Erik caldwell clean generation program pp 04162010

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Erik caldwell clean generation program pp 04162010

  1. 1. The City of San Diego’s Clean Generation Program April 16, 2010 1
  2. 2. Clean Generation Program Property Assessed Clean Energy Financing (PACE) Purpose: Allows property owners to finance renewable energy and energy efficiency improvements through loans that would be repaid as an item on the property owner's property tax bill. 2
  3. 3. The Benefits • Loan made to property • Transferable on sale • Competitive 20 year rate • Repayment via property tax bill 3
  4. 4. Why? • Job / Sector Development – Increase demand for local cleantech products and services • Leadership – Municipal leadership is required – Positive cash flow for participants – Low cost / low risk to the City • Environment – GHG reduction 4
  5. 5. Clean Generation Program Selected Team Renewable Funding, LLC. • Short term (Gap Financing) • Core administrative services California Center for Sustainable Energy (CCSE) • Administrative services • CSI integration (State of California Solar Incentive Program) 5
  6. 6. Clean Generation Program Overview Funding: • 20 million dollars with potential for accessing additional funds • Fully loaded APR = 8.75% (Estimated) • Duration of Loan up to 20 years 6
  7. 7. Clean Generation Program Eligible Measures • Energy Efficiency Retrofits • Renewable Energy Fixtures • Insulation • Solar • Heating and Cooling • Wind Systems • Fuel Cells • A/C retrofits • Water Efficiency Fixtures • Whole House Fan • Low flow fixtures • Water heaters • Reclaimed Water • Pool Pumps Systems • Water Efficient Irrigation 7
  8. 8. Micro-Bond Process Property Owner Administrator 1 - Submit Application Includes Project Details Package • Verify eligibility 2 - Receive Notice to Proceed Includes Funding Reservation 3 - Install Project 4 - Submit Funding Request Includes Verification Documents • Verify project compliance • Generate contract docs 5 - Receive Assessment Contract Documents 6 - Submit Assessment Contract Package • Place lien • Issue bond 7 - Receive Payment • Remit payment County 8 - Pay Back via Property Taxes 8
  9. 9. Participation Options • Energy efficiency requirements • Short term goal – Educate and encourage • Long-term goal – Serve as a force for market transformation • Two Phase EE Implementation – Phase I: Thru December 2010 – Phase II: Starts 2011 9
  10. 10. Prerequisites for all properties • Items that must be replaced: – Central Air Conditioners (SEER ≤ 7) – Single Speed Pool Pumps • Replaced with: – Central Air Conditioners (SEER ≥ 13) – Variable Speed Pool Pumps 10
  11. 11. Energy Efficiency Prerequisites • HERS or equivalent audit • May bypass audit requirement if you use a BPI certified contractor • Must install fixtures that are pre-approved by the program administrator 11
  12. 12. Renewable Energy Prerequisites • Home Improvement Path – Phase I • HERS audit • Must install fixtures that are pre-approved by the program administrator • Limited system size (70% of load or 130% of baseline) – Phase II • HERS audit • Participation in prescriptive track of Whole Home Retrofit program or HomeStar Silver • BPI Certified contractor required 12
  13. 13. Renewable Energy Prerequisites • Home Performance Path – Phase I • HERS audit (Test out: with 20% reduction or HERS II ≤ 100) • Optional participation in either the performance track of the Whole Home Retrofit Program, or HomeStar Gold – Phase II • HERS audit (Test out: with 20% reduction or HERS II ≤ 100) • Required participation in either the performance track of the Whole Home Retrofit Program, or HomeStar Gold 13
  14. 14. Renewable Energy Prerequisites • Already Efficient Homes – Phase I & II • HERS audit (HERS II ≤ 100) or Title 24 2005 / 2008 report • Demonstrate historical annual consumption ≤ 130% of baseline (Tier 1-2) 14
  15. 15. Clean Generation Program Program Design Program Eligibility: • Allocation: First come first serve • Property must reside within the City of San Diego • Multifamily - four units or less 15
  16. 16. Clean Generation Program Program Design • Underwriting Criteria – Ownership: Property owner must initiate and sign application – Property Tax Payment / Title History: • Must have a good payment history • No delinquencies in the past 3 years • No involuntary liens may be on property – Loan to Value Ratio, 10:1 is suggested ratio 16
  17. 17. Clean Generation Program How will people use the program? • Arguably better financing options exist for solar PV • Ideal for property owners who: • Can’t get a home equity line of credit • Are considering a move in the near future • Are considering financing whole home retrofits that include both EE and renewable energy 17
  18. 18. Sample Costs Financed Project Costs: $24,000 Solar / Energy Efficiency Package • Term: 20 Years • Fixed APR: 8.74% (Estimated) • Annual Payment: $2,615 • Application fee: $300 18
  19. 19. Clean Generation Program Timeline • April - City Council – Public hearing on district formation – Approval of resolution of intent – Ordinance levying special tax approved – Approval of administrative agreement • May- City Council – 2nd reading of the ordinance levying special tax approved – Hold Public Election • June– Program Goes Live 19
  20. 20. Clean Generation Program Questions? 20

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