renew300: advancing renewable energy at hud-assisted ... · a case study… s. olar. pv p. ower. p....

Renew300:Advancing Renewable Energy at HUD-Assisted Housing

23 June 2016

 

 

 

 

© EutecAcs 2016, all rights reserved

The Big Idea: 1. Energy Affordability is

a real challenge for millions of Americans.

2. Long-term value of energy, water, operational efficiency canbe monetized.

3. Structure of capital matterstoproperty owners.

4. Executionofproject matters just as much!

RENEW300: Advancing Renewable Energy at HUD-Assisted Housing

 

 

 

 


Eutectics®

• Mission-driven company

• Operate Clean Energy Financing Hubs across U.S.

• Facilitate efficiency and solar financing for underserved and untapped markets

• $86M + in completed projectstodate



Eutectics® Clean Energy Financing Hubs


 

 

 

 


The ‘Real’ Big Idea: 1. Focus on the

Customer.

2. Focus on the Customer.

3. Yes, credit matters. Yes, good engineering matters. And yes, rate cansometimesmatter.

4. But… Focus on the Customer!


 

 

 

 

 


ACaseStudy… • 501c3 Affordable

HousingOwner/ Operator

• 1200 unitsacross20 buildings

• Some master-metered electric, some tenant-metered.

• All LIHTC

• All w multiple mortgages (some w 5!)


Solar(P

V(kW

Gross(S

olar(Capital(Cost

Paybacks(Und

er(7(years,(notD

cashDflow

ing(prop

ertie

s

#(Un

its

Net(C

apital(Cost(for(Efficie

ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

Solar(P

V(kW

Gross(S

olar(Capital(Cost

Paybacks(Und

er(7(years,(notD

cashDflow

ing(prop

ertie

s

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

Abel%Gonzalez%Apartments ✓

Alcantara%Court%ApartmentsAltamont%HotelApollo%HotelBayview%Commons%ApartmentsBetelColosimoDel%Carlo%Court%ApartmentsDunleavy%Plaza%ApartmentsEsperanzaGood%Samaritan%ApartmentsJuan%PPMadridMaria%Alicia%ApartmentsMariposa%Gardens%ApartmentsParkviewPlaza%Del%Sol%ApartmentsRich%Sorro%Commons%ApartmentsValencia%GardensScattered%Sites


ACaseStudy… PROPERTIES WITH A SIMPLE PAYBACK LESS THAN 7 YRS, AFTER REBATE:

Efficiency(Payback(in(less(th

an(7(

years,(after(rebates

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

✓

✓ ✓

✓

✓ ✓

✓ ✓

✓ ✓ ✓ ✓


an(7(


#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

30 715$(((((((((((( 0.2 50 47,393$((((((( 5.1

30 64,599$((((((( 6.0 50 44,881$((((((( 2.4

49 105,511$((((( 6.9

20 43,066$((((((( 4.5 30 44,820$((((((( 3.1

20 23,034$((((((( 2.5 63 135,657$((((( 5.0

59 56,568$((((((( 2.3 100 215,329$((((( 3.8 260 559,855$((((( 4.8 75 161,497$((((( 4.9

AA ACA AH ApH BCA Bet Col DCCA DPA Esp GSA JPP Mad MAA MGA Park PDSA RSCA VG SS

13 PROPS.


Solar(PV(kW

Gross(Solar(Capital(Cost

Paybacks(Under(7(years,(notL

cashLflowing(properties

#(Units

Net(Capital(Cost(for(Efficiency(

Measures

Simple(Payback(on(Efficiency(

Measures((in(years)

Solar(PV(kW

Gross(Solar(Capital(Cost

Paybacks(Under(7(years,(notL

cashLflowing(properties

#(Units


Measures


Measures((in(years)

Abel%Gonzalez%ApartmentsAlcantara%Court%ApartmentsAltamont%HotelApollo%HotelBayview%Commons%ApartmentsBetelColosimoDel%Carlo%Court%ApartmentsDunleavy%Plaza%ApartmentsEsperanzaGood%Samaritan%ApartmentsJuan%PPMadridMaria%Alicia%ApartmentsMariposa%Gardens%ApartmentsParkviewPlaza%Del%Sol%ApartmentsRich%Sorro%Commons%ApartmentsValencia%GardensScattered%Sites


ACaseStudy… PROPERTIES WITH A SIMPLE PAYBACK LESS THAN 7 YRS, AFTER REBATE -AND-WITH 2013 AUDITS SHOWING POSITIVE CASH FLOW:

Efficiency(Payback(in(less(than(7(


Cash(Flowing(Property(through(

FY2013(audit

#(Units


Measures


Measures((in(years)

✓

✓ ✓ ✓ ✓ ✓

✓ ✓

✓ ✓ ✓ ✓

✓ ✓ ✓

✓ ✓ ✓ ✓ ✓ ✓

Efficiency(Payback(in(less(than(7(


Cash(Flowing(Property(through(

FY2013(audit

#(Units


Measures


Measures((in(years)

30 715$(((((((((((( 0.2 50 47,393$((((((( 5.1 89 191,643$((((( 11.6 81 121,014$((((( 11.9 30 64,599$((((((( 6.0 50 44,881$((((((( 2.4 11 L$(((((((((((((((( 0.0 25 144,340$((((( 8.2 49 105,511$((((( 6.9 39 L$(((((((((((((((( L 20 43,066$((((((( 4.5 30 44,820$((((((( 3.1 44 121,122$((((( 13.4 20 23,034$((((((( 2.5 63 135,657$((((( 5.0 41 61,254$((((((( 11.1 59 56,568$((((((( 2.3 100 215,329$((((( 3.8 260 559,855$((((( 4.8 75 161,497$((((( 4.9


GROUP A: 7PROPS .


Solar(P

V(kW

Gross(S

olar(Capital(Cost

Paybacks(Und

er(7(years,(notL

cashLflow

ing(prop

ertie

s

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

Raw(M

easure(Con

st.(Cost

MHD

C(Direct(Cost(

Reimbu

rsem

ent(L( !5%!of!

measure!co

st

Dev(/(E

ng.(/(Cx

Finance(Co

sts

Gross(C

apital(Cost(L((Raw

!

Measure!Cost!+

!MHD

C!expense!

+!De

v!/!E

ng!/!Cx!+!Finance)

Estim

ated(M

F(EE(Rebates

Estim

ated(W

ater(Rebates

Estim

ated(PG&

E(Rebates

Net(C

apital(Cost(L(afte

r(rebates

Utility(Cost(Savings

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

Solar(P

V(kW

Gross(S

olar(Capital(Cost

Paybacks(Und

er(7(years,(notL

cashLflow

ing(prop

ertie

s

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

Raw(M

easure(Con

st.(Cost

MHD

C(Direct(Cost(

Reimbu

rsem

ent(L( !5%!of!

measure!co

st

Dev(/(E

ng.(/(Cx

Finance(Co

sts

Gross(C

apital(Cost(L((Raw

!

Measure!Cost!+

!MHD

C!expense!

+!De

v!/!E

ng!/!Cx!+!Finance)

Estim

ated(M

F(EE(Rebates

Estim

ated(W

ater(Rebates

Estim

ated(PG&

E(Rebates

Net(C

apital(Cost(L(afte

r(rebates


Simple(Payback(on

(Efficie

ncy(

Measures((in(years)


EEffffiicciieennccyy((PPayaybbacackk((iinn((lleessss((thth

anan((77((

yyeeararss,,((afafteterr((rreebbate

atess

CCasashh((FFllooww

iinngg((PPrroopp

eerrtyty((thth

rroouugghh((

FFYY22001133((auauddiitt

#(#(UUnn

iitsts

NNeet(t(CC

apapiital

tal((CCoosst(t(ffoorr((EEffffiicciiee

nnccyy((

Me

Measasuurreess

SSiimmppllee((PPayaybbacackk((oonn

((EEffffiicciiee

nnccyy((

Me

Measasuurreess((((iinn((yyeeararss))

AA ✓ 30 $((((((((((((715 0.2 ACA ✓ 50 $(((((((47,393 5.1 AH ApH ✓ BCA ✓ ✓ 30 $(((((((64,599 6.0 Bet ✓ ✓ 50 $(((((((44,881 2.4 Col DCCA DPA ✓ 49 $(((((105,511 6.9 Esp ✓ GSA ✓ ✓ 20 $(((((((43,066 4.5 JPP ✓ ✓ 30 $(((((((44,820 3.1 Mad MAA ✓ 20 $(((((((23,034 2.5 MGA ✓ ✓ 63 $(((((135,657 5.0 Park PDSA ✓ 59 $(((((((56,568 2.3 RSCA ✓ ✓ 100 $(((((215,329 3.8 VG ✓ ✓ 260 $(((((559,855 4.8

SS ✓ 75 $(((((161,497 4.9


ACaseStudy… PROPERTIES WITH A SIMPLE PAYBACK LESS THAN 7 YRS, AFTER REBATE -AND-WITH 2013 AUDITS SHOWING POSITIVE CASH FLOW - AND – NOT PROJECTED FOR RESYNDICATION IN 2015 OR 2016:

GROUP A: 5PROPS .


Solar(P

V(kW

Gross(S

olar(Capital(Cost

Paybacks(Und

er(7(years,(notL

cashLflow

ing(prop

ertie

s

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

Raw(M

easure(Con

st.(Cost

MHD

C(Direct(Cost(

Reimbu

rsem

ent(L( !5%!of!

measure!co

st

Dev(/(E

ng.(/(Cx

Finance(Co

sts

Gross(C

apital(Cost(L((Raw

!

Measure!Cost!+

!MHD

C!expense!

+!De

v!/!E

ng!/!Cx!+!Finance)

Estim

ated(M

F(EE(Rebates

Estim

ated(W

ater(Rebates

Estim

ated(PG&

E(Rebates

Net(C

apital(Cost(L(afte

r(rebates


Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

Solar(P

V(kW

Gross(S

olar(Capital(Cost

Paybacks(Und

er(7(years,(notL

cashLflow

ing(prop

ertie

s

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

Raw(M

easure(Con

st.(Cost

MHD

C(Direct(Cost(

Reimbu

rsem

ent(L( !5%!of!

measure!co

st

Dev(/(E

ng.(/(Cx

Finance(Co

sts

Gross(C

apital(Cost(L((Raw

!

Measure!Cost!+

!MHD

C!expense!

+!De

v!/!E

ng!/!Cx!+!Finance)

Estim

ated(M

F(EE(Rebates

Estim

ated(W

ater(Rebates

Estim

ated(PG&

E(Rebates

Net(C

apital(Cost(L(afte

r(rebates


Simple(Payback(on

(Efficie

ncy(

Measures((in(years)






an(7(


Cash(Flowing(Prop

erty(th

rough(

FY2013(aud

it

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

✓

✓ ✓ ✓ ✓ ✓

✓ ✓

✓ ✓ ✓ ✓

✓ ✓ ✓

✓ ✓ ✓ ✓ ✓ ✓


an(7(


Cash(Flowing(Prop

erty(th

rough(

FY2013(aud

it

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

30 715$(((((((((((( 0.2 50 47,393$((((((( 5.1

30 64,599$((((((( 6.0 50 44,881$((((((( 2.4

49 105,511$((((( 6.9

20 43,066$((((((( 4.5 30 44,820$((((((( 3.1

20 23,034$((((((( 2.5 63 135,657$((((( 5.0

59 56,568$((((((( 2.3 100 215,329$((((( 3.8 260 559,855$((((( 4.8 75 161,497$((((( 4.9


GROUP A: 6PROPS . INCL. A. G.


Solar(P

V(kW

Gross(S

olar(Capital(Cost

Paybacks(Und

er(7(years,(notL

cashLflow

ing(prop

ertie

s

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

Raw(M

easure(Con

st.(Cost

MHD

C(Direct(Cost(

Reimbu

rsem

ent(L( !5%!of!

measure!co

st

Dev(/(E

ng.(/(Cx

Finance(Co

sts

Gross(C

apital(Cost(L((Raw

!

Measure!Cost!+

!MHD

C!expense!

+!De

v!/!E

ng!/!Cx!+!Finance)

Estim

ated(M

F(EE(Rebates

Estim

ated(W

ater(Rebates

Estim

ated(PG&

E(Rebates

Net(C

apital(Cost(L(afte

r(rebates


Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

Solar(P

V(kW

Gross(S

olar(Capital(Cost

Paybacks(Und

er(7(years,(notL

cashLflow

ing(prop

ertie

s

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

Raw(M

easure(Con

st.(Cost

MHD

C(Direct(Cost(

Reimbu

rsem

ent(L( !5%!of!

measure!co

st

Dev(/(E

ng.(/(Cx

Finance(Co

sts

Gross(C

apital(Cost(L((Raw

!

Measure!Cost!+

!MHD

C!expense!

+!De

v!/!E

ng!/!Cx!+!Finance)

Estim

ated(M

F(EE(Rebates

Estim

ated(W

ater(Rebates

Estim

ated(PG&

E(Rebates

Net(C

apital(Cost(L(afte

r(rebates


Simple(Payback(on

(Efficie

ncy(

Measures((in(years)






an(7(


Cash(Flowing(Prop

erty(th

rough(

FY2013(aud

it

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

✓

✓ ✓ ✓ ✓ ✓

✓ ✓

✓ ✓ ✓ ✓

✓ ✓ ✓

✓ ✓ ✓ ✓ ✓ ✓


an(7(


Cash(Flowing(Prop

erty(th

rough(

FY2013(aud

it

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

30 715$(((((((((((( 0.2 50 47,393$((((((( 5.1

30 64,599$((((((( 6.0 50 44,881$((((((( 2.4

49 105,511$((((( 6.9

20 43,066$((((((( 4.5 30 44,820$((((((( 3.1

20 23,034$((((((( 2.5 63 135,657$((((( 5.0

59 56,568$((((((( 2.3 100 215,329$((((( 3.8 260 559,855$((((( 4.8 75 161,497$((((( 4.9


GROUP A: 6PROPS . INCL. A. G.

TOTAL: 503 UNITS

$1,372,942 COST

$373,500 REBATE

$ 999,442 NET COST


TOTAL:



ACaseStudy… PROPERTIES WITH A SIMPLE PAYBACK LESS THAN 7 YRS, AFTER REBATE -BUT-NEEDING THIRD-PARTY CREDIT ENHANCEMENT / GUARANTOR:

Paybacks(Und

er(7(years,(not2

cash2flow

ing(prop

ertie

s

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

Paybacks(Und

er(7(years,(not2

cash2flow

ing(prop

ertie

s

#(Un

its

Net(C


ncy(

Measures

Simple(Payback(on

(Efficie

ncy(

Measures((in(years)

✓ 50 47,393$((((((( 5.1

✓ 25 105,511$((((( 6.9

✓ 44 23,034$((((((( 2.5

✓ 41 56,568$((((((( 2.3

✓ 260 161,497$((((( 4.9


GROUP B: 5 PROPS.

420 UNITS

$709,003 COST

$315,000 REBATE

$394,003 NET COST


Gross&S

olar&Capital&Cost

Paybacks&Und

er&7&years,¬

cash;flow

ing&prop

ertie

s

#&Un

its

Net&C

apital&Cost&for&Efficie

ncy&

Measures

Simple&Payback&on

&Efficie

ncy&

Measures&(in&years)

Gross&S

olar&Capital&Cost

Paybacks&Und

er&7&years,¬

cash;flow

ing&prop

ertie

s

#&Un

its

Net&C


ncy&

Measures

Simple&Payback&on

&Efficie

ncy&

Measures&(in&years)

Gross&S

olar&Capital&Cost

Paybacks&Und

er&7&years,¬

cash;flow

ing&prop

ertie

s

#&Un

its

Net&C


ncy&

Measures

Simple&Payback&on

&Efficie

ncy&

Measures&(in&years)


✓


ACaseStudy… SOLAR PVPOWER PURCHASE AGREEMENTS AT 12 PROPERTIES

ZERO-DOWN, CASH-FLOW-POSITIVE CONTRACTS WITH QUALIFIED THIRD-PARTY SOLAR DEVELOPER.

Solar&P

V?

Solar&P

V&kW

Solar&P

V?

Solar&P

V&kW

✓

✓ ✓

✓ ✓ ✓ ✓

✓ ✓

✓ ✓

Solar&P

V?

Solar&P

V&kW

24 36

20 15

23 40 25 15

24 30

50 140


SOLAR PV: 12 PROPS.

TOTAL: 442KW

$ 0 COST

$TBD REBATE

$0 NET COST


#(Un

its

Net(C

apital(

Cost(fo

r(Efficiency(

Measures

Simple(

Payback(on

(Efficiency(

Measures((in(

years)

Solar(P

V(kW

Gross(S

olar(

Capital(Cost

Paybacks(

Under(7

(years,(

notEc

ashE

flowing(

prop

ertie

s#(Un

its

Net(C

apital(

Cost(fo

r(Efficiency(

Measures

Simple(

Payback(on

(Efficiency(

Measures((in(

years)

#(Un

its

Net(C

apital(

Cost(fo

r(Efficiency(

Measures

Simple(

Payback(on

(Efficiency(

Measures((in(

years)

Solar(P

V(kW

Gross(S

olar(

Capital(Cost

Paybacks(

Under(7

(years,(

notEc

ashE

flowing(

prop

ertie

s#(Un

its

Net(C

apital(

Cost(fo

r(Efficiency(

Measures

Simple(

Payback(on

(Efficiency(

Measures((in(

years)

TOTAL:



TOTAL :

TOTAL :

lleessss((thth

anan((77((

yyeeararss,,((afafteterr((


ACaseStudy… ALL EFFICIENCY AND SOLAR PV

Efficiency(

Payback(in(

rebates

Solar(P

V?

✓

✓ ✓

✓

✓ ✓

✓ ✓

✓ ✓ ✓ ✓

Efficiency(

Payback(in(

rebates

Solar(P

V?

✓ ✓

✓ ✓

✓ ✓ ✓ ✓

✓ ✓

✓ ✓


GROUP A: GROUP B: SOLAR PV: 6PROPS . INCL.

ABEL GONZ.

5PROPS . 12 PROPS. VIA PPC

503 UNITS 420 UNITS 442KW

$1,372,942 COST

$709,003 COST

$ 0 COST

$373,500 REBATE

$315,000REBATE

$TBD REBATE

$ 999,442 NET COST

$394,003 NET COST

$0 NET COST


MHDC STAFF AND THEBRONZE TEAM HAVE IDENTIFIEDCALIFORNIA’S NEWMULTIFAMILYON-BILLREPAYMENT (OBR)AS THE PREFERRED FINANCE STRUCTURE FOR THEENERGYEFFICIENCY ANDWATERSAVINGSPROJECT.THECALIFORNIAPUC DIRECTED THECALIFORNIAHOUSINGPARTNERSHIP TO DEVELOP THE MULTIFAMILYOBR PILOT.CHP ANDBRONZE

HAVE PREQUALIFIED THEMHDC PROJECTS FOROBR.

EACHPROPERTYOWNER WILL SIGN ANENERGYSAVINGSPARTNERSHIPAGREEMENT WITH THEOBR FUNDER (TBD IN

EARLY 2015),FUNDING100% OF THE AFTER-REBATE PROJECT COST.REPAYMENT IS MADE VIA A CHARGE ON THEPROPERTIES’UTILITY BILLS,WITH REPAYMENT REQUIRED BY THE PROGRAM TO BE LESS THAN THE TOTAL PROJECT SAVINGS.

On-

Bill

Repayment

✓


ACaseStudy… Efficiency

&

Water

Savings

923 TOTAL UNITS 11 PROPERTIES

A. G. G.S. M. G. V.G.

ALC. JPP PDS SS

DUN M. A. R.S.

$2,081,945 TOTAL COST

($ 688,500) ESTIMATED REBATES

$1,393,445 NET FINANCED VIA EITHER A) ON-BILL REPAYMENT OR B) UNSECURED OPERATING LEASE W BAY AREA MULTIFAMILY CAP. ADVANCE PROGRAM (BAMCAP) SUPPORT.

Solar

PV 442 KILOWATTS SOLAR PV12 PROPERTIES

A. G. B. ESP. M. G.

ALC. D. C. G.S. PDS

BAY DUN M. A. R.S.

$0 ZERO-DOWN,C ASH-FLOW-POSITIVE SOLAR POWER-PURCHASE AGREEMENT,WITH THIRD-PARTY SELLING ROOFTOP SOLAR POWER TOHD C AT A DISCOUNTED RATE.


renew300: advancing renewable energy at hud-assisted ... · a case study… s. olar. pv p. ower. p....

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