INNOVATIONS IN SOLAR AND ENERGY RETROFITS
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1 INNOVATIONS IN SOLAR AND ENERGY RETROFITS JEFFREY LESK NH&RA JULY 2017
2 LIHTC + SOLAR ITC UNDER ONE ROOF
3 9% LIHTC 4% LIHTC * Solar Panel Cost $1,000,000 $1,000,000 Solar Credit (30%) $300,000 $150,000 (assumes 50% tax-exempt debt) Housing Credit Basis (reduce by 50% of solar credit) Times Credit Percentage $850,000 $925,000.90% x 10 = 90% 3.50% x 10 = 35% (*Note: 3.18% for 7/2016) Housing Credit $765,000 $323,750 Total Credits $1,065,000 $473,750
4 COMBINATION OF SOLAR CREDITS & LIHTC 9% CREDITS Non-DDA/QCT DDA/QCT Cost of Solar Installation $ I,000,000 $ 1,000,000 (Reduced per TE Bond %) 0% - - Solar Tax Credits (30% x $1,000,000) 30% 300, ,000 Reduction to LIHTC Basis (50% of Solar Credits) 50% (150,000) (150,000) Remaining Basis for LIHTC 85% 850, ,000 If DDA/QCT /AGENCY DESIGNATED AREA ---Basis Boost, then boost by 30% 130% 850,000 1,105,000 Times LIHTC Credit Rate (times 10 years) 9.00% 765, ,500 Equity Raised from LIHTC (assume.75 per credit) * $ , ,875 Equity Raised from Solar Credits (assume.85 per credit)* $ , ,000 Total Equity Raise due to adding Solar 828,750 1,000,875 Net Cash (Cost) Benefit of Solar Install** (171,250) 875 *Prices subject to project specifics & negotiation **Not including any State Rebates, utility incentives, or energy savings;; no developer fee taken on solar
5 NMTC-FINANCED SOLAR COMPANY/PPA STRUCTURE SEPARATE HOST FROM ARRAY OWNER Capital Sources (Goal: Minimize Up- Front Cost to Host) Federal Solar Investment Tax Credit (ITC) 1603 Program Exchanges Cash in lieu of Tax Credits Local subsidies (rebates, grants, feed- in- tariff, private funds) New Markets Tax Credits (NMTC) Equity Gap Financing Revenues (Goal: At- or below- grid power) Power purchase agreement (PPA): Power sold to host Net/Virtual- Net Metering Where Possible Feed- In- Tariff Solar equipment lease: System leased at equivalent rate
6 EXAMPLE SUNWHEEL PROJECT BUDGET System Capacity Combined System Capacity, kw (DC) 1400 kw Avg. Electricity Production, kwh (AC) 2,000,000 TOTAL System Cost $10 MM Sources of Funds Local Incentives (Rebates, FITs, etc.) $ 2.3 MM Solar ITC with 1603 Cash Exchange $ 3.0 MM Equity from Sunwheel NMTC $ 2.7 MM TOTAL Sources of Funds = $8.0 MM Gap Funds Required $2.0 MM
7 RICHMOND VILLAGE HOPE VI RICHMOND, CALIFORNIA Project Overview 238 Units (Rental & Owner Occupied) Financing: California Solar Initiative (MASH) rebates New Markets Tax Credits Investment Tax Credits Solar Specifications 417 kw system 550,000 kwh per year 540,000 lbs carbon offset Green Jobs Initiative
8 ST. LOUIS HOUSING AUTHORITY SITES ST. LOUIS, MISSOURI Project Overview 8 Affordable Sites (MBS + Other) New St. Louis Housing Authority HQ Financing: HUD CFRC Green Communities Grants New Markets Tax Credits Investment Tax Credits (1603 Cash Grant) Solar Specifications Combined 613 kw Additional Green Retrofits Greywater / Stormwater Capture Energy Retrofits Green Jobs Initiative
9 CASE STUDY: HAYES VALLEY NORTH HOPE VI SAN FRANCISCO, CALIFORNIA Site Overview 85 units, 1-4 BR townhomes & flats Construction Funded in 99 with LIHTC + HOPE VI NMTC Distressed QCT: Median Income 48% AMI Tenant mix: 60% PH / 40 % LIHTC Incl. community room, food bank, childcare
10 COMMUNITY SOLAR PRODUCED HERE UTILIZED THERE Community solar programs allow multiple energy customers to subscribe to a shared solar project.
11 14 states and D.C. have enacted Community Solar Laws 11
12 COMMUNITY SOLAR PROJECT
13 How Community Solar Works 1. Solar Panels Sunlight falls on solar panels. The solar panels convert the sun s energy into direct current (DC) electricity which is sent to an inverter. 2. Inverter The inverter converts direct current (DC) electricity into alternating current (AC) so it can be used in our homes and businesses. 3. Meter The meter measures the amount of electricity produced by the solar panels before the electricity is fed into the utility grid. 4. Utility Company The utility company keeps track of how much electricity (how many kilowatt-hours) is fed into the grid generated by the solar panels. 5. Utility Bill The utility does not deliver the actual electricity from the grid to individual customers. Instead it calculates the value of this electricity and provides a cash credit on the specified customer s monthly electric bill. The customer may live nearby or across the city. Contact: Jeff Lesk Herb Stevens jlesk@nixonpeabody.com hstevens@nixonpeabody.com
14 COMMUNITY SOLAR COMES TO DC ---FINALLY 14
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23 WELCOME TO NP SOLAR WASHINGTON DC S FIRST COMMUNITY SOLAR PROJECT 23
24 NIXON PEABODY S NEW OFFICE 799 9TH STREET NW
25 ROOFTOP BEFORE,
26 DURING INSTALLATION, AND.
27 AFTER 27
28 Energy here Office building delivers electricity to utility Used there Utility gives residents a credit each month on their electric bills PEPCO Contact: Herb Stevens Jeff Lesk hstevens@nixonpeabody.com jlesk@nixonpeabody.com
29 THREE PARTS TO FINANCING COMMUNITY SOLAR Tax equity Tax equity: energy tax credits (federal subsidy) Grants Debt Debt: SRECS (state subsidy) and loan Grants: DC government
30 Community Solar Finance Structure Funds loaned/ granted to Project Company to install solar panels Company sells SRECs to pay expenses and debt service on loan New Partners Community Solar Corp. Nonprofit manager Project Company Owns panels Pepco allocates billing credits to low-income residents in DC Project Company sends energy from solar panels to the grid DC Residents PEPCO SREC Purchaser Facility qualifies as Community Renewable Energy Facility under Community Solar Law Building Owner License for roof space Contact: Herb Stevens Jeff Lesk
31 SOURCES AND USES COMMUNITY SOLAR PROJECT (1MW) Sources ($ 000's) Uses ($ 000's) ITC Cash Equity (DOEE Grant) 2,000 Construction Costs 3, % Tax Equity 1,328 Investor and Lender Legal Cost 125 Bridge Loan Repayment Bridge Loan in Grant for Construction 750 Roof Design and Owner's Rep Fee % Term Debt 1,535 Developer Fee for third party reimbursements % Job Training 200 0% Financing Costs (Term Loan) 200 Financing Costs (Tax Equity) 150 0% Insurance (1st Year) 30 0% Cost Certification 25 0% O&M (1st Year) 40 0% Tax & Audit (1st Year) 15 0% DOEE Project Audit 28 0% Lender Required Reserve / TE Buyout 500 0% Reserve for subscriber management 250 Total 5,863 Total 5,863
32 Building the Capital Stack for Affordable Housing Retrofits
33 Commercial PACE available in 32 states + DC (19 active programs) $335 Million funded in almost 1,000 Commercial PACE projects $3 Billion funded in Residential PACE RI DC PACE in 2016 PACE enabled Early stage PACE program development PACE programs with funded projects Source: PACE Nation
34 $$ PACE Capital Provider Up-front capital Property Owner PACE Note Pass through payments PACE Assessment on title $$ Semi-annual tax payments $$ DC PACE / District of Columbia $$ Project Cost Energy savings Energy Project / Contractor
35 Office Institutional Multifamily Industrial Customer Class Operating budget constrained Capital budget constrained Better uses for debt or capital Serving larger capital stack Challenge Resolved Aligns payment & savings Zero dollars out-of-pocket Displace equity & off-balance sheet Fill gaps: rehab, new construction
36 ECMS Cost Lighting $150,000 Water conservation $150,000 HVAC improvements $1,350,000 Controls $100,000 Roof rehab $250, kw solar $1,000,000 Total New Total $3,000,000 $2,970,000 Annual Savings Utility Savings $110,000 O&M Savings $80,000 Solar (Energy + RECs) $120,000 Total $310,000 DC SEU REBATE: $30,000 PACE Eligibility Savings offset annual payments up to $310,000 That finances up to $3,800,000 (20 year term) Note: Project financials have been simplified for illustrative purpos
37 PACE eligibility: $3,800,000 (20 year term) Actual PACE amount: $2,970,000 Actual PACE payments: $240,000 Average Annual Cash Flow Improved performance: Lower Op-Ex Improved NOI No out-of-pocket cost Utility Savings $110,000 O&M Savings $80,000 Solar (Energy + RECs) $120,000 Total Savings $310,000 PACE Payments -$240,000 Net Cash Flow $70,000 Note: Project financials have been simplified for illustrative purposes.
38 THANK YOU JEFFREY S. LESK NIXON PEABODY LLP 799 9TH STREET NW WASHINGTON, DC This presentation contains images used under license. Retransmission, republication, redistribution, and downloading of this presentation, including any of the images as stand-alone files, is prohibited. This presentation may be considered advertising under certain rules of professional conduct. The content should not be construed as legal advice, and readers should not act upon information in this publication without professional counsel Nixon Peabody LLP. All rights reserved.
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