PACE Legislative update
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PACE Legislative update

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August 5, 2010 presentation to Green Energy Ohio, Central Ohio networking group

August 5, 2010 presentation to Green Energy Ohio, Central Ohio networking group

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    PACE Legislative update PACE Legislative update Presentation Transcript

    • PACE Financing Legislative Update Renewable Concepts & Design, LLC August 2010
    • Overview 2 Rapid Nationwide Adoption of PACE Districts October 2009 – Whitehouse led interagency working group HUD, NEC, CEQ, OMB, DOE, Treasury May 2010 – Release of DOE/ARRA Guidelines and Funds for PACE programs Case Study July 6th, 2010 – Regulators Block State Programs – Fannie Mae, Freddie Mac, Office of Comptroller of Currency (OCC) Current Litigation Legislation Action Renewable Concepts & Design, LLC
    • Property Assessed Clean Energy (PACE) www.dsireusa.org / July 2010 ME: 2010 MN: 2010 NH: 2010 NY: 2009 OR: 2009 VT: 2009 WI: 2009 NV: 2009 OH: 2009 MD: 2009 IL: 2009 CO: 2008 DC DC: 2010 CA: 2008 VA: 2009 MO: 2010 NC: 2009 NM: 2009 OK: 2009 GA: 2010 TX: 2009 LA: 2009 23 states + DC authorize PACE FL: 2010 (22 states have passed legislation and HI: Existing Authority* HI permits it based on PACE financing authorized existing law)
    • US DOE Guidelines for PACE 4 Guidelines released on May 7, 2010 Expected Savings to Investment Ratio > 1.0 Term of Assessment should not exceed the useful life of the improvement Mortgage Holder receives notification when liens are placed PACE lien non-acceleration upon property owner’s default Renewable Concepts & Design, LLC
    • US DOE Guidelines for PACE 5 Continued Assessment should be appropriately sized – improvement value should not exceed 10% of total property value Quality Assurance and Anti-Fraud Measurements Rebates and Tax Credits Participant Education Debt Service Reserve Fund Data Collection – Performance Monitoring Renewable Concepts & Design, LLC
    • Sonoma County Energy Independence Program (SCEIP) – Case Study 6 SCEIP is our nation’s largest PACE program Operations commenced March 25, 2009 Initial available project capital $100 Million No General Fund contributions Cost neutral to County and City governments Interest rate spread over all program costs Sonoma County’s SCEIP Participants have a LOW delinquency rate Sonoma’s average tax delinquency rate is 3% SCEIP Participants delinquency rate is 1.2% Renewable Concepts & Design, LLC
    • SCEIP Case Study 7 SCEIP operations through June 30, 2010 Applications total 1,671 Applications approved 1,292 Projects complete and funded 967 Total $ funded $30,372,278 Projects in queue 347 Commercial projects 22 Projects on hold due to FHFA 10 Projects withdrawn due to FHFA 6 Renewable Concepts & Design, LLC
    • SCEIP Case Study 8 Additional Benefits of PACE: 330 new and maintained jobs per ARRA standards 7.5% increase in construction jobs per State EDD statistics 3 Mega Watts of new clean energy generation – enough for 800 homes 1900 tons of carbon reduction 74% increase in retail sales for energy efficiency products per Home Depot Includes “cool roof”, fuel cell, and other innovative projects Renewable Concepts & Design, LLC
    • July 6, 2010 Regulators Block PACE financing 9 FHFA Fannie Mae Freddie Mac OCC FDIC Renewable Concepts & Design, LLC
    • Issues brought forth: 10 States’ rights and legal precedent Ignored Safety and Soundness Guidelines established by White House & DOE Treats PACE like loan vs. assessment Questions Senior Lien Status Claims size and duration exceed typical assessments Questions “community benefit” Results in Red-lining any property in a PACE district Commercial PACE participation also scrutinized Renewable Concepts & Design, LLC
    • Litigation 11 State of California Filed suit July 14, 2010 California Energy Commission took action on July 28, 2010 to vacate $30 million ARRA grant funding for PACE programs which would have leveraged $370 million in projects. California PUC warned that the FHFA’s actions could jeopardize California’s $3.8 Billion energy efficiency program. City of Babylon, New York Filed suit July 16, 2010 Renewable Concepts & Design, LLC
    • Current Legislation 12 PACE Assessment Protection Act of 2010 Legislation would require that the underwriting standards of Fannie Mae and Freddie Mac mimic the USDOE guidelines for PACE H.R. 5766 – Introduced by Rep. Mike Thompson, cosponsored by 44 other members Committee on Financial Services Ohio Committee Members – Charles Wilson, Mary Jo Kilroy, Steve Driehaus http://www.govtrack.us/congress/bill.xpd?bill=h111-5766 S. 3642 – Introduced by Sen. Barbara Boxer; cosponsored by Sen. Bennett, Sen. Merkley, Sen. Begich, Sen. Udall, and Sen. Gillibrand Banking, Housing & Urban Affairs committee Ohio Committee Member – Sherrod Brown http://www.govtrack.us/congress/bill.xpd?bill=s111-3642 Renewable Concepts & Design, LLC
    • For more information: 13 www.pacenow.org www.votesolar.org www.icleiusa.org www.renewableconcepts.net Renewable Concepts & Design, LLC
    • Renewable Concepts & Design, LLC 14 Thank you for your time and interest. Mary Cunnyngham mary@renewableconcepts.net 614-571-4918 Russ Meeker russ@renewableconcepts.net 614-638-5641 Renewable Concepts & Design, LLC