SSC2011_Lori Bramberger PPT
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SSC2011_Lori Bramberger PPT SSC2011_Lori Bramberger PPT Presentation Transcript

  • Framing the Challenge& Opportunity:Residential BuildingsNational Housing ConferenceSeptember 26, 2011Lori BambergerSeeding Markets, Sustaining Communities
  • The Framework for Residential Energy Financing Innovations• The Opportunity & What’s at Stake • Carbon • Multifamily & Single Family• Barriers• Local and National Innovations • Information Perfecting (Labels, Disclosures) • Marketing • Financing Confidential Lori Bamberger Consulting 2
  • Residential buildings make up a large chunk of the nation’s emissions Industrial, 12% ResidentialBuildings Commercial, buildingsaccount for 43 Transportation 40% account for 32% Buildingspercent of 43% almost half ofU.S. CO2 the builtemissions environment’s Industry Residential, emissions 48% 25% So, residential buildings account for 21 percent of all U.S. CO2 emissionsAnd, the vast majority of CO2 emissions come from single family, owned homes that will still exist in 2050… Source: Pew Center on Global Climate Change and Nehemiah Stone Confidential Lori Bamberger Consulting 3
  • Residential emissions have increased substantially in the last 18 years CO2 emissions from residential buildings increased much faster than all sectors except All sectors, 15.9% commercial operations between 1990 and 2008 and surpassed the overall average increase by over 10 percentage pointsSource: Energy Information Administration Confidential Lori Bamberger Consulting 4
  • The Multifamily Opportunity35 Million Families In all U.S. Multifamily • Approximately 1/3 of all Californian households (~4.2 million)Federally Subsidized Subset: Big, Old Buildings • 34,614 HUD subsidized buildings • 5 million HUD and LIHTC subsidized, affordable housing unitsEnormous Federal Energy Cost Outlay • $6.8 billion in federal HUD expenditures: 15–20% of HUD’s budget • More billions in LIHTC, USDA, and VA subsidized housing29% ($9 billion) in Energy Savings estimated from MF alone • $1.9 billion in savings estimated from HUD’s MF potentialLarge Aggregation Opportunity due to fewer owners Confidential Lori Bamberger Consulting 5
  • Older MF buildings increase the Energy CCC’s:Consumption, Costs, & Carbon Emissions HouseholdMultifamily 5 Number of Percent of All Average BTU BTU/Sq. Ft.units of More Households Households Energy Costs ConsumptionBefore 1940 1.4 1% 76.6 122.8 $1,5061940−1959 2.0 2% 72.4 101.5 $1,4341960−1979 6.2 6% 52.3 66.2 $1,1101980-1999 5.9 5% 47.8 60.6 $1,1032000 or later 1.3 1% 44.2 50.4 $1,092 Confidential Lori Bamberger Consulting 6
  • The Single Family OpportunityApproximately 75 million households• Approximately 8.3 million single family units in California•Nearly 1/3 are low- or moderate-income –Many don’t qualify for energy assistance – Homes are the least efficient, most costly to operateEnergy Costs are Rising•Average national energy costs: $1997/household•In some parts of the US, some energy spikes approached levels close to the subprimeARM spikeSaving Energy can build family savings & stabilize neighborhoods•Modest investments ($3,000 to $15,000) can yield 20-40% energy and financial savings•The average single family savings estimated at approximately $650/year.• Foreclosure stabilization loan/mod efforts seek savings of $50-$100/month Confidential Lori Bamberger Consulting 7
  • The California single family homeexample Approximately 2/3 of California Residents Live in SF homes (~8.3 Million homes) Statewide Average Electricity Use Per Household (5,914 kWh per Household) Statewide Average Natural Gas Use Per Household Pools, Spas, Misc. – 3%Lighting (Estimate)* Water Heating – 3% Dryer – 3% – 22% Miscellaneous – 11% Cooking – 22% Space Heating – 4% Laundry – 5% Space Heating – 44% Refrigerators and Dishwashing and Freezers – 19% Cooking – 5% Pools and Spas – 6% Water Heating – 44% TV, PC, and Air Conditioning – 10% Office Equipment – 15% * Note: An estimate of 1,200 kWh per household (20% of the total use) has been designated as interior lighting and was shifted from Miscellaneous to Lighting Source: California Long Term Energy Efficiencycomes from other where it is combined with exterior lighting usage. This number Strategic Plan (2008); IEPR (2007) lighting studies that are better able to pinpoint this estimate than a conditional demand model as was used for the RASS. Confidential Lori Bamberger Consulting 8
  • The costs of energy inefficiency exacerbate existing financialchallenges faced by middle income families The lowest income groups pay the highest proportions of their income on home energy Share of household income spent on home energy 18% 16% 16% 14% 12% 10% 9% 8% 7% 6% 5% 4% 4% 3% 3% 2% 2% 2% 0% Less than $10,000 to $15,000 to $20,000 to $30,000 to $40,000 to $50,000 to $75,000 to $100,000 or $9,999 $14,999 $19,999 $29,999 $39,999 $49,999 $74,999 $99,999 more Household Income Confidential Lori Bamberger Consulting 9
  • Financial and Other Barriers Inhibit ScalingPerception • Utility Costs Not disclosed at sale • Asset Labels typically apply to new homes • Privacy lawsFinancing Challenges in both single family and multifamily • First cost hurdles & lack of affordable financing • Data • Early, patient and innovative capital • Regulatory Silos • Multifamily: misaligned incentives; prohibitions on project reserves/receipts • Single Family: Enormous Fragmentation (75 million different owners), mortgage crisisWorkforce Issues Confidential Lori Bamberger Consulting 10
  • Local innovations are scalable, replicable, and pointthe way forwardInformation Perfecting & State and Local Policy • Disclosure: Green MLS, Utility Bill, Asset Ratings • Code enhancementsFinancing Innovations • Standalone Energy Retrofit Lending – Multifamily Energy Retrofit Funds – PPAs and ESAs – Onbill Financing (Enterprise Cascadia, Blue Tree, and Lori Bamberger Consulting) – Tax-Lien Financing (for commercial and multifamily) – Public Housing and Freezing the Base • Embedded FinancingWorkforce InitiativesUtility Initiatives & Incentives Confidential Lori Bamberger Consulting 11
  • Our Work & How to Reach Us• Affordability, energy financing & innovations – Partnership-building & Cross-Sectoral Efforts – Policy Formulation – Financing Innovations & Implementation• Reaching Us: Lori Bamberger Consulting Thoreau Center for Sustainability The Presidio 1012 Torney Avenue San Francisco, CA 94129 415-400-8621 LBamberger@yahoo.com Confidential Lori Bamberger Consulting 12