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CITYFIRST FINANCING INITIATIVE FOR ENERGY EFFICIENCY, RENEWABLE AND SOLAR TECHNOLOGY

CITYFIRST FINANCING INITIATIVE FOR ENERGY EFFICIENCY, RENEWABLE AND SOLAR TECHNOLOGY. February 23, 2009. AB 32 Targets. Our Secret Weapon.

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CITYFIRST FINANCING INITIATIVE FOR ENERGY EFFICIENCY, RENEWABLE AND SOLAR TECHNOLOGY

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  1. CITYFIRSTFINANCING INITIATIVE FOR ENERGY EFFICIENCY, RENEWABLE AND SOLAR TECHNOLOGY February 23, 2009

  2. AB 32 Targets

  3. Our Secret Weapon “Almost 40 percent of abatement [targets for 2030] could be achieved at negative marginal costs…. Unlocking the negative cost options would require overcoming persistent barriers to market efficiency, such as… consumer desire for rapid payback when incremental upfront cost is required.” -- McKinsey Report

  4. Solar and Energy Efficiency: What’s the Hold Up? • Utility bills: Simple monthly service • Solar, Energy Efficiency: Large upfront cost

  5. Current Tools • Easy, Cheap Permits • Education, Social Marketing • Step-by-Step Assistance • Green Building Codes • Rebates and Incentives

  6. Monterey County Data Average Solar Installations Per Month: ~6 Number of Housing Units: ~140,000 Time to 10% Solar Penetration: 194 Years

  7. CityFIRST City Financing Initiative for Energy Efficiency, Renewable and Solar Technology • Voluntary Program allows property owners to install solar and energy efficiency projects with little or no upfront cost. Costs repaid on property tax bills over 20 years.

  8. CityFIRST: How it Works

  9. Benefits to Property Owner CityFIRST removes many of the financial hurdles to installing solar systems and energy efficiency upgrades • No upfront cost to the property owner • Payments fixed for 20 years • Customer chooses contractor/installer • Property tax transfers to the new owner when the property is sold • Utility bills decrease due to energy savings • No credit scores required

  10. Benefits to Cities and Counites CityFIRST is a powerful, low risk financing tool for cities and counties • Helps cities and counties meet their climate and energy goals • Program costs can be paid out of bond proceeds • No liability or other exposure to a city’s general fund • Financing mechanism well known to local governments and bond market • Promotes the “green” economy

  11. Legal Authority • Charter Cities – Community Facilities District (Special Tax Code) • Berkeley, San Francisco • All Cities and Counties – Contract Assessment District (AB 811) • Palm Desert, CSCDA

  12. CityFIRST Success • Berkeley, CA (pop: 105,000) • $1.5 million pilot phase sold out in 9 minutes • Palm Desert, CA (pop: 47,000) • Completed Phase 1 and 2 • $5 million in approved projects since September

  13. CityFIRST Goes National Programs Launched Palm Desert Berkeley Programs Announced San Diego, CA San Francisco, CA Santa Monica, CA Solana Beach, CA Sonoma County, CA Boulder, CO State Legislation California (AB 811) Colorado (HR 1350) Nevada (introduced) Oregon (introduced) Vermont (introduced) Arizona (introduced) New York (introduced) New Mexico (introduced) Virginia (introduced)

  14. Challenges to Implement Provide Property Owners Access to the Municipal Bond Market • Administration • No administration/application process for individual municipal bond financing existed • Regulatory scheme needed to address liability issues • Finance • How do you finance $30,000 projects with bonds? • Muni bond process unlike standard consumer loan

  15. Renewable Funding Services A partner to provide a turnkey CityFIRST program for cities and property owners

  16. CityFIRST Websitewww.berkeleyfirst.renewfund.com

  17. Contact Information Cisco DeVries • tel 510.451.7902 • fax 510.451.7904 • cisco@renewfund.com • www.renewfund.com

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