STATE ASSISTANCE FOR ENERGY EFFICIENCY FINANCING IN THE RESIDENTIAL SECTOR GREEN CALIFORNIA SUMMIT SACRAMENTO, CA FRIDAY, APRIL 27

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1 STATE ASSISTANCE FOR ENERGY EFFICIENCY FINANCING IN THE RESIDENTIAL SECTOR GREEN CALIFORNIA SUMMIT SACRAMENTO, CA FRIDAY, APRIL 27

2 2 Outline

3 Outline Introductions Energy Efficiency Market in California CAEATFA s Clean Energy Upgrade Financing Program California Energy Commission s ARRA Funded Programs California Public Utilities Commission s Proposed Financing Programs Questions and Answers 3

4 Energy Efficiency Market in California 4

5 Energy Efficiency Market California s Energy Efficiency Goal: California s goal is to reduce energy consumption in existing homes by 20% by 2015 and 40% reduction by 2020 for the residential sector, with new homes achieving zero net energy by The Opportunity for the Residential Sector: The residential sector in California consists of 8.4 million single-family housing units. Of these, 5.8 million are likely candidates for substantial energy retrofits. Upgrades to insulation, duct sealing, and air conditioning and heating systems can account for a 20% to 25% reduction in energy consumption. Assuming that this upgrade generally costs about $7,200 per home, the total retrofit cost statewide would be approximately $40 billion. Source: Report commissioned by CPUC, Energy Efficiency Financing in California: Needs and Gaps, Harcourt Brown & Carey, Inc., July

6 Why Energy Efficiency Financing Now 6

7 Where There are Gaps: Residential EE Financing There are few unsecured products with low interest rates. Few potential borrowers can access secured products that offer lower interest. Low-moderate income populations are not served by current lending programs. Renters don t make capital improvement decisions; have shorter-term occupancy. Contractors find it increasingly difficult to meet working capital needs. 7

8 Rationale for Increased Role of EE Finance Financing overcomes the first cost of EE upgrades. Incentives partially address first cost; but customer/investor must arrange funds or financing to pay for balance. Financing can close the transaction. Think of the deals for car purchases: cash back (incentives) or low APRs (financing). Though there are federal, state and local loan programs, EE financing isn t that common. 8

9 9 Credit Enhancements

10 Types of Credit Enhancements Purpose is to leverage private capital and other funding sources to lower borrowing costs to consumer while mitigating perceived initial credit risk involved with making these loans. Financial assistance that includes, but is not limited to: Loan loss reserves Interest rate reductions Proceeds of bonds issued by CAEATFA or local government Insurance Guarantees Other credit enhancements 10

11 Types of Credit Enhancements Loan Loss Reserve Fund: Reimburses lenders for losses due to loan default up to a specified fixed percentage of the loan and reduces lenders exposure to default risk, resulting in additional financing options at more favorable terms. Risk-Adjusted Loan Loss Reserve Fund: Allocated according to borrower s credit worthiness Based on loan tenor Tiered reserve at the beginning (CAEATFA s approach) 11

12 Types of Credit Enhancements Senior Subordinate Structure: Combine public funds and private capital for project financing. State/Lender Sharing Cost of Loan: Loans would be originated and financed through participating lenders, who would use their normal credit standards. State could provide 50% of the loan capital at no interest rate to the participating lender, while the lender would offer loans to the borrower at 50% of the normal interest rate. Interest Rate Reduction: Requires a lump sum payment to a lender for the net present value of the difference between the actual interest rate and the target interest rate. 12

13 CAEATFA s Clean Energy Upgrade Financing Program Martha Alvarez Associate Treasury Program Officer 13

14 Background on AB X1 14 ABX1 14 enacted August 2, 2011 (expires Jan 1, 2015) Establishes a Clean Energy Upgrade Financing Program using up to $25 million to provide financial assistance to Financial Institutions making loans to residential property owners for energy efficiency and renewable energy improvements. Program goals are to increase access to credit and reduce overall costs to property owners, promote the creation of green jobs and reduce energy consumption and greenhouse gases, air and water pollution. 14

15 Two Phases Phase I: CAEATFA is establishing a Loan Loss Reserve designed to help financial institutions make loans to California homeowners for energy efficiency and renewable energy retrofits. Phase II: CAEATFA issued a Request for Information (RFI) to all interested parties public, private, non-profits and partnerships to obtain ideas on alternative financing structures that might add value to the Clean Energy Upgrade Financing Program. 15

16 Phase I: Loan Loss Reserve Program Eligible properties are considered residential projects of 3 units or fewer. Eligible improvements are defined as: Energy saving home improvements which are permanently affixed to the real property and Are recommended by a pre-project energy efficiency assessment conducted by a HERS Whole House or BPI Building Analyst and Are designed to achieve a minimum 10% energy savings. Must also have a post-project energy efficiency assessment. 16

17 Phase I: Loan Loss Reserve Program Projects may also include the installation of distributed generation renewable energy sources as long as they meet the loading order requirement. Compliance with the loading order can be met in one of two ways: Installation of recommended Eligible Improvements necessary to achieve a minimum 10% improvement over the pre-project baseline. Demonstrating a HERS score of at least 85 provided certain measures have been installed if recommended by the pre-project energy assessment. 17

18 Phase I: Loan Loss Reserve Program Eligible Improvements must be installed by a Qualified Contractor who meets the following requirements: For all projects: Contractor is licensed for the work they perform. Contractor must complete all work according to all applicable laws, rules and regulations. For energy efficiency improvements only: The work must be performed by a BPI certified contractor. 18

19 Phase I: Loan Loss Reserve Program Providing an initial 15% loan loss reserve contribution: CAEATFA will lower the contribution to 10% when a Participating Financial Institution s enrolled loan volume reaches $250,000. Participating Financial Institutions could claim 100% of the charged-off loan up to the enrolled principal amount. 19

20 Phase I: Loan Loss Reserve Program Eligible participating lenders include: Insured depository institution Insured credit union Community development financial institution As defined by 12 U.S.C. Section

21 Phase I: Loan Loss Reserve Program Financial Institutions that meet the definition can apply to the program on a rolling basis. Applications will require a rating score, a description of the loan program, and a description on how savings produced by participation in this Program will be passed on to the borrowers in the form of lower cost financing. Upon the Authority s acceptance of an application by a Financial Institution, CAEATFA will establish a Loss Reserve Account for that Participating Financial Institution with the Program Trustee. 21

22 Phase I: Loan Loss Reserve Program Qualified Loans may be secured or unsecured closed end loans. Loan Recipients (P.R.C. Section 26133): Legal owners of the Eligible Property Current on mortgage and property tax payments Not in default or in bankruptcy proceedings Maximum loan amount: Up to 10% of the value of the Eligible Property as determined by the Participating Financial Institution. 22

23 Phase I: Loan Loss Reserve Program Statement of completion required before loans are enrolled in program. To enroll a Qualified Loan in the Program, a PFI must submit the following documents to CAEATFA: Loan Enrollment Application Certificate of Completion Eligible Improvement Specification Report Copy of the pre-project energy efficiency assessment Copy of the post-project energy assessment 23

24 Phase I: Loan Loss Reserve Program A Participating Financial Institution shall be authorized to make a claim for reimbursement of a loss from the enrolled portion of a Qualified Loan prior to the liquidation of collateral. Qualified Loans may be enrolled in other government programs similar to the Program, but claims cannot exceed the total enrolled amount. 24

25 Timeline April/May, 2012: Regulatory process and OAL review. Mid-May 2012: Regulations will be enacted. Late-May 2012: Program launched. CAEATFA will begin enrolling lenders. 25

26 Phase II: Request for Information CAEATFA issued a Request for Information (RFI) on alternative financial assistance models under AB X1 14. Overall goal of the RFI is to collect information on alternative financial assistance models eligible under the AB X1 14 statute. CAEATFA will consider whether establishing additional financial assistance programs and may subsequently issue a RFP and develop one or more programs. 26

27 Timeline April 11 Released the RFI May 1 Responders Last Day to Submit Questions to RFI May 18 Written Responses from CAEATFA to Responders Questions June 8 Final Date for Responders to Submit Response Summer/Fall 2012 Anticipated Release of RFP 27

28 For more information on CAEATFA s programs, visit Or contact Martha Alvarez (916)

29 Financing Residential Energy Efficiency Upgrades Beckie Menten Efficiency Specialist California Energy Commission

30 Road Map Policy Framework: AB 758 (2009, Skinner), ARRA Energy Upgrade California Local Government Pilot Programs AB 758 Implementation

31 Policy Framework AB 758 (Skinner, 2009): Comprehensive Energy Efficiency Program for Existing Buildings Phase 1: Infrastructure Development and Implementation Plan Phase 2: Market Development and Partnerships Phase 3: Statewide Ratings & Upgrades Requirements American Recovery and Reinvestment Act (ARRA, 2009) $226 million State Energy Program City and County direct Energy Efficiency and Conservation Block Grants Better Buildings Program

32 Energy Upgrade California Statewide collaboration brings together CPUC, CEC, local governments, stakeholders Coordinates the millions in ARRA funding and ratepayer dollars flowing into California to ensure program consistency Establishes a framework for AB 758 implementation

33 Local Government Financing Pilots Below Market Rate Financing: CHF o 0-3% interest for moderate income single family residential properties o Over 1,052 upgrades and $23,817,648 o Comprehensive retrofits relying on approved participating contractors and utilizing the HERS Whole House infrastructure for quality assurance

34 Local Government Financing Pilots Interest Rate Buy Down: County of Los Angeles o Offers a 5% LLR through Matador credit union, interest rate bought down to 2% o Innovative marketing and outreach strategies Home Makeover o Financing supports Energy Upgrade California projects

35 Local Government Financing Pilots Loan Loss Reserve / Debt Service Reserve Fund o City / County of San Francisco: $372,600 o City of Los Angeles: $2 million o County of Santa Barbara: $1 million o City of San Diego: $1 million

36 Local Government Financing Pilots Residential PACE: Sonoma County Energy Independence Program 1 o Longest running PACE residential program, has accomplished 1,702 upgrades valuing $56.2 million over three years (1,648 residential retrofits for $46 million) o Funded to investigate feasibility of secondary market transaction; also contractor line of credit 1 Placer County, City / County of San Francisco, City / County of Los Angeles all have commercial PACE programs currently in operation.

37 Initial Lessons Learned 0-3% moves the market Rebates also move the market LLRs are promising, but too early to conclude the impact Marketing and outreach are important Credit unions have been leaders QA / QC procedures are a burden

38 Next steps: AB 758 Scoping Report document intended for early June Workshops in the end of June Action Plan anticipated in Q3 with workshops likely in November Final Action Plan for early 2013

39 Program Contact Information EmPower SBC: San Diego: Sonoma County: CHF: City of Los Angeles: County of Los Angeles: o o PACE: Residential lending: City / County of San Francisco o

40 Thank you! Beckie Menten Efficiency Specialist California Energy Commission (916)

41 Energy Efficiency Financing at the Large California Utilities California Green Summit April 27, 2012 Jennifer Finnigan California Public Utilities Commission

42 What We Will Cover What is the CPUC, and why are we interested in energy efficiency? Energy efficiency finance at the utilities today Energy efficiency finance in the near future 42

43 California Public Utilities Commission California Public Utilities Commission Regulates investor owned utilities (IOUs) Sets rates, determines revenue requirements Approves electricity generation portfolios Energy Efficiency Set energy efficiency savings goals Oversee portfolio planning and implementation Advance the Strategic Plan (IOUs administer EE programs with CPUC approval and oversight)

44 Percent of Finance Programs in IOU Portfolio *On-Bill Financing is $41.5 Million of $3.1 Billion IOU Portfolio 44

45 How On-Bill Financing (OBF) Works A customer arranges for installation of an energy efficiency widget or system. The utility inspects the site and confirms this installation makes sense. The customer signs a loan agreement with the utility. (The widget/system is installed.) The utility does a post-installation inspection. The utility pays the contractor or borrower for the installed cost (net of rebates). The customer re-pays the unsecured loan via a line item on the monthly utility bill. The widget s expected monthly energy savings typically exceeds the monthly loan payment, so the total energy bill goes down.

46 Where We Are Today: On Bill Finance For non-residential customers 0% interest; 100% of loan capital from ratepayers. (No leverage of private capital) 5/10 year terms $5K min. $100K/$1M max. 1,000 loans so far; default rate <1% Disconnection for nonpayment Layered on top of utility rebate programs 46

47 Where We Expect to Be in Bigger scale: ~$100M / year 1.On Bill Finance will continue 2.Some ARRA-funded financing programs will receive funding 3.New programs with leverage Credit enhancements On bill repayment to extent permitted by law Details: 47

48 On Bill Repayment (OBR) Elements (Developed by Environmental Defense Fund in collaboration with CPUC staff ) Like OBF, except banks provide capital and originate loans. (with OBF, ratepayers provide capital and utilities originate loans) Threat of utility disconnection (non-residential only) for nonpayment provides valuable security to lenders. Can engage rental market and short-tenured owners if loan obligation stays with the meter if building is sold or when tenant moves. Expect lower interest rates +/or longer terms due to higher credit quality via utility bill payment. This creates an opportunity for deeper retrofits. 48

49 New Programs 1. Single family: credit enhancements 2. Multifamily: credit enhancements and on bill repayment if statute permits 3. Non residential: on bill repayment 4. Small business: credit enhancements 49

50 Timeline and Next Steps May 10, 2012: Commission decision July 2012: Utilities file applications* Includes description of financing programs and budgets, timelines Q3 2012: Expert financing consultant holds a public workshop, presents program details.* January 1, 2013: program cycle begins; ARRA programs continue.* Q1 2013: Launch of program pilots* 50

51 Thank you Jennifer Finnigan (415)

52 Appendices 52

53 Residential Subprogram Budgets

54 4 Questions and Answers

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