Yesterday, my colleague Scott Hofmeister described an insurance pool that California has introduced to help communities integrate Property Assessed Clean Energy (“PACE”), a unique program that allows homeowners to finance money-saving clean energy retrofits through their property tax bill. These programs are popular in Sonoma, Orange, San Diego, Riverside, San Bernardino, Kern, and Fresno Counties, and we expect them to spread rapidly throughout the state.
Home Energy Renovation Opportunity (HERO), a residential PACE program run by Renovate America that has partnered with the Western Riverside Council of Governments, has funded over $180 million of clean energy retrofit projects in a little more than two years of operation. These investments are expected to save homeowners more than 2 billion kilowatt-hours, reduce consumers’ utility bills by almost $500 million and avoid more than 1.4 million metric tons of CO2 emissions, or the equivalent of removing almost 300,000 passenger vehicles from the road for a full year. And notably, the HERO program is entirely funded by private investors. Read More
By: Matt Golden, Senior Energy Finance Consultant
Each year the Climate Change Business Journal (CCBJ) awards businesses and non-profits for their outstanding work in the climate and environment industry. This year, we are thrilled to announce that EDF’s own Investor Confidence Project (ICP) was named a winner of CCBJ’s Business Achievement Award in the category of Finance. Winners of the 18 categories – ranging from solar and wind power to transportation and energy efficiency – were recognized this month at an Environmental Industry Summit in San Diego.
The Investor Confidence Project received recognition for its efforts to help create a market for investor-ready energy efficiency projects. From the CCBJ award website: “ICP is moving the energy efficiency industry closer to the Holy Grail of securitization, in which energy efficiency projects can be valued based on consistent parameters with little project-specific analysis and vetting-processes that ratchet up soft costs quickly.” Read More
Source: UN Water
The theme of this year’s World Water Day on March 22nd is the “energy-water nexus,” and the timing couldn't be better. According to the United Nations (who first established World Water Day in 1993):
- 780 million people worldwide lack access to safe drinking water.
- 1.3 billion people worldwide lack access to electricity.
- 90 percent of the power generation in the world comes from water-intensive fossil fuels.
- As countries progress and develop, there is an increased risk of conflict between power generators, other water users, and environmental concerns.
- By 2035, global water withdrawals for energy are predicted to increase by 20 percent, and water consumption for energy is expected to increase by 85 percent.
For the past year, I’ve been trying to bring awareness to the connection between energy and water in Texas, but this issue is much bigger than a single state. Energy and water are both basic components of life and economic progress, and they are also inextricably linked. Energy is used to secure, deliver, treat, and distribute water, while water is used (and often degraded) to develop, process and deliver energy. Read More
Source: The White House
Today, the White House is hosting an event highlighting its commitment to boosting resilience among communities most vulnerable to the effects of climate change. EDF commends the White House for taking steps to make climate change preparedness and resilience a national priority, especially since this has mostly been a regional issue dealt with in areas affected by severe weather events, such as New York, New Jersey, and Connecticut.
At the event, federal agencies, businesses, researchers, and academia, among others will discuss plans to use data-driven technologies and leverage freely available government data to develop products and services that will help the country better prepare for the effects of climate change. The event will showcase insights gathered from scientific data as well as cutting-edge technologies built by American innovators that are essential to better understanding and managing the risks posed by climate change. Read More
When it comes to protecting the environment and fighting climate change, California has always been a first mover.
Now the state is boldly acting to unleash a new market that saves energy, cuts pollution, and drastically increases clean energy investment for California’s residents.
Last week, California approved a $10 million reserve that will revive the Property Assessed Clean Energy (PACE) program for residential customers.
PACE allows customers to take advantage of energy saving upgrades to their home with no money down. Customers simply use a portion of their savings to pay off the investment over time through their property tax bill. Financing can be entirely provided by private lenders at no cost to taxpayers. Read More
Source: NASA Earth Observatory
Last month, I had the pleasure of moderating a panel called “Utilities 2.0: The Role of Distributed Generation and Demand Response in Evolving Utility Business Models.” The topic may sound esoteric, but to the more than sixty people in attendance, and at least fifty more watching online, the event, which was sponsored by clean energy networking group Agrion, offered insight into how these options will in a not-too-distant future revolutionize the way all of us consume electricity.
The energy industry is abuzz with talk of how distributed generation, which enables consumers to draw power from on-site sources, such as rooftop solar, and demand response, which rewards customers who use less electricity during times of peak demand, are transforming the electric utility industry. A once-in-a-generation paradigm shift is already in motion, and exactly how it will play out is anyone’s guess. Read More
Last week, the California Public Utility Commission (CPUC) finalized an important decision for Southern California’s energy supply following the closure of the San Onofre Nuclear Generating Station (SONGS). The plan emphasizes increased reliance on clean energy in this part of the state – an important step towards a fully realized low-carbon future.
The decision authorized San Diego Gas and Electric and Southern California Edison to procure at least 550 megawatts (MW) of ‘preferred resources,’ which include renewable energy, demand response (a tool that’s used by utilities to reward people who use less electricity during times of “critical,” peak electricity demand), energy efficiency, at least 50 MW of energy storage, and up to 1,000 MW of these resources altogether.
That’s a major step forward, as utilities across the country traditionally rely on large fossil fuel plants to meet regional demand. Read More
In a victory for Illinois residents and the environment, Commonwealth Edison Company (ComEd) today formally proposed to the Illinois Commerce Commission an accelerated timetable for completing its deployment of four million smart meters. ComEd began installing smart meters last fall as part of the Energy Infrastructure and Modernization Act of 2011. With this proposal, the Illinois utility will complete its meter installation almost five years earlier than planned.
Modern, smart electricity meters are a key component of the smart grid. These devices help eliminate huge waste in the energy system, reduce overall and peak energy demand, and spur the adoption of clean, low-carbon energy resources, including wind and solar power. By enabling two-way, real-time communication, smart meters give every day energy users, small businesses, manufacturers, and farmers (and the electricity providers that serve them) the information they need to control their own energy use and reduce their electricity costs. Read More
A couple of weeks ago, I wrote about energy efficiency and the Clean Air Act section 111(d) provisions in anticipation of the SPEER Second Annual Summit, a gathering of top energy efficiency industry leaders from Texas and Oklahoma. At the Summit, I co-led a session on Environmental Protection Agency’s (EPA’s) push to regulate power plant emissions. Session attendees agreed that Texas would be an unlikely leader in developing innovative ways to comply with carbon pollution standards for existing power plants.
This is a missed opportunity on Texas’ part, as states will get the first crack at drafting plans to comply with new federal standards. This is an important opportunity because individual states are in the best position to craft frameworks that enable maximum flexibility and are appropriately tailored to local circumstances. So, this begs the question: is there an alternative, more constructive path that is most beneficial to Texas? Read More
To see the full infographic, go to greentechmedia.com.
By: Benjamin Schneider
You may have heard about the recent 60 Minutes segment that inexplicably reported the cleantech sector was in steep decline. There are quite a few reports out there breaking down the many fallacies of that segment, with most correctly concluding the sector is not dead, it is in fact booming and evidence of that surging momentum is everywhere you look. Consider these five examples that show just how good things are for cleantech these days:
1. The solar industry is booming.
The facts are unequivocal: the solar industry is alive and well. According to a new report and infographic released this week by Greentech Media Research and the Solar Energy Industry Association (SEIA), 2013 was a banner year. Read More