Energy Efficiency Renewable Energy

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EnergyEfficiencyandRenewable EnergyinFlorida FortheFloridaEnergyandClimateCommission By TheFloridaEnergySystemsConsortium Dr.JulieHarrington,Director Dr.BassamAwad ZafarSiddiqui DavidGlassner StephenMuscarella CenterforEconomicForecastingandAnalysis(CEFA) FloridaStateUniversity TedKury,Director,EnergyStudies AchalaAcharya TheUFPublicUtilityResearchCenter(PURC) UniversityofFlorida ErikSander,AssociateDirector TheFloridaEnergySystemsConsortium(FESC) JackSullivanJr. Dr.AsterR.Adams March22,2010

Acknowledgments: TheauthorswouldliketothanktheDirectoroftheUniversityofCentralFloridaVentureLab, Kirstie Chadwick, and the Director of the University of Florida Officeof Technology Licensing, DavidDay,fortheirassistancerelatingtoventurecapital(VC)companiesinFlorida.Theauthors wouldliketoextendthankstoSenaBlack,ofEnterpriseFlorida,forprovidinginformationon Floridas Opportunity Fund. In addition, the authors are grateful to Mark Futrell and Walter Clemence,ofthePublicServiceCommission(PSC),andtoBuckMartinez,ofFloridaPowerand Light(FP&L),forprovidingclarificationonissuesrelatingtoFlorida.

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TableofContents Acknowledgments:.................................................................................................................. 1 Introduction ............................................................................................................................ 7DefinitionsofRenewableEnergy,CleanEnergy,CleantechandEnergyEfficiency ................................. 9 RenewableEnergyinFlorida .................................................................................................................... 9 CleanEnergyandCleantech ................................................................................................................... 10 EnergyEfficiency..................................................................................................................................... 12 EconomicCostsandBenefitsofCleanEnergyinFlorida........................................................................ 13

CurrentIncentivesMix .......................................................................................................... 17InventoryofEconomicIncentivesThatImpacttheCleanEnergySectorinFlorida............................... 17 TotalStateFundsAllocatedtoEachIncentiveandtheIncentivesAnnualUse .................................... 20 FederalIncentivesforFlorida ................................................................................................................. 25 FloridaEnergyEfficiencyandConservationAct(Section366.82).......................................................... 28 EnergyEfficiencyandRenewableEnergyIncentivesinCleanEnergyJobsandAmericanPowerAct 2009 ........................................................................................................................................................ 28 Section161:RenewableEnergy .................................................................................................... 29 Section162:AdvancedBiofuels .................................................................................................... 29 EnergyEfficiencyTargets ................................................................................................................ 30 ProgramsOfferedbyLocalUtilities,Cities,andCounties ...................................................................... 31 CommercialIncentives ............................................................................................................... 31

BarrierstoCommercializationandProjectFinance................................................................ 34MainBarrierstoCleantechCommercializationandProjectFinance..................................................... 42 PerceivedHighRiskofCleantechBusinesses .............................................................................. 42 InsufficientInvestmentsinR&D .................................................................................................... 42 OtherBarrierstoCleantechCommercializationandProjectFinance...................................... 48 CleanTechnologyLifeCycleandFundingSources ................................................................................. 49 ResearchMethodology ................................................................................................................... 49 CurrentSituationandRelativePerformanceMetrics ................................................................ 50 StateofAffairs:FloridaVentureCapitalCommunity ............................................................................. 64

AssetFinanceBeyondCapitalMarkets,VentureCapital,PrivateandPublicEquity,and DebtandPrivateCapital. ................................................................................................................ 75PublicBenefitFund................................................................................................................................. 76 PropertyAssessedCleanEnergy(PACE)&EnergyFinancingDistrictsModels ..................................... 78

RegulatoryChanges............................................................................................................... 91TheRPSandItsEconomicImpact........................................................................................................... 91 AnRPSforFlorida ................................................................................................................................... 94 PolicyConsiderationsforFloridaRecentDevelopments ..................................................................... 97

ConclusionsandRecommendations .................................................................................... 100Task1 .................................................................................................................................................... 104 Task2 .................................................................................................................................................... 108 Task3 .................................................................................................................................................... 110 Task4 .................................................................................................................................................... 113 Task5 .................................................................................................................................................... 116

References........................................................................................................................... 122

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Appendices.......................................................................................................................... 131AppendixA:Tables ............................................................................................................................... 131 AppendixB:FederalCleantechIncentivesThrough2009.................................................................... 231 AppendixC:CleantechIncentiveProgramsOfferedbytheStateofFlorida ....................................... 233 AppendixD:LeadingPublicFinancingToolsandMechanisms ............................................................ 235 AppendixE:ExpectationsofCleantechDevelopers............................................................................. 237 AppendixF:EnergyRecoveryStimulusGrantAwardeesbyState ....................................................... 240 AppendixG:PACEModel...................................................................................................................... 274 AppendixH:EconomicImpactandSuccessStories ............................................................................. 277 AppendixI:FreeingtheFloridaGrid2009............................................................................................ 282 AppendixJ:FederalLoanGuarantee.................................................................................................... 283 AppendixK:EconomicDevelopmentStudyScopingDocument .......................................................... 289

ListofTablesTable1.CleanEnergyRelatedIndustriesListofNAICS .............................................................................. 11 Table2.RenewableTechnologyCostsforU.S............................................................................................ 14 Table3.RenewableTechnologyEstimatedEconomicImpactsforFlorida ................................................ 14 Table4.InventoryofIncentivesThatImpacttheCleanEnergySectorinFlorida...................................... 19 Table5.RemainingBalancesasofJanuary29,2010ofRenewableTaxCredits/SalesTaxRefunds ......... 22 Table6.RenewableEnergyTechnologiesGrantsProgram ........................................................................ 23 Table7.SolarEnergySystemIncentivesProgram(SolarRebate).............................................................. 24 Table8.EconomicImpactofStateIncentivesinTermsofJobsCreated ................................................... 24 Table9.CleanTechnologies........................................................................................................................ 35 Table10.CleantechSubsectorsTrackedbyCleantechVentureNetworkandtheTypesofCleantech Businesses ................................................................................................................................................... 35 Table11.CurrentSituationandRelativePerformanceMetrics ................................................................. 50 Table12.TopStateswithCleanEnergyPatents......................................................................................... 55 Table13.TopStatesReceivingSBIRandSTTRFundsforCleanEnergyTechnologie