CLEAN ENERGY FINANCECalifornia Energy Commission Workshop

April 7, 2015

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Progress in Clean Energy Finance• Residential PACE has tremendous momentum in California

• CAEATFA insurance pool

• PACE for commercial properties expected to boom in 2015

• EDF’s Investor Confidence Project has helped increase investment in CT

• Several successful securitizations have created path to abundant, lower cost capital

• Competitive procurement for metered savings could be a helpful addition

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Key Lessons: An Attractive Financing Product is Critical…• Contractors are our customers

• Solution should be simple with broad application

• Predictable underwriting and application process

• Reasonable, simple fees and rates

• Longer terms help reduce payments

• Build off of what works

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…But Go-To-Market Strategy is More Important

• Developing demand requires significant sales resources

• Investment in software tools, automation and call centers

• Focus on solving existing problems for contractors

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Market and Policy Opportunities• Combine EE with solar

• EE used to create a lower cost solar PPA

• Assist with market outreach for commercial PACE• BayREN and SRS• LA County and Renewall

• Eliminate timing mismatch for PACE• Currently costs 25-50 bps

• Target underserved sectors of commercial market• Smaller deals, houses of worship, affordable housing and

community sponsored entities

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Contacts

Brad Copithorne510 350 3721 (office)

415 608 6447 (cell)

bcopithorne@renewfund.com