Blair Hamilton, Vermont Energy Investment Corporation

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Blair Hamilton, Vermont Energy Investment Corporation

  1. 1. FUNDING DEEP ENERGY RETROFITS TO FUTUREPROOF AFFORDABLE HOUSING Partners in Innovation Boston – April 14, 2010 Blair Hamilton
  2. 2. It’s Useful to Differentiate “Funding” from “Financing” Funding Financing Public Investment, Financial mechanisms to including grants, spread the cost of interest rate subsidies, measures over time, tax credits, etc. including consumer loans, leasing, mortgages, + performance contracts, power purchase Building Owner’s share agreements and property- of investment in energy secured finance efficiency measures
  3. 3. Combining Funding and Financing to Pay for Deep Retrofit 100% 70% Financed out of Savings 30% Funding
  4. 4. VERMONT EXAMPLE - 2010 Funds REGULAR FEDERAL $1M WEATHERZATION PROGRAM STATE WEATHERIZATION SUPPLEMENTAL (ARRA) $5M TRUST FUND $8M WEATHERZATION FUNDS ARRA SEP FUNDS $1M UTILITY RATEPAYER FUNDS (EFFICIENCY VERMONT & $3M REGIONAL CABON $2M VERMONT GAS SYSTEMS (RGGI) REVENUES VERMONT HOUSING AND REGIONAL FORWARD $.5M CAPACITY MARKET (ISO- $.2M CONSERVATION BOARD NE) REVENUES VERMONT SMALL $.5M McARTHUR FOUNDATION RENEWABLE GRANTS $.2M FED. APPLIANCE REBATES $.1M SEN. SANDERS EARMARK $.2M TOTAL $22M+
  5. 5. GOING FORWARD 1. New Funding Opportunities to Support Deep Retrofit from HUD 2. HOME STAR and BUILDING STAR now in Congress • Jobs Bill with focus on quick implementation • Direct Federal Funds for Retrofit • HOME STAR is first-up: $6 Billion this year in rebates to homeowners • BUILDING STAR in the wings: $6 Billion in rebates to owners of all other buildings, including rental housing • Funds provided through States and “Rebate Aggregators”
  6. 6. HOME STAR • Silver Star – $3.7B in prescriptive rebates for individual measures (typical $1,000 per measure, not to exceed $3000 per home) • Gold Star – comprehensive, audit-based rebates based on % savings reduction (not to exceed $8000 per home) BUILDING STAR • Proposed $6B in rebates for qualified retrofit measures on a per square foot or % savings basis, not to exceed 50% of installed measure cost • Example: $.60/sq ft for most insulation; $150-$300 per window based on performance; $.25/sq ft for lighting that reduces energy use by 25%.

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