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1、Click to edit Master title style2_Title SlidePreparing to Finance:Evaluating Decarbonization ProjectsThursday,April 4,202410:30 am 12:00 pmColin CurziRE Tech AdvisorsNevada Clean Energy Fund1234AgendaClosing and Q&A CIRRUS Low CarbonWelcome and IntroductionsTodays Presenters Greg Zegas,Director of I

2、nvestmentsNevada Clean Energy Fund(NCEF)Tricia Baker,Senior ManagerPACE EquityPoll QuestionsWhat sector are you involved in?Is your organization a non-profit or a for profit entity?Are you attending to learn general information,or do you have a project that you will be seeking funding for in the nea

3、r future?Greg ZegasNevada Clean energy Fund(NCEF)Nevada Clean Energy Nevada Clean Energy FundFundApril 4,2024April 4,2024Greg Zegas,Director of InvestmentsGreg Zegas,Director of InvestmentsBetter Buildings SummitBetter Buildings SummitPreparing to Finance:Evaluating Preparing to Finance:Evaluating D

4、ecarbonization ProjectsDecarbonization ProjectsAgenda9Federal Funding,Tax Credits,and RebatesIntroduction to NCEFNCEF Programs and Financing StructuresProject SpotlightAbout the Nevada Clean Energy FundAbout the Nevada Clean Energy Fund10The Nevada Clean Energy Fund(NCEF)is a 501(c)3 nonprofit organ

5、ization.THE MISSIONSupport a thriving,affordable,and accessible clean energy economy in NevadaTHE NEEDNevadans lack the resources necessary to access clean energy opportunities,reduce energy costs,and live in a healthy environment and climateTHE SOLUTIONProvide access to capital and technical assist

6、ance to residents,affordable housing,schools,local businesses,nonprofits,and others in Nevada for building efficiency and electrification,clean vehicles,renewable energy,and storage THE IMPACTTackle climate changeReduce energy insecurityAdvance energy justiceImprove air quality&healthCreate quality

7、jobs11NCEF Programmatic PrioritiesNCEF Programmatic PrioritiesSingle-Family HomesMultifamily HomesCommercial BuildingsVehicle FleetsRuralSolar+Storage NCEFs programs provide clean energy financial and technical assistance to residents,Tribes,affordable housing developers,local businesses,schools,gov

8、ernments,community lenders,and others in Nevada.These programs support clean energy measures such as building efficiency and electrification,clean vehicles,and solar and energy storage.12NCEF is Based on Successful Green Bank ModelNCEF is Based on Successful Green Bank Model NCEF was created by stat

9、e legislation in 2017 to serve as the states”green bank,”an institutional model executed in over a dozen US states.NCEF is launching proven solutions implemented by other green banks for over a decade.We Fill Gaps in Access to Clean Energy CapitalWe Fill Gaps in Access to Clean Energy Capital13High

10、customer acquisition costs:Too much market building or technical assistance is required to make projects happen Incentive complexity:Federal tax credits and rebates and utility incentives are necessary to make project economics work,but require bridge financing,tax equity,or specialized underwriting

11、Agenda14Federal Funding,Tax Credits,and RebatesIntroduction to NCEFNCEF Programs and Financing StructuresProject Spotlight15A Singular OpportunityA Singular Opportunity The Inflation Reduction Act makes$400 billion of federal funds available to advance clean energy and climate solutionsan unpreceden

12、ted amount.The Justice40 Initiative set the goal of 40%of the benefits of certain federal funds flow to disadvantaged communities.Data Source:RMI.December 2022.Agency spending and tax expendituresAgency spending and tax expendituresAgency spending and tax expendituresAmerican Recovery and Reinvestme

13、nt ActInfrastructure Investment and Jobs ActCHIPS and Science ActInflation Reduction Act$0$10$20$30$40$50$60$70$80$901990-19992000-20082009-20172022-2027BillionsAverage Annual Federal Spending on Clean Energy&Climate1616Tax credits will play a big role,in addition to grants&rebatesTax credits will p

14、lay a big role,in addition to grants&rebatesClean Electricity Tax Credits,42%Individual Clean Energy Incentives,9%Clean Manufacturing Tax Creditss,10%Clean Fuel and Vehicle Tax Credits,9%Other Energy and Climate Spending,4%Conservation,Rural Development,Forestry,9%Building Efficiency,Electrification

15、,Transmission,Industrrial,DOE Grants&Loans,7%Air Pollution,Hazardous Materials,Transportation and Infrastructure,10%$386B Clean Energy Funds in the Inflation Reduction ActData source:US Congressional Budget OfficeGreen=Tax CreditsBlue=Grants,rebates,other1717Summary of Key Federal Clean Energy Funds

16、 for Affordable HousingThe above is intended to provide a summary of selected federal clean energy tax credits available and should not be interpreted as tax or legal advice.Federal and state agencies will be issuing final guidance and regulations related to these provisions.Relevant IRC Sections in

17、clude:25C,25D,30D,25E,30C,179D,48,45W,45W,30C.Tax credits,rebates,&loans for up to 100%of the cost of rooftop solar Tax deductions of up to$5/square foot for efficiency retrofits Tax credits of up to$5,000 per unit for Zero Energy Ready Homes Tax credits of up to 30%of the cost of an EV charger Reba

18、tes of up to$14,000 per dwelling unit for electric appliances Rebates of up to$8,000 per dwelling unit for energy efficiency retrofits Loans&grants of up to$40k-$80k per dwelling unit through GRRP18Direct Pay Eligible Entities:State and Political Subdivisions and Tribal Governments(e.g.,counties,cit

19、ies,and municipal utilities),Instrumentalities of the State(e.g.,public schools,public hospitals,universities),501(c)(3)non-profit organizations,and others(e.g.,rural cooperatives).Process:Entities seeking to use Direct Pay or Transferability must submit a pre-filing registration with the IRS,recomm

20、ended 120 days prior to your tax return due date.New options created by the Inflation Reduction Act.Direct Pay allows public and nonprofit entities to receive a cash reimbursement for certain clean energy tax credits.Taxable entities can also elect to transfer(sell)certain tax credits.Direct Pay(aka

21、“Elective Pay”)and TransferabilityDirect Pay(aka“Elective Pay”)and TransferabilitySelection of Direct Pay-Eligible Tax CreditsTax Credit Amount(up to)Solar,battery storage,or geothermal heating(48)30%-$70%of costElectric Vehicle 14,000lbs(45W)$40,000Electric Vehicle Charger(30C)only in low-income or

22、 non-urban census tracts30%of cost,not to exceed$100k19191 Bonuses are effective for projects in service after December 31,2022.2 Entities can choose between an investment tax credit(ITC)and a production tax credit(PTC).The ITC includes bonuses for projects benefiting low-income communities.3Must in

23、clude 100%domestic iron/steel and an increasing percent of manufactured goods over time.4 DOEs Energy Communities map5Allocation is based on an award process developed by the Secretary of the Treasury.Max 1.8 GWac/year.Investment Tax Credit(ITC)for Commercial Projects 1 MWacInvestment Tax Credit(ITC

24、)for Commercial Projects 1 MWacBase ITC1,230%+Bonus for Meeting Domestic Content Minimums310%+Bonus for siting in“Energy Community”410%+Allocated Low-Income Bonus5Projects Located in Low-Income Communities or Indian LandOR Bonus for Qualified Low-Income Projects10%20%Section 48 tax credit for solar,

25、battery storage,geothermal,and other clean energy projects.Base credit covers 30%of clean energy project costs,with a 20%bonus for qualified low-income projects(+other potential bonuses for a max of 70%).State and tribal governments,certain tax-exempt entities,and rural cooperatives can access these

26、 tax credits through“direct pay.”Map source2020Section Section 48e Low48e Low-Income Communities Bonus CreditIncome Communities Bonus Credit Solar projects eligible for the 30%base investment tax credit can also apply for a bonus of 10%-20%if they fit in one of the following four categories:1.Locate

27、d in a Low-Income Community(10%)2.Located on Indian Land(10%)3.Qualified Low-Income Residential Building Project(20%)4.Qualified Low-Income Economic Benefit Project(20%)Applications for 2023 are closed;applications for the 2024 will open Spring 2024.More information:https:/www.energy.gov/justice/low

28、-income-communities-bonus-credit-programCategory 1 Eligibility:Low-Income Communities in Nevada21$27B Greenhouse Gas Reduction Fund$27B Greenhouse Gas Reduction FundGrants for green banks and community lenders to administer financing and technical assistance for projects that reduce GHG emissions an

29、d other air pollution.Key goals include GHG reductions,benefitting low-income and disadvantaged communities,and leveraging capital.Competitive grants administered by the US Environmental Protection Agency(EPA).Three buckets of funds:National Clean Investment Fund(NCIF)Clean Communities Investment Ac

30、celerator(CCIA)Solar For All(SFA)Competition descriptionEstablish national network of nonprofits to partner with private capital providers to deliver financing at scale catalyzing tens of thousands of clean energy projectsFund hub nonprofits to rapidly build clean financing capacity of networks of c

31、ommunity lenders to finance pollution-reduction projects in low-income and disadvantaged communities.Awardees will provide grants to community lenders of up to$5 million to capitalize financing programs and up to$625,000 for organizational administration.Support states,territories,Tribal&municipal g

32、overnments,&nonprofits to expand access to solar for low-income and disadvantaged communities by priming markets for investmentNumber and type of grantees2-3 national nonprofits2-7 hub nonprofitsUp to 60 states,Tribal&municipal governments,&eligible nonprofit entitiesTotal funding availableNearly$14

33、B$6B$7BEligible/priority technologiesPriority project categories:distributed power generation&storage,building retrofits,clean transportationPriority project categories:distributed power generation&storage,building retrofits,clean transportationEligible technologies:residential solar,community solar

34、,associated storage,and enabling upgrades+solar workforce development22A Source of Affordable Clean Energy LoansA Source of Affordable Clean Energy Loans US Environmental Protection Agency(EPA)s$14 billion National Clean Investment Fund(NCIF)and$6 billion Clean Communities Investment Accelerator(CCI

35、A)awardees will be announced in the next month.Funds will be channeled through green banks,CDFIs,and other community lenders to provide affordable,accessible financing for projects that reduce greenhouse gas emissions and other air pollutants.These funds can provide bridge and gap financing necessar

36、y for building developers to access other federal incentives,pursue clean energy opportunities,and bring down development costs as well as ongoing energy utility costs.Agenda23Federal Funding,Tax Credits,and RebatesIntroduction to NCEFNCEF Programs and Financing StructuresProject Spotlight24NCEFs$25

37、0 Million Solar for All Grant ProposalNCEFs$250 Million Solar for All Grant Proposal Solar for All is a$7 billion federal grant program administered by the Environmental Protection Agency(EPA)as part of the Greenhouse Gas Reduction Fund(GGRF).EPA intends to make one award per state.NCEF,as Nevadas o

38、nly applicant,applied for$250 million.Recipients will implement solar programs that benefit low-income households.GOALSBenefit CommunitiesEducate HouseholdsMeaningful InvolvementBuild Diverse WorkforceCatalyze Private CapitalRemove BarriersMarket TransformationSingle-Family HomesAffordable HousingCo

39、mmunity Solar2525Ideal Solar Project Capital StackIdeal Solar Project Capital Stack$500,000 Rooftop SolarThe above is intended to provide illustrative upfront economics for selected residential energy measures with certain federal tax credits.It should not be interpreted as tax or legal advice.For t

40、ax credits,the incentive is delivered after expenditures are made so the RE-UP loan may need to initially be for the full amount of the project.Solar for All LoanSolar for All Rebate$50,000 48 Low-Income Bonus Credit$150,000 48 Base Tax Credit2626NCEFs$7.7 Million Clean School Bus ProgramNCEFs$7.7 M

41、illion Clean School Bus Program NCEF will be awarded$7.7 million under the Environmental Protection Agencys Clean School Bus Program to deploy 25 electric school buses across Nevada NCEF partnered with several Nevada school districts on the grant,as well as NV Energy,the Nevada Division of Environme

42、ntal Protection(NDEP),and the World Resources Institute(WRI).Bridge loans will be critical for utility rebates,federal tax credits,and VW settlement funds.EPA CSB Grant(up to$395,000)45W tax credit for commercial EVs(up to$40,000)Volkswagen Settlement FundsNV Energy Electric School Bus V2G Program($

43、132,000)NV Energy TerritoryOther Utility TerritoriesEPA CSB Grant(up to$395,000)Volkswagen Settlement Funds30C tax credit for charging infrastructure(up to$100,000)45W tax credit for commercial EVs(up to$40,000)NV Energy-owned charging infrastructureUSDA grants for charging infrastructure2727Commerc

44、ial Property Assess Clean Energy(CCommercial Property Assess Clean Energy(C-PACE)PACE)Commercial property assessed clean energy(C-PACE)is a structure commercial property owners can use to finance energy efficiency,renewable energy,resiliency,and water efficiency improvements.A C-PACE loan is secured

45、 through a voluntary and assignable lien recorded against the owners property based on a tax assessment.The assessment lien stays with the property regardless of ownership.The property owner benefits from more favorable financing terms(low-cost,long-term,no upfront costs necessary).Project funding c

46、omes from private lenders.RenoFernleyLas VegasHendersonC-PACE Programs in NevadaPershing CountyClark CountySparksNorth Las VegasAgenda28Federal Funding,Tax Credits,and RebatesIntroduction to NCEFNCEF Programs and Financing StructuresProject Spotlight29NCEFs Role In A Building Clean Energy ProjectNCE

47、Fs Role In A Building Clean Energy ProjectProject Stage:project conception,pre-development,shovel-readyTechnology:Solar,HVAC,lighting,insulation,EV chargers,othersNCEFs Role:Technical assistance(as necessary),contractor vetting,gap financing,bridge financing,credit enhancement,rebate provision,secur

48、itizationProject Impact:Measurable GHG emissions reduction and operational cost savings,financial benefits to low-income communities,workforce development,other community benefitsOther Underwriting Considerations:Project cash flow and creditworthiness,tax credit and/or rebate eligibility,domestic co

49、ntent and wage requirements,tax credit monetization and direct pay eligibility,othersFinancing considerations and requirements will vary across program and financing structure30Spotlight:Marvel Way Complex Spotlight:Marvel Way Complex The Empowerment CenterThe Empowerment CenterMarvel Way ComplexAff

50、ordable Transitional Housing in Reno,NV31Illustrative Future Empowerment Center Project Capital StackHome Means Nevada Grant Funding for Affordable HousingNCEF Solar for All Rebate40%Investment Tax CreditEnergy Efficient Commercial Buildings 179D Tax Deduction,45L Energy Efficient Home Tax CreditHom

51、e Electrification and Appliance RebatesSpotlight:Marvel Way Complex Spotlight:Marvel Way Complex The Empowerment CenterThe Empowerment CenterNCEF helped the project get allocated a 10%Low-Income Communities Bonus Credit on top of the 30%ITC,to cover the cost of a solar carportAffordable Long-term Ga

52、p FinancingNCEF is assisting the project optimize structuring to access Direct PayNCEF can provide affordable gap financing using its GGRF fundsNCEF is helping the project owners understand and plan around rebates and tax credits,in addition to providing bridge financingNCEF anticipates providing a

53、Solar for All rebate if solar project financial benefits are shared with low-income households32How NCEF Can Be A Partner and ResourceHow NCEF Can Be A Partner and ResourceTechnical assistance in identifying clean energy opportunitiesDirect provision of affordable loans and rebatesSupport in identif

54、ying and stacking federal fundsAccess to vetted contractorsThank YouThank Youhttps:/nevadacef.org/NevadaCEFContact:gregnevadacef.orgTricia BakerPACE EquityProprietary&ConfidentialLower Ratesfor Lower Carbon BuildingsCIRRUS Low CarbonLower Rate Financing withLower Carbon Building DesignsProprietary&C

55、onfidentialSession goal:Share financing option&requirements for decarbonization projectsProprietary&ConfidentialWhat is the CIRRUS Low Carbon program?Proprietary&Confidential38Financing for Decarbonization:CIRRUS Low CarbonDEVELOPERS WIN,OCCUPANTS WIN,THE PLANET WINSLower Rate FinancingGreen Buildin

56、g DesignationProprietary&Confidential Public/private partnership legislated by states and enacted at local level to encourage energy efficient building practices Amount of funding based on utility-reducing improvements(lower energy use,lower water use,renewable energy)Repayments made through special

57、 property tax assessment-transferable with property at sale Can be combined with NMTC HTC TIF GGRF Opportunity Zones And more39What is PACE financing?PROPERTY ASSESSED CLEAN ENERGY(PACE)$10.5 million,Luna Apartments,Melbourne,FLProprietary&Confidential40Optimize your capital stackPACE EQUITY IS LOW-

58、COST,LONG-TERM,NON-RECOURSE FINANCINGProprietary&Confidential Replaces expensive mezzanine,debt financing Maintain ownership control when you avoid outside equity Non-recourse that reduces personal risk Increases NOI and property value Amortization of up to 30 years,depending on local regulations an

59、d improvement measures41PACE Financing BenefitsLOW-RATE,LONG-TERM,NON-RECOURSE$15.3 million,Senior Living,Franklin,WIProprietary&ConfidentialRenovationRedevelopmentNew ConstructionRenewable EnergyRefinancing(Retroactive)Funding for your asset classPACE EQUITY CAN BE USED FOR DIFFERENT SCENARIOS ACRO

60、SS A VARIETY OF CLASSESCOMMON SCENARIOS FOR FINANCINGProprietary&Confidential43Where is PACE Equity available?37 StatesProprietary&Confidential44Building Performance Standards50 STATES WILL HAVE BPS BY EARTH DAY 2024!A BPS policy is a set of standards designed to reduce carbon emissions in buildings

61、 The policies require improved energy and water useSometime cities include a penalty for non-compliance50 CITIES BY END OF APRILInstitute for Market Transformation at www.imt.org/bpsProprietary&Confidential45Eligible Improvements Energy/Water/GHGLOW CARBON ENGINEERS OPTIMIZE YOUR FUNDING POTENTIAL*T

62、his is not an exhaustive list;every state has unique options for eligibility.Seismic and wind resiliency only available in certain states.Proprietary&Confidential Efficiency and low carbon means thinking about all the systems in the building Provide clear,direct guidance and goals to your design tea

63、m Determine which funding options make sense for your project Understand requirements early on so you avoid design changes and delays in ordering equipment later46Ideal time to pursue financing?EARLYNote:CIRRUS Low Carbon offers Design Guidance so youve got an engineer who can join your design team(

64、at no cost)and guide you to meet the requirementsProprietary&ConfidentialPRESCRIPTIVE PATH(CHECKLIST):MEASURES THAT EXCEED ASHRAE 90.1-2019+5%Lighting Schedule COMcheck reports(envelope,HVAC,and lighting)if available Schematic Design(minimum)Ideally,a design team can participate and answer questions

65、 as we reviewPERFORMANCE PATH(MODEL):REDUCTION OF CARBON EMISSIONS BY 8%BELOW ASHRAE 90.1-2016 BASELINE(using Appendix G Methodology)Energy model with inputs/outputs OR Detailed design files so we can do the modelPHIUS*CERTIFICATION:AUTOMATICALLY ELIGIBLE FOR CIRRUS LOW CARBON FINANCING Phius CORE P

66、hius ZERO47What we review for low carbon financing*www.phius.orgProprietary&ConfidentialENGAGE EARLY TO GET ALL THE UPSIDE Average incremental cost to meet design specification:0.21%of hard cost budget Average ratio of financial benefits to incremental costs:13:1 Average carbon Impact per project:70

67、00 Metric Tons48CIRRUS Low Carbon ResultsIMPACTProprietary&Confidential Incremental Costs:$62,000 Net Financial Benefits:$610,000 Carbon saved over life of funding:4070 metric tons Client quote:“CIRRUS Low Carbon helped us achieve our energy efficiency goals while also providing financial incentives

68、.The program made it easy for us to access low-cost financing and technical support,which was essential to meeting the CIRRUS technical specification.”Case Study:RedevelopmentColiseum Building,Minneapolis,MNProprietary&Confidential Incremental Costs:$180,000 Net Financial Benefits:$1.2 million Carbo

69、n saved over life of funding:26,700 metric tons Client quote:“It was definitely a goodexperience.The CIRRUS Low Carbon program was clear and the report helped us understand what needed to change and how the program could help us improve our financial results.”Case Study:New ConstructionTown 9 Wareho

70、use,Germantown,WIProprietary&Confidential1.Project is too far along Equipment is already ordered(supply chain)Permitting is complete;no appetite for design updates Construction is started/complete2.Cant secure a senior construction lenderExamples of where it didnt workProprietary&Confidential52Indus

71、try Award WinnerINNOVATION IN EFFICIENT FINANCING AWARDINNOVATIVE SERVICE:CIRRUS LOW CARBONTRANSACTION OF THE YEARCLIMATE FINANCE INNOVATION AWARDApril 3!Proprietary&Confidential“The specification was clear and achievable.The lower rate made CIRRUS Low Carbon absolutely the right thing to do.”Shawn

72、Neece,PrincipalRenew PartnersProprietary&ConfidentialImpact Capital Source:low cost capital source for decarbonization projectsNBI:framed the requirements/specificationPACE Equity:work directly with building developers across the country54Integrated solution from capital to projectQ&AYour Feedback is Important to UsUse the 2024 Summit mobile app to:Find sessions by track Build your personal schedule Network with attendees Learn about speakers Provide feedback on the SummitDownload Whova from the App Store or Google Play and search for the event Better Buildings Summit