The Economics & Financial Options in Retrofitting Commercial Buildings

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Many building owners have the desire to upgrade their commercial

properties, but in the current state of the economy they are at a loss as to how to financial such upgrades. The presentation will also review current trends in rebates, public sector financing and private sector financing that make such upgrades possible.



Target Audience:

I think the target audience for this presentation will be building industry

professionals, developers, building owners, property managers and

commercial real estate brokers, as well as educators from real estate

development programs such as San Diego State’s.

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The Economics & Financial Options in Retrofitting Commercial Buildings

  1. 1. The Economic & Financial Options in Retrofitting Commercial Buildings Presented by: Wally Geer go2wallyworld@hotmail.com
  2. 2. Special Thanks to those who made thispresentation possible: SDG&E Energy Innovation Center California Center for Sustainable EnergyA special word of thanks to those organizations whose research contributed content to today’s presentation: California Building Commission USGBC C4 Chapter SDG&E TMC Development U.S. Small Business Administration U.S. Department of Energy The California Energy Commission
  3. 3. A few requests & comments I know we all have busy lives, but please turn your cell phone off or set it on “vibrate”, thank you. If your cell phone rings, the “Wally Rule” is in full force & effect We will talk about a lot of facts today, but please appreciate that some subjective opinions I may voice are strictly my own and I’m not speaking on behalf of our gracious host today
  4. 4. Today’s Learning Objective:It’s all about “Green”, and I don’t mean saving the Redwoods, the Whales or the Ozone!
  5. 5. Agenda: Common Myths about upgrading Commercial Properties Energy Consumption 101 Potential Benefits of Energy Retrofitting The Economic Case for Retrofitting The Legislative Case for Retrofitting (AB 1103) How can an owner reduce their energy costs? Everything you every wanted to know about Energy Audits, but were afraid to ask Financial Techniques to analyze your options Financial options to pay for your retrofit Some final thoughts + questions & answers
  6. 6. Common Myths about Energy Savingsas it applies to Building Valuations: “Energy costs contributes negligibly to overall value” “Uncertainty in energy reporting methods is so high that building specific estimates are effectively meaningless” “Energy’s impact on value, as with all other elements of value, is ultimately defined by the market”
  7. 7. The Reality of Energy Savings as itapplies to Building Valuations: “Although Value is ultimately defined by the market, your relative position on the Value Scale is determined by Net Operating Income” “Every Dollar saved in Operating Costs equals an additional dollar of Profit on an owner’s bottom line. “Many Energy Savings Retrofit Features are relatively low tech and highly cost effective”
  8. 8. Common Myths aboutEnergy Savings “Our building is already energy efficient” “Energy costs are a pass through to tenants and don’t really effect me as an owner” “The goal of high energy efficiency really doesn’t matter on small buildings” “We’ve been told to focus on “LEED” points and not energy efficiency” “We don’t anticipate selling our building in the near future, so energy efficiency really doesn’t matter to us” “Energy Providers dont really want to save us money”
  9. 9. “Energy 101” Facts: Our Buildings consume 30% of all Energy Use & 60% of all Electricity They also produce 43% of all harmful carbon emissions
  10. 10. Who Produces the CO2 ?
  11. 11. The Metrics of Building Operations:  Source: BOMA
  12. 12. Typical Energy Use by Category: Source: Pacific Gas & Electric
  13. 13. Additional Benefits of an EnergyEfficient “Healthy” BuildingProperly balanced buildings with appropriate outside air sources produce a 3% lower absentee rate.Source: U.S.G.B.C. & National Institute of Health
  14. 14. Potential Benefits of Energy Retrofitting: Lower Operating Costs Higher Employee Productivity Lower Financing Costs Higher Operational Profits Higher Building Valuations Potentially Significant Return on Investment Dollars spent if appropriate retrofitting strategies are employed
  15. 15. The Economic Case for Retrofitting Although each property has its’ own unique set of financial metrics, appropriate chosen retrofitting upgrades can provide double digit R.O.I.s
  16. 16. Case Study: Sleepy Time InnSource of Study: Pacific Gas & Electric & U.S. Dept. of EnergyINCOME: Pre Retrofit Post RetrofitGross Scheduled Income $ 506,624 $ 506,624Vacancy $ 177,318 $ 177,318New Scheduled Income $ 329,506 $ 329,506EXPENSES:Electricity $ 18,766 $ 10,450Natural Gas $ 5,447 $ 2,850Water $ 2,886 $ 2,886Maintenance $ 17,206 $ 17,206Operations $ 84,347 $ 84,347Taxes & Licenses $ 64,489 $ 64,489Reserve $ 8,232 $ 8,232Subtotal Expenses $ 201,373 $ 190,460
  17. 17. Case Study: Sleepy Time InnSource of Study: Pacific Gas & Electric & U.S. Dept. of EnergyScheduled Income $ 329,506 $ 329,506Expenses $ 201,373 $ 190,460Net Operating Income $ 128,133 $ 139,046Cap Rate 8.75% 8.75%Opinion of Value $ 1,461,958 $ 1,586,678Effect of Energy Retrofit $ 124,720Cost of Energy Retrofit $ 65,000
  18. 18. Case Study:Source of Analysis: Greymar Associates & U.S. Small Business AdministrationCost of Retrofit Features: Approximately $ 75,000 YEAR Estimated Monthly Savings Estimated Annual Savings 2010 (Base Year) $ 1,232.73 $ 7,396.38 2011 $ 1,282.04 $ 15,384.47 2012 $ 1,333.32 $ 15,999.85 2013 $ 1,386.65 $ 16,639.84 2014 $ 1,442.12 $ 17,305.44 2015 $ 1,499.80 $ 17,997.65 2016 $ 1,559.80 $ 18,717.56 2017 $ 1,622.19 $ 19,466.26 2018 $ 1,687.08 $ 20,244.91 2019 $ 1,754.56 $ 21,054.71 TOTAL: $ 170,207.08
  19. 19. Case Study:Source of Analysis: Greymar Associates & U.S. Small Business AdministrationCost of Retrofit Features: Approximately $ 75,000Item: 10 Year Cost SavingsEnergy Savings $170,207Loan Origination Fees $315,000Loan Spread Savings $ 78,000TOTAL $563,207
  20. 20. Case Study (Adjusted):Source of Analysis: Greymar Associates & U.S. Small Business AdministrationCost of Retrofit Features: Approximately $ 75,000Item: 10 Year Cost SavingsEnergy Savings $170,207Loan Origination Fees $115,000Loan Spread Savings $ 78,000TOTAL $363,207
  21. 21. The Legislative Case for Retrofitting 1978: What happened in California? 2004: California Green Building Initiative (aka EO S-20-40): This legislation mandated a 20% reduction in state-owned buildings by 2015 2006: Global Warming Solutions Act (aka AB 32): This legislation mandated State CHG emissions to 1990 levels by 2020 October 2007 – AB 1103 is passed and signed by the Governor
  22. 22. AB 1103 The Commercial Building Benchmarking Law AB 1103 is a “scoring system” with the intent of estimated the energy efficiency of an existing commercial building. The scoring system is based on the EPA’s “Energy Star Rating System” as estimated by “Portfolio Manager” software.
  23. 23. Energy Star Benchmarking Scores Based on a 1 to 100 scale (100 being the most energy efficient building, 1 being a building that leaks more than the 1959 Volkswagen convertible I went through college with) The score estimates an “energy use intensity level” (measured in kBtus / Sq. Ft. / Year) Any building that scores 80 or higher is eligible for the Energy Star rating, but the rating is NOT a requirement of AB 1103
  24. 24. Why the Energy Star Rating System? Free & Secure software that creates consistent benchmarking results Based on over 140,000 buildings that have been benchmarked to date Based on benchmarking data from over 20 different commercial building types “Energy Star” is recognized by over 75% of Americans (according to the EPA)
  25. 25. AB 1103Based on a “roll out” schedule, AB 1103 will apply to all non-residential buildings being sold, leased or refinanced if they are: Owner Occupied > 5,000 Sq. Ft. Non-Owner Occupied > 50,000 Sq. Ft. Non-Owner Occupied > 10,000 Sq. Ft. Owner Occupied > 1,000 Sq. Ft. All Non-Residential building > 5,000 Sq. Ft.
  26. 26. AB 1103 A Brief History October 2007: AB 1103 is passed by the California Legislator & signed by the Governor January 2009: Utility companies must provide consumption data upon request by customer October 2009: AB 531 is passed by the California Legislator & signed by the Governor which provides the CEC to establish the roll out schedule of AB 1103 December 2009: Roll out schedule of AB 1103 is established and Phase 1 is to commence on Jan. 1, 2012 January – December 2011: Roll Out Schedule is modified, modified and modified !!
  27. 27. AB 1103 Most Recent Proposed Roll Out (as of Sept. 2011) July 1, 2012: All building’s > 50,000 Sq. Ft. January 1, 2013: All building’s > 10,000 Sq. Ft & < 50,000 Sq. Ft. July 1, 2013: All owner occupied building’s. Owner Occupied Buildings of < 5,000 Sq. Ft. would be exempt
  28. 28. How Can an Owner Reduce their Energy Costs ? Start with a professional energy audit and analysis The complexity of your energy audit should match your needs and budget Think “Retrofit” First & “New Technology” Second Focus on Value versus Cost & chose your analysis savings format wisely Find a balance between your goals and your budget Think “Life Cycle”, NOT “Initial Cost”
  29. 29. OK, Sounds good, but “What’s next?”1.) PRIOR TO INITIATING AN ENERGY AUDIT: Identify your energy saving objectives Define the metrics to be used in the analysis Research potential funding sources & funding strategy Research incentive programs2.) PERFORM THE ENERGY AUDIT BY: Determining the type of Audit you require Energy Audits are a “Team Sport” Document existing conditions & analyzing existing systems Identifying energy saving opportunities
  30. 30. OK, Sounds good, but “What’s next?”3.) ANALYZE THE NUMBERS AND FINANCIAL IMPLICATIONS: Set Cost & Saving Targets Determine financial techniques to base your financial decisions on Calculate Returns Analyze financing options4.) AFTER YOU HAVE PERFORMED ALL OF THE ABOVE: Define a game plan that fits your budget and financing options “Just do It”
  31. 31. 1.) Prior to Starting an Energy Audit Identify your energy saving objectives Define the metrics to be used in the analysis Research funding source & funding strategy Research incentive programs
  32. 32. Identify your energy saving objectives Improve cash flow as a result of lower energy costs Create higher building valuation to prepare building for sale As part of a refinancing strategy As part of a marketing strategy To accommodate tenant needs
  33. 33. Define the Metrics to be used in the Analysis Energy Star scoring system Title 24 or CalGreen documented format Specific metrics formula required for incentive programs (cash or tax incentives) Metrics specifically required by lending agencies Metrics required by Code Authorities
  34. 34. Research potential funding source & funding strategy Cash Conventional Bank Loans Non-traditional Lenders (i.e. SBA, State & Federal lending programs, etc.) Energy Service companies (ESCOs) Leased improvements Other Options
  35. 35. Research Incentive Programs Utility Company Incentives State sponsored programs administered by Utility Companies State & Federal (non-tax based) incentives I.R.S. & State of California Tax Incentives Vendor Incentives
  36. 36. The Energy Audit:Part Science / Part Black Magic
  37. 37. Projected Performance does NOT equal Actual Performance
  38. 38. 2.) PERFORM THE ENRGY AUDIT BY: Determine required level of audit Energy Audits are a “Team Sport” Document existing conditions & analyzing existing systems Identifying energy saving opportunities
  39. 39. Determine the type of Audit you require Preliminary Audit Case (or technology) specific Audit Goal Specific Audit Comprehensive Audit
  40. 40. Preliminary Audit Generates a rough estimate of potential cost savings Identifies primary categories of energy savings that should be potentially further studied Provides a preliminary analysis of economics that might justify further studies Generally produces a limited amount of projections & metrics
  41. 41. Case (or technology) Specific Audit Provides detailed analysis of specific technologies & systems Provides no energy management plan May potentially miss high value non-targeted energy saving opportunities Are only as valid as the operating engineers running & evaluating the system
  42. 42. Goal Specific Audit Generally performed as a result of a specific need related to financing, leasing or building certification Generally requires specified metrics and formats to achieve the desired goal Could be produced by a specific vendor trying to sell his (her) technology and retrofitting services May potentially miss high value non-targeted energy saving opportunities Can produce a desired result, but in regards to energy savings, can result in a “tail wagging the dog” implementation strategy
  43. 43. Comprehensive Audit Analyzing all major building systems & how they work within a synergistic system Considers on site and / or cogeneration of energy Includes highly comprehensive energy cost savings projections Includes estimates of the cost of retrofits suggested Analyzes returns based on owner’s financial goals and criteria
  44. 44. Energy Audits are a “Team Sport”Prior to starting your Energy Audit & analysis, assemble your team: Building Owner (if privately held small company) CEO, COO, CFO, CTO in larger companies Director of real estate and facilities management Building level maintenance & operational staff Major vendors & service providers Major tenants that influence building’s operation
  45. 45. Document existing conditions & analyzing existing systems Building Design, construction type, square footage, insulation type Site plan, building orientation, windows and other fenestrations & other glazing Ventilation & mechanical systems Building hours of operation & building use Document specialty how power consumption uses (i.e. server farms, high power manufacturing equipment, etc.) Gather existing utility data
  46. 46. Identify Energy Saving Opportunities Step 1Start by focusing on the “low hanging fruit” items first: Lighting Heating & Air Conditioning Building Shell / Glazing & Insulation
  47. 47. Identify Energy Saving Opportunities Step 2Provide an in-depth analysis of: Lighting & control systems HVAC Building Envelope Domestic Hot Water On site energy generation Hours of operation as the effect peak usage energy costs High Power consumption operational equipment
  48. 48. 3.) ANALYZE THE NUMBERS AND FINANCIAL IMPLICATIONS: Set Budgets & Saving Targets Determine financial techniques to base your financial decisions on Calculate Returns Analyze financing options
  49. 49. Set Cost & Saving Targets Cost & Savings AnalysisSYSTEM COST Annual Metric Funding Cross Savings Basis of Source Contingency ReturnLighting & control systemsHVACBuilding EnvelopeDomestic Hot WaterOn site energy generationHours of operation as the effect peak usage energy costsHigh Power consumption operational equipment
  50. 50. Set Cost & Saving Targets Typical ExampleSYSTEM: COST Typical Metric Funding Cross Annual Basis of Savings Return Source ContingencyLighting & control systems $ 17,000 $ 3,850 IRRHVAC $ 49,000 $ 2,880 LCCABuilding Envelope $ 5,000 $ 350 IRRDomestic Hot Water N.A. N.A. N.A. N.A. N.A.On site energy generation $ 48,000 $ 3,000 PVHours of operation as the effect peak usage energy Zero $ 5,600 IRR costsHigh Power consumption operational equipment $ 4,000 See PV "On Site “On Site” Power”
  51. 51. Determine financial techniques to base your financial decisions on Simple Pay Back Period (SPP) Return on Investment (ROI) Discount Rate (Not a stand alone metric) Present Value (PV) Internal Rate of Return (IRR) Life Cycle Cost Analysis (LCCA)
  52. 52. Simple Pay Back Period (SPP)“Simple Pay Back Period” is the amount of time it takes to recover the initial cost of the improvement.“Simple Pay Back Period” is calculated by taking the cost of the improvement and dividing it by the year one savings.For example, if an improvement cost $10,000 and returned $2,500 its’ first year, the SPP would be 4 yearsSPP is generally expressed in years & months
  53. 53. Simple Pay Back Period Pros & ConsPros: Considered by some a good “quick check” for comparisons Easily understandable by “non-financial” types It can potentially be used in negotiating cost savings with tenants
  54. 54. Simple Pay Back Period Pros & ConsCons: SPP does NOT take into account the time value of money or the cost of debt service to service those improvements that were financed SPP does NOT factor in life cycle cost or operational costs There are many preconceived myths and prejudices about what is a “good” Simple Pay Back PeriodSummary: SPP is a VERY POOR metric to compare retrofitting options with
  55. 55. Return on Investment (ROI)“Return on Investment” is the reciprocal of Simple Pay Back Period“Return on Investment” is calculated by dividing the year one savings by the cost of the improvement.For example, if an improvement saved $2,500 the first year and the cost was $10,000, the ROI would be 25%ROI is generally expressed in a percentage value
  56. 56. Return on Investment Pros & ConsPros: ROI is simple and easily understandable Is easily compared to owner’s cost of capital (an independent metric) Is a good metric when doing lender, investors & potential buyer presentations and justifying a higher building valuation and CAP rate. ROI may serve as a required metric for some lending and financial scenarios
  57. 57. Return on Investment Pros & ConsCons: ROI assumes a consistent annual rate of savings ROI does NOT factor in life cycle cost or operational costs ROI is NOT based on a specific time period analysis for the savingsSummary: Although ROI is a potentially useful metric to make “Like for Like” comparisons of vendor proposals, ROI shares the same problems that SPP has Although ROI may be a good starting place, it is generally NOT a good metric to solely make significant financial decisions with
  58. 58. Discount Rate“Discount Rate” is the minimum rate of return required by an investor“Discount Rate” is the metric that is used when analyzing retrofit options in the format of “Present Value”The HIGHER the perceived risk of an investment, the HIGHER the “Discount Rate”The HIGHER the “Discount Rate”, the LOWER the “Present Value”
  59. 59. There are 2 Types of Discount Rates“REAL Discount Rates” do not consider inflation as a factor“NOMINAL Discount Rates” take an assumed rate of inflation into account when creating the value of an improvement
  60. 60. Discount Rates Pros & ConsPros: Discount Rates serve as the basis for “Present Value” calculations. You CANNOT determine “Present Value” (PV) without a “Discount Rate” based on your own financial situationCons: Discount Rates are based on past and present financial information, which can change in the future and therefore make the Discount Rate highly inaccurate and subjective. Discount rates can be influenced by the cost of money (i.e. interest) and the leverage of debt used to make the improvements.Summary: Discount Rate is NOT a stand alone metric to base decisions on, but is an important number that must be used to calculate Present Value analysis
  61. 61. Present Value (PV)“Present Value” is the value that a particular cash flow is worth in TODAY’S dollars.“Present Value” is based on the concept that money earns interest or income. Cash FlowPresent Value = ______________________ (1 + Discount Rate) @ Day 1If $0.91 (Ninety One Cents) were invested at a 10% return within one year, the “Present Value” of that $0.91 would be $1.00 (One dollar) at Day 1 of the investment.
  62. 62. Present Value (PV) 3 Year ExampleAssume a $1.00 (One Dollar) Investment’s Present Value @ 10% over a three year period Year 1 Value = $0.91 Year 2 Value = $0.83 Year 3 Value = $0.75
  63. 63. Present Value (PV) Pros & ConsPros: PV is simple and easily understandable PV is a widely accepted standard by lenders, investors & Financial Advisors PV, when properly used, acknowledges the ups and downs of cash flow related issues
  64. 64. Present Value Pros & ConsCons: PV is based on a constant Discount Rate, but the Discount Rate can be an inaccurate projection of the FUTURE based on data from the PAST. If you are going to use PV as a metric to base decisions on, there must be an “End Date” to your Present Value Decision.Summary: PV is a highly effective tool to base decisions on assuming your Discount Rate is realistic and proves to be accurate
  65. 65. Internal Rate of Return (IRR)IRR is a valuation method used to estimate the attractiveness of an investment or capital expenditureIRR is sometimes referred to as “Economic Rate of Return” (ERR)IRR takes into account the return of your capital as a declining balance and bench marks it against an averaged Internal Rate of Return of the outstanding principal
  66. 66. Internal Rate of Return (IRR) Pros & ConsPros: IRR is a widely accepted standard by lenders, investors & Financial Advisors IRR is an accurate reflection of return versus Cost of Capital IRR recognizes to ups and downs of cash flow IRR is a good tool for an investor or building owner to compare a potential investment against their own cost of capital
  67. 67. Internal Rate of Return (IRR) Pros & ConsCons: IRR requires an end date to be calculated. The projected end date can significantly influence the IRR IRR assumes that all cash flow is reinvested at the IRR Can prove to be inaccurate when based upon “annual” as opposed to “monthly” savingsSummary: IRR is an excellent metric for sophisticated owners and investors, but is only as good as the base line assumptions that are made to calculate it (i.e. “garbage in, garbage out”)
  68. 68. Life Cycle Cost Analysis (LCCA)“LCCA” calculates total cost, versus savings, of the life of a specific piece of equipment or technology“LCCA” is a significant metric when making long term, major capital improvements or retrofits, including: Initial Cost Operational, maintenance & repair costs Financing costs Serviceable life of the equipment or technology Salvage Value at “end of life” (if any)
  69. 69. Life Cycle Cost Analysis (LCCA) Pros & ConsPros: Can prove to be an excellent metric when evaluating high ticket installations of new equipment and systems Incorporates the time & value of money into it’s analysis Can be used as an additional set of metrics to further refine ROI & IRR calculations
  70. 70. Life Cycle Cost Analysis (LCCA) Pros & ConsCons: Not widely understood Requires a number of assumptions & variables that may or may not come to pass in the future Can often be based on vendors claims, that are NOT warrantiesSummary: For financially sophisticated owners & investors, LCCA is an excellent metric, but is only as good as the base line assumptions that are made to calculate it (i.e. “garbage in, garbage out”)
  71. 71. Financing Options“Show Me the Money!” Cash Cash Rebates from Utility Companies Tax Rebates Conventional Bank Loans Leased Improvements Energy Service Companies (ESCOs) Non-traditional Lenders (i.e. SBA, State & Federal lending programs, etc.) Your Flaky Brother in Law whose never worked a day in his life and who just won the Lottery
  72. 72. Energy Service Company (ESCO) An Energy Service Company (aka “ESCO”), is a business that develops, installs, and arranges financing for projects designed to improve the energy efficiency and maintenance costs for facilities over a seven to twenty year time period. ESCOs generally act as project developers for a wide range of tasks and assume the technical and performance risk associated with the project. Typically, they offer the following services: – Develop, design, and arrange financing for energy efficiency projects – Install and maintain the energy efficient equipment involved – Measure, monitor, and verify the projects energy savings – Assume the risk that the project will save the amount of energy guaranteed.
  73. 73. Energy Service Company (ESCO) Pros & ConsPros: Guarantees your energy costs for an extended period of time Serves as a potential hedge against rising energy costs not caused by your facilities operation A properly negotiated contract can also integrate total life cycle costs which can stabilize cash flow projections Removes the burden of energy management from the building’s owner
  74. 74. Energy Service Company (ESCO) Pros & ConsCons: Requires sophisticated owner or facility manager to participate in the decision of selecting and contracting with an ESCO Is based on two parties (the building owner & the ESCO) “betting” on the cost of energy in the future Can be costly if the ESCO fails (i.e. bankruptcy) in the futureSummary: A potentially excellent option for major facilities who want the stability of fixed expenses in relation to their future energy costs. Is only as good as the management & financial strength of the ESCO
  75. 75. How to evaluate if an ESCO is right for you? Develop a facility profile Set energy cost goals and priorities Create an RFP for services Invite ESCOs to visit you facility Select an ESCO based on your RFP Negotiate a long term contract that achieves your goals Enjoy the benefits
  76. 76. SBA 504 Green LoansThe U. S. Small Business Administration is one of the largest lenders in America for privately held companies that own their own real estateSBA loans can produce 90% Loans to Value (LTVs) as compared to conventional lenders who are currently making loans at 70% to 80% LTVsUnder certain circumstances, energy upgrades and retrofits can be financed in part, or in whole, at a lower rate than conventional lending.
  77. 77. SBA 504 Green Loans Pros & ConsPros: Can produce higher Loan to Values than conventional lenders are currently offering in the market place Rewards the owner with fewer origination fees and better rates if their building is retrofitted to a appropriate energy standard Can apply to new construction, acquisition of an existing building, or refinancing of an existing building
  78. 78. SBA 504 Green Loans Pros & ConsCons: Only applies to business owners who operate in their own facility and occupy at least 51% of the total building (the remaining 49% can be rented). Requires strong credit and a documented track record of the operating company Requires working with a conventional bank and a CDC (i.e. SBA Lender) that really understand the program.Summary: An incredible program if your business and financial situation matches the criteria of the program.
  79. 79. Some Final Thoughts: There is no “One Solution Fits All” answer to reducing your energy costs and needs. Every building & every owner has their own unique set of needs & goals Do your homework, work with qualified professionals Work with metrics you understand Avoid first generation “Latest & Greatest” technology Respect “single source vendors”, but take them with a grain of salt. After all, they have a hammer
  80. 80. Some Final Thoughts: You don’t have to be a tree hugger to embrace energy retrofitting, it just makes economic sense! DO IT FOR THE DOLLARS, but know that you just might be doing others some good in the process
  81. 81. It’s Question & Answer Time“Mr. Geer, may Ibe excused, mybrain is full”
  82. 82. On behalf of the SDG&E Energy Innovation Center, the California Center for Sustainable Energy and myself, THANK YOU FOR ATTENDING May the Force and Lower Energy Bills Be with You!

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