Energy Training Week 2013 Course 3: Energy Efficiency Policy and Measures Financing energy efficiency Melissa Lott and Grayson Heffner 10 April 2013

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1 Energy Training Week 2013 Course 3: Energy Efficiency Policy and Measures Financing energy efficiency Melissa Lott and Grayson Heffner 10 April 2013

2 Finance session objectives Appreciate the scale of energy efficiency investment to be mobilized Understand the financial barriers to financing energy efficiency projects and improvements Understand how public policy and economic instruments can address these barriers Appreciate the potential for public-private partnerships to mobilize energy efficiency financing

3 Topics/content The big picture Introduction to economic instruments Discussion break Economic instrument case studies Effect of tax incentives on purchase decisions Economic instruments in the buildings sector Public-private sector partnerships Group exercise

4 How much is invested in energy efficiency today? Source: 2011 estimates, WEO 2012

5 What has been the spending trend? (US data)

6 Projected energy efficiency impacts (New Policies Scenario)

7 Projected annual EE investment (Current vs. New Policies Scenarios)

8 Why is private finance so hard to mobilize? Market failures Split incentives Absence of clear legal responsibility Subsidies and price distortions Information failure Consumer awareness on the benefits of EE Lack of information on comparative efficiency of products Lack of training Financial barriers Externalities Long payback periods Lack of collateral Perceived risk Project size Transaction costs Capacity within the financial sector

9 Typical financial barriers and policies to overcome them Financial barriers Long payback periods Perceived risk Lack of collateral Small project size, high transaction costs Performance uncertainty Low capacity within the financial sector Policy options Co-financing, incentives Guarantee facilities Concessional or dedicated financing facilities Aggregation, specialized credit lines Improved protocols, contractual devices Training and capacity building

10 Economic policy instruments for energy efficiency Fiscal instruments Financial measures Market-based instruments Direct investment Tax relief Concessional Loans Emissions trading schemes Public procurement rules Taxes Grants White certificate schemes Public infrastructure User charges Dedicated credit lines RD&D investment

11 Fiscal instruments Energy taxes Oil taxes and excise duty Carbon taxes VAT Equipment purchase taxes Transport fuel taxes Electricity taxes Energy subsidies User charges Road tolls Electricity tariffs time-of-day pricing Preferential tax treatment for efficient products

12 Fossil fuel subsidies work against energy efficiency investments IEA World Energy Outlook 2011

13 Financial Measures Grants: money provided to individuals or businesses that covers all or part of the energy efficiency investment may be for specific pieces of energy-efficient equipment or tied to energy performance Loans at preferential rates through: Commercial and public banks public-private partnerships: Dedicated credit lines Commercial and public banks Special instruments such as energy utility on-bill finance or mortgage instruments for buildings efficiency renovation Mezzanine financing To encourage ESCO and other EE business start-ups

14 Market based instruments White and green certificates Energy savings targets are placed on industries or large energy users Obligated entities can procure energy savings from others, via trading or a market Certificates provide the means to verify the savings and establish ownership Emissions trading Carbon cap-and-trade mechanisms European emissions trading scheme Regional Greenhouse Gas Reduction Initiative Voluntary schemes

15 Direct investment Public procurement rules Top Runner and ENERGY STAR purchasing requirements Spending obligations for regulated energy utilities Public infrastructure Targets for rehabilitating public building R&D investment New energy efficiency technologies Codes and standards development

16 Economic policy instrument design Choice of instrument depends on: Sector and target markets Barriers Sector and economic conditions Energy savings target Additional design issues: Avoiding free riders Minimizing market and price distortion Avoiding technology lock-in Administrative burden Spill-over effects Evaluation

17 Economic instruments for energy efficiency by consuming sector Industry Tax relief Audit support CO 2 emissions trading Energy management support R&D incentives Energy prices 3 rd party finance and ESCOs Transport Vehicle tax incentives Advanced vehicle subsidies Fuel taxes User charges Infrastructure investment CO 2 emissions trading Buildings Grants for EE equipment Loans and grants for refurbishment Direct investment in social housing 3 rd party finance and ESCOs Tax relief Energy prices

18 Group discussion Name an economic instrument being used to promote energy efficiency in your country What category does it fall into? Fiscal instrument Financial instrument Market-based instrument Direct investment What financial barrier is the economic instrument intended to address? Is it working?

19 Economic instrument case studies Effect of tax incentives on purchase of industrial equipment Use of economic instruments in the buildings sector Public-private sector partnerships

20 How do tax incentives help finance EE? Tax incentives provide an economic boost to investments in energy-efficient goods, services, and activities Types of tax incentives: Tax credits Tax deductions or rebates Accelerated depreciation Tax or customs exemption Sector examples : Commercial equipment (industry and services) Passenger cars Buildings equipment and retrofit OECD countries with fiscal incentives for energy efficient equipment Source: World Energy Council, 2008

21 Encouraging investment in more efficient industrial equipment Tax relief programmes for industrial equipment identified in 10 IEA countries data received for 6 countries Challenges for evaluation: Data availability is limited Very few evaluations to date Country Name of Programme Incentive details BELGIUM CANADA FRANCE IRELAND NETHERLANDS UNITED KINGDOM Tax deduction for energy saving investments Accelerated Capital Cost Allowance for Efficient and Renewable Energy Generation Amortisation Law for Energy Saving Equipment Accelerated Capital Cost Allowance Scheme Energy investment Allowance (EIA) Enhanced Capital Cost Allowance Scheme Tax relief 15.5% of investment cost deductible Accelerated Depreciation Between 30% - 50% write off per year Accelerated Depreciation 100% write off in the first year of purchase Accelerated Depreciation 100% write-off in the first year of purchase Tax relief 44% of investment cost deductible from profits Accelerated Depreciation 100% write-off in the first year of purchase Dates of programme ongoing ongoing ongoing Oct Dec ongoing ongoing

22 Summary - tax incentives for Industry Insufficient data or evaluation available to gauge the effectiveness of tax incentives for industrial EE investment Preliminary results suggest tax incentives are cost effective net EUR per kwh saved, well below average electricity prices Free-ridership may average as much as 50% Technology lists provide real added value but needs regular updating. Potential for policy interaction with emissions trading schemes and national schemes.

23 Economic instruments for the buildings sector Building Policy objectives Economic instrument New buildings Existing buildings Encourage EE design and construction Support finance of low energy new buildings Increase rate of EE renovation Encourage deeper renovation Support finance Tax relief, grants Loans, 3 rd party finance Energy prices/taxes, grants Energy prices, tax relief, grants, loans Loans, 3 rd party finance Policy linkage Building codes and labels Building codes, labels Labels, awareness Regulation, training professionals Building codes, technical assistance Status quo Mainly unambitious Few programmes but some better Low success so far Mainly target equipment, insulation replacement Fewer programmes, less ambitious

24 Designing economic instruments for low-energy buildings Which economic instruments can mobilize the large investments needed for deep retrofits and green buildings? Economic instruments must address the diffuse diversity within the buildings sector public/private office/apartments/commercial Owned/rented Only combinations of policies regulatory/economic can overcome multiple barriers facing the sector

25 Policy Pathway on PP approaches for EE finance

26 What are Public-Private Partnerships? Policies, regulations, and economic instruments that leverage private sector financing for EE projects A contractual relationship between a public entity and a private organization A way to apportion risk between public and private partners to create bankable project A strategy to open up new market opportunities for private EE companies to pursue A method to build the credibility of EE projects with lenders and building owners A way to reduce the high transaction costs associated with developing EE projects

27 Tremendous diversity in PPPs Dedicated Credit Lines established by the public sector to enable co-financing from the private sector for EE project financing. Case study: Thailand Energy Efficiency Revolving Fund Risk-Sharing Facilities partial risk or partial credit guarantee programs, which reduce the risk of EE project financing to the private sector, thereby enabling increased lending to EE. Case study: IFC/GEF CEEF programme. Leveraging commercial financing through Energy Performance Contracting implemented by ESCOs Legislative and/or regulatory initiatives to facilitate private sector financing of public sector EE projects. Case study: USA FEMP/UESC programme.

28 Dedicated Credit Lines

29 Objectives of dedicated credit lines Create interest on the part of commercial banks in financing EE projects Enhance technical capacity of banks to scale up EE lending Leverage co-financing from the participating banks for EE financing Strengthen the participating bank s capacity in identifying and managing project risks Assist the participating bank in exploring business opportunities in EE as well as other low carbon lending and carbon financing businesses.

30 Thailand Energy Efficiency Revolving Fund (EERF) Fund established using petroleum taxes Dedicated low interest credit line and technical support provided to banks Project A EERF Fund Low-interest Credit line Local Banks Bank Co- Financing Project B Project C Project Loans 70/30 Debt/Equity

31 Thailand EERF Results Number of projects approved (as of Oct. 2008): 174 factories 29 buildings 3 ESCOs Total investment (as of Oct. 2008): US$ 293 million Total loan approvals under EERF: US$ 155 million Total savings (as of Oct. 2008): Electricity savings million kwh/yr Oil savings million liters/yr Total savings ktoe/yr CO2 reduction over 1 million tons Energy cost savings - $110 million

32 Risk Sharing Programmes

33 Partial Credit and Risk Guarantees Addresses the perception of some banks and financial institutions that EE is riskier than other investments Government or donor agency provides a partial guarantee covering loan loss from default Participating banks sign agreements specifying loan targets and conditions Banks conduct due diligence and process loans In case of loan default the guarantee covers a portion of the loss the program may also include a first loss reserve Substantial technical assistance also provided to banks, project hosts and project developers (ESCOs)

34 Example of Risk-Sharing Programme Commercialising Energy Efficiency Finance IFC signs Guarantee Facility Agreements (GFA) with participating commercial banks IFC/GEF GFA Participating Banks Loans Project Developers IFC/GEF Program in Central & Eastern Europe (CEEF) IFC/GEF guaranteed 50% of the loss due to loan defaults GEF provided first loss reserve Project eligibility criteria established jointly Specified max. guarantee amount per project and total IFC requirements for project due diligence Banks responsible for conducting due diligence Small fee (IFC) for the guarantee facility (~1.5%)

35 Leveraging Commercial Finance through Performance Contracting

36 Energy Savings Performance Contracts for the Public Sector Energy Savings Performance Contracting (ESPC) Approach Turn-key basis Implementing Energy Efficiency Projects Offered by Energy Service Companies (ESCOs) or other energy service providers (ESPs)

37 EPC Example United States FEMP/UESC Programme The Federal Energy Management Program (FEMP) has contracted with a number of private utilities to establish the Utility Energy Services Contracts (UESC) mechanism FEMP has developed the enabling policies, regulations and procedures as well as provided contract templates to public agencies to facilitate contracting with utilities Utilities perform the ESCO functions including providing their own financing or leveraging commercial financing Many success stories of federal agencies using UESC

38 Designing PPP Mechanisms Country Context Financial Markets Financing Mechanisms End-use Sector Legislative/ Regulatory Conditions PPP design depends on local conditions Different designs may be needed for different sectors Combinations of policies regulatory, economic will contribute to success Effective in developed and developing countries

39 Group exercise on economic instruments for financing EE projects Form sectoral groups buildings, industry, transport? Within each group: Make a list of the barriers that prevent financing of EE projects for your sector Discuss which types of economic instruments could help overcome these barriers Develop a PPP design that would make sense in the sector of interest in your countries After the Break, report out to the entire group

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