refine, and finalize a detailed program guide / process manual for SCE team
28 PG&E s OBF Product PG&E will offer an off-bill financing product to customers in July Customers should work with their account representatives to discuss potential projects. Off-bill: Customers will be billed for loan installments through an invoice that is separate from the monthly energy statement they currently receive. Putting loan charges on the utility bill requires IT modifications which will be completed by Q After the IT project is complete, PG&E can begin to convert its off-bill program to an on-bill program.
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