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Annual meeting 2018

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Annual meeting 2018

  1. 1. Energize NY Annual Meeting of the Members April 4, 2018
  2. 2. P 1 EIC Energy Improvement Corporation • Not-for-profit, Local Development Corporation • Mission to increase clean energy adoption across NYS • Controlled by member municipalities • Shared service structure • Funded by NYSERDA, US-DOE, revenue from financings • Serve property owners through: Energize NY PACE Energize NY Residential + Energize NY Commercial
  3. 3. P 2 EIC’s Mission Energy Improvements to Buildings Investments in Buildings align with your municipal goals: • Reinvestment in local economy • Business stability and expansion • Support Property Values: well maintained buildings with low energy costs are more attractive to buyers and potential employers • Spur job creation and increased opportunity in engineering, architecture, HVAC and renewable energy • Support healthier, livable communities by reducing GHG emissions and particulate pollution
  4. 4. P 3 2017 Goals > 2018 Progress  Make NY PACE more accessible • Article 5-L Amendments + Local Laws • Include all Municipalities of New York  Creating demand for Clean Energy • PACE 2.0 + New PACE Products + Energize NY Residential • EIC RFQ  Diminish reliance on grants • NYSERDA Commitment and EIC Revenues 3
  5. 5. P 4
  6. 6. P 5 Energize NY PACE Susan Morth – Head of Business Development Michael Castracan – Director of Underwriting
  7. 7. P 6 Clean Energy Public Benefits Property Assessed Clean Energy (PACE) “Municipalities would fulfill an important public purpose by providing financing to property owners for the installation of renewable energy systems & energy efficiency measures.” - Article 5L of the NYS General Municipal Law  Repayments collected by municipality via tax bill charge By Darwinek [CC BY-SA 3.0], via Wikimedia Commons
  8. 8. P 7 Energize NY PACE Pre Applications – March 2017 –March 2018 3 6 15 50 Numbers of Pre-Applications: 74 Closed Active Dormant Preliminary Closed 4% Active 8% Dormant 20% Prelimi nary 68%
  9. 9. P 8 Energize NY PACE Summary – Pre Applications •Breakdown of Categories •Closed - Funds Disbursed •Active – Some positive step towards a financing •Dormant – Unable to move forward •Preliminary – Financial Limbo. Can move forward, but no action •Plenty of Interest in Energize NY, but •Low Conversion Rate •Pace 1.0 Issues •Even where client is motivated, long gestation •One off nature adds time and complication
  10. 10. P 9 Energize NY PACE Summary – Pre Applications •Attempts to Reduce Friction •Checklist and Draft Lender Consent distributed with with Pre-App response. No surprises for borrower. •Reduce cost by allowing Full Market Value on Tax roll as proxy for appraisal, or Certified General Appraiser •Successful? No. •The number of Pre-Applications has incrementally increased, while the membership population has dramatically increased. Would have expected a greater increase. Not generating adequate deal flow. •New Universe •Became clear that we need to tap a new universe of potential projects via PACE 2.0 and New Products
  11. 11. P 10 NYS PACE NEWS Article 5-L Amendments (Became Law Sept 13, 2017) • 10% Cap Removed • Community Solar/Remote Net Meter projects allowed • Access to non-federal reserves  New NYSERDA Commercial PACE Technical Guidelines  Energize NY PACE Program Wide Consent from US HUD  Construction Phase Capital + Pre-Payments
  12. 12. P 11 Energize NY PACE 2.0 Key changes: •The elimination of the 10% cap and the ability to place the charge on the property during construction transforms the product. •"A" or higher rated Member communities will continue to benefit from attractive rates offered by BofA. •Below "A" or unrated Member communities will have access to low cost capital by mid-year. EIC is negotiating with two very serious responders to our RFQ for below "A" capital.
  13. 13. P 12 Next New Product EIC is working to offer "Pay When Received PACE” "Pay When Received PACE" means the EIC Member agrees to pay EIC’s Trustee when they receive the PACE charge, but are not obligated to pay if the property owner is delinquent on the tax bill payment. This new product will be available in certain EIC Members on a case by case basis.
  14. 14. P 13 EIC’s RFQ 1) Capital for Below A Municipalities a. Municipality ensures timely payment of tax charge receipts 2) Project developers to systematically develop multiple projects on a large scale a. Pair with EIC’s existing capital • 3 responders approved b. Responders supply their own capital to pair with EIC’s PACE facility ◦ 2 responders, more pending (Pay When Received PACE)
  15. 15. P 14 Energize NY Commercial Robert Fischman – Director, Commercial Program Lily McLoughlin– Assistant Director, Commercial
  16. 16. P 15 Energize NY Commercial Provide guidance to property owners ◦Define projects ◦Identify and connect resources ◦Application support ◦General hand-holding Support to service providers ◦Training in PACE ◦Project economics & modeling ◦Application support Industry resource ◦NYSERDA – Utilities – Trade associations
  17. 17. P 16 Projects Progress to Date Pipeline Overview • 588 total projects assisted • Lead sources include energy service providers, community partners, municipal leaders, outreach events, web inquiries, energy programs • Actively managing the project pipeline Financed 22 Active 16 Prospective 112 Dormant 438
  18. 18. P 17 Projects Progress to Date Active Upgrades • 22 projects financed • $2.864 MM • 16 projects moving forward • $4.613 MM Financed 22 Active 16
  19. 19. P 18 Progress to Date Type of Improvements Property Type Project Type Agricultural 2 Commercial 21 Institutional 4 Multifamily 7 Residential 2 Hospitality 1 Industrial 1 Efficiency + Solar 1 Energy Efficiency (Multi-Measure) 19 Energy Efficiency (Single Measure) 2 Renewables (Solar) 16
  20. 20. P 19 Energize NY PACE Projects Lead Energize NY Qualified Partner Scope of Work • Solar PV Duration 2 years and 2 months from start to finish
  21. 21. P 20 Energize NY PACE Projects Lead Energize NY Qualified Partner Scope of Work • LED lighting Duration 7 months start to finish
  22. 22. P 21 Energize NY PACE Projects Lead Energize NY Qualified Partner Scope of Work • Electric heat pumps • Insulation • LED Lighting • Windows Duration 1 year from start to finish
  23. 23. P 22 Energize NY Commercial Building the Base: Expanded Outreach Online web based trainings Quarterly webinars Ongoing utility collaboration Utility Market Partner Networks Trained utility trade allies in our member municipalities across New York State: Central Hudson, Con Edison, National Grid, NYSEG / RG&E and PSEG-LI Qualified partner network of 103 contractors Industry events
  24. 24. P 23 Technical Criteria C-PACE Guidance NYSERDA issued guidelines in Fall 2017 to qualify Commercial PACE projects. Qualification gives commercial building owners assurance that savings are viable Three Technical Pathways: NYSERDA programs a) NYSERDA programs for energy audits and/or feasibility standards 1) Utility and LIPA incentive programs a) Pre-qualified and custom incentives for electricity and gas savings 2) NY State Commercial (C-PACE) Guidelines a) Third-Party Certifying Entities – Approved by NYSERDA to certify energy audit firms b) NYSERDA-approved professional firms can undertake audits for PACE
  25. 25. P 24 Energize NY Commercial Trends in 2017 and 2018 New York State is Moving Toward Electrification – Low Carbon Solutions High Efficiency Heat Pumps – Support by NYSERDA  Cold Climate Air Source Heat Pumps  Ground Source Heat Pumps (aka Geothermal) Solar Market for C-PACE  Interest has leveled off due to VDER and changes to tax law  Prepaid PPA - Power Purchase Agreement for nonprofit  Energy storage for demand management Passive House or Net-Zero Energy Buildings  Retrofit NY for Affordable Housing CHP – Combined Heat & Power
  26. 26. P 25 Energize NY Residential Lauren Brois, Director Energize NY Residential
  27. 27. P 26 The Value of Energize NY Impact Across 16 Energized Communities January 2011 to April 2018 Completed Energy Upgrades – 1,331 • Annual Homeowner Savings - $2,528,368 • Annual kwH Saved – 818,565 • Annual MMBTU Saved – 54,571 • GhG Reductions = Removing 444 cars • Jobs Created – 205 • Local Economic Activity - $16,855,784
  28. 28. P 27 Energize NY Residential •Overview •Homeowner Support •Contractor Rankings •Developing Energize Champions •Community Events •Online Resources •Community Based Marketing and Outreach •Energy Coach presentations and home visits
  29. 29. P 28
  30. 30. P 29
  31. 31. P 30
  32. 32. P 31
  33. 33. P 32
  34. 34. P 33 Energize NY Communities Westchester- New Rochelle & Bedford Funding Provided by Member Municipalities •New Rochelle $30,000 for New Launch (12,236 targeted homes) 33
  35. 35. P 34 Energize NY Communities Westchester- New Rochelle & Bedford Funding Provided by Member Municipalities •Bedford $15,000 for Program Refresh (5,120 eligible homes) 34
  36. 36. P 35 Energize NY Communities Hudson Valley Behavioral Demonstration Grant •3 Mid-Hudson Communities •Central Hudson Territory •Demonstrate and evaluate the impact of the behavioral strategies and tools previously deployed in Northern Westchester in 2011-present •Subcontractors: RUPCO, Bard Center for Environmental Policy •2017 through 2019 •Energize Red Hook – Launched on March 8th •Energize Beacon – Launched on March 28th •Energize Hyde Park – Launching on March 30th
  37. 37. P 36 New Energize NY Communities Westchester and Orange Clean Heating and Cooling PON* •Orange County •Westchester County • Partnership with Sustainable Westchester 36 *Award is contingent on successful contract negotiations
  38. 38. P 37 Thank You Trusted Sources! Bedford Ellen Calves Midge Iorio Andy Chintz New Rochelle Jeff Apotheker Michelle Lewis Amy Pace Miriam O’Malley-Dias Father Robert Gahler Janine Belfast Somers Flo Brodley David Matstil, Mount Kisco Scott Fernquist, Pound Ridge
  39. 39. P 38 Thank You Comfort Corp. Contractors!
  40. 40. P 39 Energize NY Municipal Member Services Sarah Smiley– Director, Member Services
  41. 41. P 40 Energize NY Member Services Photo credit Realty Resource Management Member Services starts once Membership has been confirmed Meeting with Member staff to: 1.Review administration of Energize NY PACE 2.Discuss pairing with economic development, planning, and environmental priorities 3.Discuss outreach channels 4.Discuss potential events in municipality that reach targeted audiences (Contractor Trainings, Business Community Events, First Energize NY Project Press events)
  42. 42. P 41 Energize NY Member Services Photo credit Realty Resource Management PACE 2.0 Amendment Process 1. Amend Local Law 2. Amend EIC Municipal Agreement 3. Enroll in PACE 2.0 - letter
  43. 43. P 42 Energize NY Member Services Outreach: Project Press Events PACE Project Press Event – Art Mission Theater Broome County, December 2017 •Assisted with press release •Joseph Del Sindaco spoke on behalf of Energize NY PACE
  44. 44. P 43 Energize NY Member Services Outreach: Targeted Businesses Westchester County Agriculture and Farmland Protection Board Annual Meeting: Energy Savings for Farmers , November 2017 Wyoming County Cornell Cooperative Extension: Clean Energy Options for Agriculture, March 2018 Bringing together the players who make projects happen: • NYSERDA • Ensave • Utility • Energy Auditors
  45. 45. P 44 Energize NY Member Services Speaking Opportunities
  46. 46. P 45 Energize NY Member Services Upcoming Events •April 5-6 - NY State Green Building Conference, Syracuse •April 18 - NY GEO Conference - the Premier North East Renewable Heating & Cooling Conference, Albany •April 20 – Long Island Clean Energy Leadership Taskforce Meeting, Molloy College Suffolk Center, Farmingdale •May 1 – Sustainable Business Summit, Hotel Henry, Buffalo •May 20 - ACEEE Energy Efficiency Finance Forum, Tarrytown •October 17 - Cleantech-Age Expo and Conference, Flushing Meadows
  47. 47. P 46 Energize NY Member Services Targeted Marketing Materials •Agriculture - flyer •Affordable Multifamily Housing – outreach letter FACT SHEET AGRICULTURAL ENERGY EFFICIENCY Lower your energy bills. Grow your farm. Energize NY PACE (Property Assessed Clean Energy)of ers a low-cost,long-term alternative to traditional loans for funding clean energy projects. Who’s Eligible Energize NY Pace is available to any farm owned by a commercial or nonprof t entity and located within a participating municipality.Farms that pay a Service Benef t Charge (found on the costumer’s utility bill)qualify for NYSERDA’s free agriculture energy audit. How it Works Those who complete the free energy audit will receive recommendations for ef ciency improvements to reduce energy costs.Energize NY Pace fnances projects that generate cash fow to the owner,which means the estimated savings from the projects exceeds fnancing cost.Financing is available for up to 100%of the project cost,or can be combined with additional funding.Eligibility is not based on traditional credit ratings.The loan is repaid through an annual charge on the property’s tax bill,like other municipal charges such as sewer or water. Get Started Visit nyserda.ny.gov/agriculture and sign up for NYSERDA’s free energy audit. Learn more about Energy NY PACE: http://commercial.energizeny.org/energize-ny-finance REDUCE operatingcosts IMPROVE energy efficiency MAXIMIZE profitability call NYSERDA: 1-800-732-1399 call Energize NY: 914-302-7300 email: aeep@nyserda.ny.gov visit: nyserda.ny.gov/agriculture “Financingour newsolar PVsystemthrough EnergizeNYproved tobeacost effectiveand profitablesolution tothehigh cost of energy needed torun our dairy farmoperation.” – Alan Glustoff, owner, 5 SpokeCreamery, Goshen, NY
  48. 48. P 47 Energize NY Member Services Where can property owners find out about Energize NY PACE?
  49. 49. P 48 Energize NY Member Services Who in your community can help spread the word about Energize NY PACE? •Buildings Department •Local Planning Boards •Business Groups / Economic Development Agencies •Sustainability Committees
  50. 50. P 49 Energize NY Member Services For Discussion: Members Survey • Energy usage by type of property • Age of property • Last renovation date • Electricity price • Buildings that are historic • Number of Multifamily buildings / units: - subsidized/non-subsidized affordable - market-rate
  51. 51. P 50 Recognition & Closing Remarks Mark Thielking, EIC Executive Director
  52. 52. P 51 EIC Partners in the EIC Mission EIC’s Municipal Members, leaders and staff NYSERDA - funding for operations; governs NYS PACE Standards, facilitates energy audits, provides project financial assistance and technical services Bank of America Public Capital Corp & Key Bank – provides finance capital McCullough Goldberger, Staudt & Squire Patton Boggs - provides legal representation, debt issuance legal representation Public Financial Management (PFM) - provides financial advisory services US Bank - engaged as Trustee Sustainable Westchester, Regional Clean Energy Coordinators, Local Supporters, Advocates, EIC Volunteers
  53. 53. P 52 Thank you to our wonderful Volunteers and Interns! •Volunteers •Flo Brodly •John Flynn •Cathy Ng-Pepe •Summer Interns •Martin Goni •Tiffany Kakkanatt •High School Interns •Sammi Greenburgh, North Salem •Lan Zhang, Chappaqua •Zulfi Soomro, Chappaqua •Josh Holder, Croton
  54. 54. P 53 2018 Goals Make NY PACE more accessible • Increase EIC Membership Creating demand for Clean Energy Projects • PACE 2.0 + New PACE Products + Residential PACE? (subject to NY approvals) • Projects in all EIC Members • Expanded Energize NY Residential Diminish reliance on grants • Increasing revenues from projects 53
  55. 55. P 54 QUESTIONS? Q+A ?
  56. 56. P 55 Photo Time! Please come directly to the stage

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