Post on 26-Mar-2015
Sonoma County Sonoma County AB 811AB 811
Rod Dole – ACTTC
SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM
AB 811 – BenefitsAB 811 – Benefits
• Enabling Residential/Commercial Property Owners to make responsible and affordable energy and resource conservation improvements to existing structures
• Provide unique financing and repayment vehicle to the Property Owner to fund Improvements
• Provide job opportunities in the energy and resource conservation improvement fields
SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM
AB 811 – TAB 811 – TECHNOLOGYECHNOLOGY
• Energy Efficiency & Renewables– Photovoltaic (PV)– Fuel Cells– High-efficiency HVAC– High-efficiency windows & Insulation– Geothermal exchanges
• Water Conservation– Tankless water heaters– Low-flow devices– Rain cisterns– Smart irrigation systems
SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM
AB 811 – BAB 811 – BACKGROUNDACKGROUND
• Governor signed AB 811 (Levine) as an urgency measure
• Brought the concept to Sonoma County Board of Supervisors on 9/16/08
• Presented Feasibility Report to Board of Supervisors on 2/3/09
• Other Jurisdictions: Sonoma County is leading the way for Counties in California– Santa Clara, San Diego counties have stated an interest in exploring the
program– Berkeley has a similar program, but not AB 811– ABAG is in early stages of exploring a regional effort
SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM
AB 811 – BAB 811 – BACKGROUNDACKGROUND
• Program enters into agreement with property owner to fund energy and water improvements to existing residential and commercial property
• Property owner agrees to a contractual assessment on property tax bill for up to 20 years
• Criteria for loan approval– No “Clouds” on Property Title– Current on Property Taxes– Current on Mortgage(s)
• Property secures the loan and stays with property
SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM
AB 811 – FAB 811 – FINANCESINANCES
SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM
Loans to participants; Interest
will cover administration costs plus Treasury note.
SCEIP Program Treasury Note Property Tax System
Bonds;when loan volume reaches threshold.
AB 811 – FAB 811 – FINANCESINANCES
• Treasury invests in a series of notes
• Proceeds of the notes are used to finance loans to participants
• Participant payments come in via property tax system, paying the loan principal plus an interest rate to cover program operational expenses – analogous to a bank loan
• Bonds or other long term investment repays the note in full
• With long term financing, Treasury can invest in a new series of notes
SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM
AB 811 – NAB 811 – NEXT EXT SSTEPSTEPS
• Proposed Timeline:
– February 3, 2009: Today’s workshop
– March 3, 2009: Resolution of Intention
– March 24, 2009: Hearing to establish the Program
– Implementation at a date determined in Hearing
SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM
Questions & CommentsQuestions & Comments
SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM