Lean & Green Michigan and Property Assessed Clean Energy (PACE)

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1 Lean & Green Michigan and Property Assessed Clean Energy (PACE) A Financing Breakthrough End Energy Waste with Positive Cash Flow Cory Connolly cory@levinenergypartners.com

2 Property Assessed Clean Energy (PACE) PACE brokers long-term financing so business property owners can undertake energy improvements profitably making their business more efficient while gaining positive cash flow to plow back into operations

3 Tool for the private sector PACE is a new financing tool for private businesses enabled by local government that requires no taxpayer money. The county is simply letting its businesses use a property tax tool to make long-term financing work for clean energy projects.

4 Background: Michigan s PACE Statute Public Act 270 of 2010 became law on 12/14/ states and DC have adopted PACE statutes (all since 2008!) Local governments must pass to let businesses take advantage Allows municipalities to work together Affords flexibility on financing arrangements

5 The Situation Buildings use 40-45% of energy in the United States 30% of that energy (and expense) is wasted! Massive investment opportunity to upgrade commercial building stock

6 Comprehensive energy efficiency upgrades take 5-20 years to pay back While bank loans are typically 3-5 years So businesses keep wasting energy and money! Payback vs Typical Bank Loan The Problem Years

7 The Solution Property Assessed Clean Energy (PACE) Financing through property tax special assessment 100% financing year terms Positive cash flow for life of the project Entirely voluntary!

8 PACE Financing Benefits Payments (and benefits) run with the land Non-recourse (no personal guarantee) Can be passed through to tenants (solves split incentive ) problem Can t be used for anything else (solves CFO s dilemma ) No County money goes in, so no County money is at risk (County can collect fees if any cost is incurred)

9 Who can take advantage of PACE? Commercial, industrial, agricultural and multi-family properties Private non-profits (churches, hospitals, private schools and colleges, etc.) Who can not use PACE under the MI statute? Single family homes Government buildings

10 What can be financed? Energy efficiency improvements Water efficiency improvements Renewable energy improvements 100% of eligible project costs Refinancing all of above

11 Eligible Measures Insulation Caulking, weather-stripping, and air sealing Windows Doors Energy control systems HVAC Energy recovery systems Lighting fixtures and day lighting systems Electrical systems to charge PEVs and HPEVs Water use reduction or efficiency Energy-efficient or water-efficient manufacturing processes and equipment Biomass Solar photovoltaics Solar thermal Wind Geothermal Methane gas captured from a landfill Anything else approved as a "utility cost-savings measure" Exclusions: incinerator and digester

12 Property and Project Eligibility Property is healthy and likely to continue to be used for years Property is not overly leveraged Projects are typically greater than $200,000 dollars High energy spend

13 The Lean & Green Model Three Key Concepts: 1. Public-private partnership: counties/cities join for free; no barrier to entry or exit A. Levin Energy Partners takes fee on each deal, no cost to County 2. Statewide, opt-in program: one lean & efficient PACE market for whole state (only one set of rules for contractors to learn!) 3. Use private capital to unleash the market to drive growth (local governments can still use bonds if they wish)

14 Statewide Market 18 counties + 8 cities have joined Urban & rural, big and small 53% of MI s population Expanding at a rapid rate

15 Lean & Green brings it! Private Financing PACE creates a new category of long-term, governmentsecured debt obligation That s a lot of words to say a safe investment very attractive to: Pension funds Insurance companies They will buy $100,000,000 of Michigan PACE projects per year if we can produce them Property taxes collected by local government Private lender $$$ Property owner

16 The Outcome Comprehensive projects that package together energy efficiency, water efficiency and renewable energy improvements to transform buildings and businesses into energy stars! Growing Project Pipeline Over 50 proposed projects Shopping malls, charter schools, resorts, apartments, office buildings, factories, ice rinks, etc. Over $50,000,000

17 Michigan Public Service Commission/Michigan Agency for Energy Building Solar, lighting, variable speed motors About $450,000 in upgrades Over $800,000 in lifetime savings Delta Township, Eaton County

18 Powers Distributing Solar installation & lighting upgrades About $450,000 of work Over $1,000,000 in lifetime savings Orion Township

19 Cambridge Court Apartments Solar installation, lighting upgrades, low-flow plumbing, highefficiency boilers About $115,000 in PACE financing Over $300,000 in lifetime savings Greenville, Montcalm County

20 Property owners Save money, get green PR Contractors Close more and bigger deals The Outcome Citizens More jobs More comfortable buildings Cooler, cleaner planet Local government Improved business climate Free tool offered to local businesses Green PR Rising property values/tax revenue Market opportunity Commercial building owners to invest almost $1 trillion in efficiency through 2023 Growing 7% per yr. on average Source: Navigant Research, cited in Forbes Tech, 12/30/2014

21 Why name an administrator? PA 270 of 2010 Local government can create its own PACE program or partner with a third party. No cost to County or taxpayers Other program administrators charge the county and Not naming a third-party administrator would mean that Midland County picks up the tab for the PACE program. No contractual term or commitment Choosing LEP as the Midland County administrator does not mean there can t be other administrators in the future. And the County may end LEP s services at any time.

22 Levin Energy Partners: Ideal Partner for Midland County Knowledge The leading experts on PACE financing in Michigan Experience 18 counties and 8 cities/townships have already created PACE districts with Levin Energy Partners Cost-effectiveness LEP helps the county implement PACE at no cost to taxpayers

23 Funding the Program Lean & Green Michigan PACE Financing is free to local government never costing the taxpayers anything Levin Energy Partners funds project through project fees: 2% project fee on each project Negotiated fee with private lender

24 Next Steps for the County 1. County commission passes resolution of intent a) This is just saying we re interested and want to learn more! 2. Commission publishes PACE Report (draft provided) Commission holds public hearing 4. Commission passes resolution of adoption (can be at same meeting as public hearing) 5. Start working with Midland County businesses to develop and finance clean energy projects!

25 Lean & Green Michigan and Property Assessed Clean Energy (PACE) A Financing Breakthrough End Energy Waste with Positive Cash Flow Cory Connolly cory@levinenergypartners.com

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