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Environmental Defense Fund’s Investor Confidence Project New Jersey Clean Energy Program Energy Efficiency Committee May 16th 2014 Breaking Down Barriers to EE Finance Performance Risk Project Finance Asset Risk Long-term financing of projects based upon the projected cash flows of the project rather than the balance sheets of its sponsors. • • • Benchmarking Asset Labeling Disclosure Credit Risk • • • On-Bill Repayment Commercial PACE Green Banks Near-Term: Increase Deal-Flow • Increase Confidence in Savings • Reduce Transaction Costs • Streamline Origination Process Long-Term: Reduce Performance Risk • Develop Data to Manage Performance • Attract Project Finance Investors • Enable Portfolios and Securitization How Do You Know What Your Getting? ICP Energy Performance Protocols Cx BASELINING SAVINGS COMMISSION OPERATIONS MEASUREME • • • • • • • • • • • • • • • • • • • Existing Building Drawings Weather File Energy Usage Energy Rates Occupancy Model File Calibration Data Bid Packages Certifications Cx Plan Cx Authority Test Procedures Facilities Req. BMS Points Fault Plan Maintenance Plan • • • M&V Model Regression Model Adjustments Impact Baseline Adjustments Investor Ready Energy Efficiency Project Development Quality Assurance • Simplify technical underwriting process • Ensure projects follow industry best practices • Increase confidence in project savings Investor Ready Energy Efficiency Building Owners Financial Markets Greater confidence in savings Ensure performance risk is managed Access competitive financing Create large pools of conforming projects Project Developers Insurance Industry Connect projects to capital Underwrite performance risk Manage performance risk Reduce transaction time and costs Energy Service Companies Technology Providers Increase deal flow by accessing channels Common project taxonomy that crosses platforms Reduce engineering transaction costs Help your customers connect projects to investors Manage performance risk Utilities / Capacity Markets Programs and NGOs Meet capacity and regulatory requirements Link efforts to a marketplace of investors Manage EM&V risk Develop a national market with common standards Investor Confidence Project Roadmap • Large Commercial – Larger Project (over $1MM), Whole-building retrofits – Large Commercial Update v1.1 Released June ‘13. • Standard Commercial – Smaller projects (under $1MM), Lighter engineering requirements – V1 Released September 2013 • Targeted Commercial – Single Measure or Non-Interactive Retrofits – Released January 2014 • Multifamily (Targeted / Standard / Large) – Release April / May 2014 Open Energy Data can be freely used, shared and built-on by anyone, anywhere, for any purpose. OPEN ENERGY DATA Initiative • PHASE I - Residential Unsecured Energy Efficiency Loan Data 4 Programs / $103,649,269 Loan Volume / 11,479 Loans Energy Efficiency Loan Dashboard – Volume by Program • PHASE II – Expand Dataset / Open Energy Data Platform – Commercial / Multifamily / Single Family – Project / Building Details / Underwriting – Energy Efficiency Performance Next Steps for ICP • Ally Network and Partnership – Expand Network of ICP Allies • Project Developers • Energy Efficiency Investors – Create alignment across Public Energy Efficiency Programs • Commercial PACE / OBR • Benchmarking Initiatives • Market Transformation (Better Buildings / Arch 2030 / etc.) • Open Energy Data – Expand platform to include additional datasets – Capture actuarial data associated with ICP protocols • Investor Confidence Project - Europe – Developing sister international ICP for the EU and UK Thank You to our ICP Ally Network www.EEperformance.org