1. University of New Haven January 7, 2014
Solar Connecticut Member Meeting CEFIA Program Updates RSIP Step 4, Residential Finance Update, Commercial Finance Update
University of New Haven January 7, 2014

2. Residential Solar Investment Program Step 4 Incentive Plan Offering

3. CCEF and CEFIA Residential Program Performance as of 12/31/13

4. Doing more with less and faster!!!
Residential Solar Investment Program Performance as of 12/31/13
Doing more with less and faster!!!

5. Residential Solar Investment Program Step 4 Incentive Plan Offering
Race to the solar rooftop of 10 MW – 5 MW rebate, 3 MW PBI, and 2 MW competitive
Incentive levels
Rebate – $1.25/W ≤ 5 kW; and $0.75/W 5 < x ≤ 10 kW
PBI – $180/MWh
Step 4 incentives effective January 6, 2014, 5:01pm
The CEFIA Board of Directors will approve Step 5 at the point where (a) 7.5 MW of committed capacity is reached or (b) January 1, 2015, whichever comes first

6. A Full Suite of Residential Financing Products
Kerry

7. Which option is right for your customers?
Smart-E Loan
CT Solar Loan
CT Solar Lease
What Makes It Special?
Quick and easy financing from your local bank
Low monthly payment makes purchasing solar affordable
Hassle- and worry-free, no money down, bundled insurance and warranty management
Own Your Solar?
Yes
No (option to purchase)
Down Payment?
Not required
Minimum of 5% of installed cost
Not required if installed cost is less than $4.50/W
Terms
years
15 years
20 years

8. Resources for Your Campaign
8/23/2013
Resources for Your Campaign
Program logos
Collateral
Co-branded e-blasts
Facebook posts
Smart-E videos
What else do you need?
Kerry
– Demo ect.com
-collateral

9. CT Solar Lease Volume – as of 12/31
178 applications to date from 10 installers
16 leases executed
3 projects submitted to investors
84 approved or in process
11 PV Contractors eligible to offer CT Solar Lease, 2 SHW
30% declined
14% withdrawn
54% approved or closed

10. CT Solar Loan Volume – as of 12/31
72 applications to date
16 loans closed
29 approved or in process
Avg loan size ~$21,000
17 PV Contractors eligible to offer CT Solar Loan
35% declined
3% withdrawn
51% approved or closed

11. Smart-E Loan Volume – as of 12/31
82 technical applications* to date
78 loans closed
Avg loan size ~$12,100
30% of loans are solar, from 11 installers
Rest are HVAC
33 PV Contractors eligible to offer Smart-E Loan
*Note – don’t have lender data yet to report on overall applications and approvals

12. New Solar Lease for Solar Hot Water
Kerry

13. What is the CT Solar Lease for Solar Hot Water (SHW)?
Homeowners can ‘go solar’ worry-free for no money down 13

14. What is the value proposition?
Plug & Play Technology
1-call for claims & questions and your workmanship warranty
15-year parts & labor warranty
Dependable Coverage
“No hassle” claims process for property/casualty & liability
Straightforward options and financing
2 system options:
2 panel / 80-gallon
3-panel / 120-gallon
2.99% per year Escalating Payment (option to buy) 14

15. Annual Cost – How does SHW compare?
Propane
Oil
Electric
Going to revise minus amortized cost and add in updated lease cost, will revise scale – focus will be on lifetime savings.
SHW
Assuming current EIA heating oil price of $3.90/gall, direct-fired propane cost of $3.00/gall, and $.17/kWh electric, excluding amortized cost of tank replacement 15

16. Installer Payment 16 System Size Installer Payment (Preferred)
System Cost
(Paid by Leasing Co.)
Preferred Pricing
Installer Payment (Preferred)
Installer Payment (Max for $0 Down Payment)
2-panel,
80-gallon
$4,229
$41.99 / month
$3,400
$3,800
System Size
System Cost
(Paid by Leasing Co.)
Preferred Pricing
Installer Payment (Preferred)
Installer Payment (Max for $0 Down Payment)
3-panel,
120-gallon
$5,245
$56.99 / month
$4,400
$5,100
Labor assumption: 24 hrs total, 3 person x 8 $75.00 an hour fully loaded .
System Cost: are complete kits with anti-scaling filter 16

17. Pricing Options Option for a second pump
Will be built into the monthly lease price
Ability to charge installer payment higher than CT Solar Lease max
But anything over the max will need to be paid by customer as a down payment
Can cover: higher margin, additional materials
Municipal permitting or municipal engineering fees may be passed through to customer
Must be paid as a down payment, can’t be rolled into monthly lease payment
Labor assumption: 24 hrs total, 3 person x 8 $75.00 an hour fully loaded . 17

18. C-PACE and CT Solar Lease II

19. CEFIA: Major Accomplishments
June 2011: Established from Clean Energy Fund via PA 11-80
: Restructured, brought on seasoned staff (Directors, CIO, etc)
Dec 2012: ~$7M investment in 15MW fuel cell project in Bridgeport, CT
Dec 2012: Established CEFIA Holdings
Jan 2013: Commercial Property Assessed Clean Energy launch
Feb 2013: CEFIA’s $20M C-PACE warehouse facility launched
Apr 2013: Smart-E Loans & Solar Loan launch
Jun 2013: CT Solar Lease II launch (raised $50M private capital)
Sept 2013: CEFIA’s C-PACE warehouse facility doubled to $40M
Sept 2013: Contractors Working Capital launch
Oct 2013: GoSolarCt.com launch
Nov 2013: Auctioning first $27M of C-PACE loans – closing 12/13
Other activities: Designing an On-Bill Repayment program, in documentation for $5M Solar Loan fund, Lead by Example, microgrids , EVs ….

20. Property Assessed Clean Energy
An innovative financing structure that enables commercial, industrial, and multi-family property owners to access financing for qualified energy upgrades and repay through a benefit assessment on their property tax
Private capital provides 100% upfront, low-cost, long-term funding
Repayment through property taxes
A senior PACE lien is put on the property and stays regardless of ownership

21. Connecticut’s C-PACE Program
Passed in PA 12-2 (June 2012):
Commercial, industrial & multifamily property
Requires the consent of the existing mortgage lender
Requires SIR>1; permanently affixed
Enables municipalities to opt-in
Empowers CEFIA to administer a statewide program
Which we have operationalized like this
CEFIA: Program Design, Development, Marketing, and Strategy
Buonicore Partners: 3rd Party Technical Administration
Buonicore Partners:
Program Expertise
Celtic Energy: Technical Expertise
Sustainable Real Estate Solutions: Real Estate Expertise

22. Solar Lease II: 3 types of leases, 2 sectors

23. Solar Lease II: partners

24. Solar Lease II: for Commercial Solar PV Installers
Anchored in C-PACE (Commercial, industrial & multifamily property)
Requires a ZREC
Effective PPA rates under 7¢ / kWh (depends on your cost & ZREC)
"Worry-free, hassle-free" experience for your customers:
with insurance and warranty management covered over project’s 20 year lifetime
Solar Lease II can get your projects financed, so you can get them built.
WEBINAR
Date: Tuesday, January 21, 2014
 Time: 2:00 PM - 3:00 PM EST
What types of projects and hosts qualify
Estimated lease / PPA prices
Installer responsibilities
Operational mechanics
Timing and caps on the fund

25. SunShot Initiative Rooftop Solar Challenge
Project Goal: Make adoption of residential and commercial rooftop solar PV easier, faster, and cheaper for homeowners and businesses by streamlining, standardizing and digitizing administrative processes associated with installation.
Project Action Areas: Permitting, Planning and Zoning, Financing, Interconnection/Net Metering
Round I (complete): Study of CT’s solar market and recommendations for improving processes for installation of solar PV projects
Round I Final Report: or
Round II (in progress): Refine and pilot Permitting Guide for CT municipalities and installers, conduct outreach in CT, work on implementation of local and state-level recommendations
Permitting Guide Includes: Solar PV permitting recommendations for CT municipalities (e.g., reduction of permit fees, streamlining of processes, use of online permitting system), standardized solar PV permit application, methodology for structural review that reduces costs, guidelines and resources for streamlining permit application review and inspections, data collection on solar friendly practices adopted by CT municipalities
Collaboration with other New England states via New England Solar Cost Reduction Partnership, led by the Clean Energy States Alliance. Solar PV installers and industry representatives are invited to a New England Solar Industry Forum on February 4, 2014
ALL FEEDBACK/PARTICIPATION IS WELCOME!
CONTACT INFO:
The SunShot Initiative Rooftop Solar Challenge Project is funded by the U.S. Department of Energy.