Connecticut s Clean Energy On-Bill Repayment Program An Open Market Private Capital Approach
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1 Connecticut s Clean Energy On-Bill Repayment Program An Open Market Private Capital Approach ACEEE Energy Efficiency Finance Forum Ramping Up On-Bill Repayment May 13, 2014
2 Connecticut Green Bank Created through Visionary Leadership transitioning programs away from government-funded grants, rebates, and other subsidies, and towards deploying private capital CEFIA was established in 2011 to develop programs that will leverage private sector capital to create long-term, sustainable financing for energy efficiency and clean energy to support residential, commercial, and industrial sector implementation of energy efficiency and clean energy measures. 2
3 Connecticut Green Bank Organization Quasi-public organization created by PA and successor to the Connecticut Clean Energy Fund Focus finance clean energy (i.e. renewable energy, energy efficiency, and alternative fuel vehicles and infrastructure) Balance Sheet currently $100 million in assets Support supported by a $0.001/kWh surcharge on electric ratepayer bills that provides approximately $30 MM a year for investments, RGGI (EE and RE) about $5-$10 MM a year, federal competitive solicitations (i.e. SunShot Initiative) and noncompetitive resources (i.e. ARRA-SEP), private capital, etc. 3
4 Need for Finance to Meet Clean Energy Policy Goals Enable energy efficiency improvements for at least 15% of single family homes in the state by 2020 approximately 150,000 homes at $10,000 to achieve 20% energy reduction would require an investment of $1.5 billion Support the conversion from oil to natural gas for at least 200,000 households in the state in 8 years at $7,500 for an average cost of conversion with equipment for an estimated investment of $1.5 billion Estimate potential market of over 150,000 households to install solar PV in the state at an average cost of $27,000 per system would require an investment of $4.0 billion DEEP asked CEFIA to investigate on-bill repayment with private capital as a sustainable financing strategy in November On-Bill is called out in Comprehensive Energy Strategy 4
5 Residential Products $85M Available Across 4 Products CEFIA has developed financing options available to homeowners through program contractors to help make energy upgrades more affordable, including leasing and loan options with little to no out-of-pocket costs. $14M approved/closed to date (through 3/31/14, products launched in 2013) Approx. Amount Available Eligible Technologies CT Solar Lease CT Solar Loan Smart-E Loan Cozy Home Loans $60M ($50M Resi.) $5M $28M $2.5M Solar PV Solar Hot Water Solar PV Efficiency, HVAC All renewables (PV, SHW, Geothermal, Biomass, etc.) Efficiency, HVAC All renewables (PV, SHW, Geothermal, Biomass, etc.) Ownership No (option to purchase) Yes Yes Yes Down Payment? Not required if installed cost is less than $4.50/W Minimum of 5% of net installed cost Interest Rate N/A (20 years) 6.49% (15 years) Not required 4.49% (5-yr), 4.99% (7- yr), 5.99% (10-yr), 6.99% (12-yr) Not required 5.99% (10 years) 5
6 On-Bill Legislation Highlights PA Section 58: CT Clean Energy On-Bill Repayment By April 1, 2014, the ECMB and CEFIA, in consultation with the utilities, must develop a residential on-bill repayment program financed by third-party private capital and managed by CEFIA Authorization includes: Repayment term of any project the expected life of the improvements. Monthly payments + Bill the amount of the customer's bill prior to upgrades Technology agnostic (efficiency, gas conversions, renewables and more Reduce peak electricity demand Prioritize projects by cost-effectiveness Delivered fuels (available without regard to the energy or fuel delivered) Tariff and transferability (and the development of notice guidelines) Shut-off (with avoidance of hardship protections)
7 Overview of OBR Roles Smart E Lender 1, 2, 3, etc. In a platform approach, Capital Providers will be existing CEFIA partners, who can opt to test the convenience and alternative credit enhancements such as a TIMELINESS RESERVE available through OBR Sungage, etc.
8 Attracting Private Capital Timeliness Reserve Smooth Payment Timing Issues created by difference between monthly lender billing cycle and daily utility billing cycle Keep lender whole for loan startup/on-boarding Smooth timing issues between utility bill due date and loan due date Essentially acts as short-term loans (<60 days) for the timing difference: Concord advances scheduled payments to lenders, loans are replenished as customers remit utility bills Delinquent Loans Come Off Bill in Phase 1 Partial/missed payments cause the loan to move off the utility bill into a direct-bill relationship Timeliness reserve draws on Smart-E LLR first Goal: Incent Lender Opt-In for OBR Lenders will be more likely to opt into OBR with a rate concession of at least basis points off the regular Smart-E rates 8
9 Phased Approach 2 Independent Programs Each to Be Voted on by EEB and CT Green Bank Phase I Smart E OBR Mirror existing utility administered OBR programs except: Use private capital and take loan off bill if payment shortfall Test for fuel neutral Savings to Investment (SIR) ratio >1 Smart E Lenders only EEB/CEFIA Board votes Mar May PURA cost recovery May Jul PURA Uncontested Hearing on fuel neutral access to bill May Jul Launch Early 2015 Phase II Open Access OBR Open access capital platform Support additional loan products, capital providers Some additional features potentially incorporated Stay with the meter, shutoff Iterative stakeholder process on program design EEB/CEFIA Board votes late Q3 PURA Uncontested Hearing AND cost recovery Q Launch late 2015
10 Smart-E OBR Phase I $28MM in private capital available Statewide as of Nov 2013: 9 lenders with ~140 branches 150 eligible contractors $2MM in loans to date 10
11 Thank You! Kerry E. O Neill Director of Residential Programs 300 Main Street, Suite 400 Stamford, CT kerry.oneill@ctcleanenergy.com (860)
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