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good afternoon everyone this is ed kranich with the connecticut green bank thanks for joining us for the quarterly informational stakeholder webinar we will be getting started in just a few moments as we wait for everyone to log in [Music] again i think you were muted did anyone hear that yes ed this is mackie i could hear you [Music] all right all right good afternoon everyone thanks for joining us for this quarter's informational stakeholder webinar uh this is ed kranich with the connecticut green bank um and today we will be uh hearing presentations from ryan garcia the president and ceo of the connecticut green bank celia price associate director of incentive programs sergio carrillo director of incentive programs and mackie dykes vice president of financing programs next slide so just to quickly go over the agenda so we'll go over the fiscal year 2020 performance and the targets for fiscal year 2021 include in including uh some revised estimates uh based on coven 19 and state of the world these days um we'll have a program update um on the incentive programs and financing programs go over green liberty bonds in progress to date as well as some other items and questions and answers so if you have questions as we go please feel free to type them into the question box and we will address them at the end of the presentation so with that i'll pass to brian garcia excellent thanks ed thank you for the welcome in the overview of our program for today i hope everyone is doing well we're now coming off of two seasons in this rather precarious time that we all find ourselves in i just want to wish you all well as you continue your efforts to remain vigilant as we battle this public health crisis that we all find ourselves in um so i'm going to start off with uh talking about how we did in fiscal year 2020 and then give you a look at our plans for us fiscal year 2021 our fiscal year goes from july 1st through june 30th let's go ahead and go to the next slide andrea all right so so we're going to take a look at first our financing programs so the green bank is structured uh in two programmatic areas one is financing we provide capital for loans leases ppas and a number of other ways that we lend our capital out to help end use customers residential commercial industrial institutional customers uh finance clean energy improvements on their properties um i i guess i would just start off by saying that um you know prior to covid 19 hitting um we were making significant progress towards our fiscal year goals and i think what we we see more here in our financing programs uh is the impact of kobit 19 hitting in terms of some of our deliverables we're doing really well on c-pace uh we we managed to hit quite a bit of our targets there i want to commend our our private partners out in the marketplace greenworks lending and others out there who are helping end-use commercial customers reduce their energy burden by financing clean energy improvements on their properties we also see saw some impact you know in terms of our small small business energy advantage program which is a partnership that we have with eversource and directly with amalgamated bank who provides capital uh into this on bill repayment program so you can clearly see the impacts of covid19 on the uptake of this on bill program uh it is now picking back up steadily um our solar power purchase agreement product you can see there um we were short on our targets this year largely driven by a pipeline that we're realizing with the state of connecticut we've got a number of projects that we're working through the system uh once we close on those projects and get the ppas signed and executed that's when everything counts and clicks in um so all of that is is coming uh down the road and we feel really optimistic that things are going to steady here pretty quickly uh and then in terms of our multi-family uh we were ahead of targets heading into covid19 we we set some really modest targets in terms of our multi-family programs uh but covet 19 has really hit this segment quite significantly so uh you'll see in the next slide that our look ahead in terms of multi-family uh we've really lowered our expectations in terms of hitting uh financing there uh why don't we go to the next slide andrea uh so here is is taking a look uh going forward um for this uh coming fiscal year that we're currently in um so a couple of things to point out here one is this is the first time we've ever set ranges for our targets and this is given uh the uncertainty of covet 19 on our economy so we had a low and a a middle uh projection in terms of our targets for the fiscal year the second thing i would raise here in terms of our targets are that we added a fourth target this fiscal year up to this point the green bank has had three targets uh projects total investment and installed capacity this year we are adding greenhouse gas emissions avoided our mission statement states front and center that our focus is to confront climate change and we specifically have an ev offset program that you can see there third to the bottom that we are launching this year we partnered with a number of uh ev recharging um developers across the country uh to establish a voluntary carbon standard it's an international standard uh that standard was approved last year and we are now onboarding all those recharging systems into a voluntary carbon offset program so we're actually we've got a number of these uh developers in queue and our goal is to find purchasers of these voluntary carbon offsets so that we can generate revenues and reinvest those revenues with the focus here in connecticut on low to moderate income uh segments of the market so that's an overview of our financing programs in terms of fiscal year 2020 and our targets in 2021. uh why don't we move to the next slide andrea where we'll dive into the incentive programs um the incentive programs are things that we administer on behalf of the legislature or regulatory authorities these are essentially cost-effective programs that deliver maximum clean energy deployment and of course we are known for administering the residential solar investment program uh you can see from this slide here that we exceeded our targets across the board i can tell you before we headed into covid19 we were nearly at our year yearly target we were doing very well kovitz slowed us down a bit but you can see we exceeded the target um we're going to talk a little bit later about the impacts cobit 19 has had on the stability of the residential solar industry across the board you can see the smarty loan which is our partnership with local community banks and credit unions did very well so we met and achieved our targets and then solar for all is our effort to ensure that solar pv and energy efficiency uh is being deployed in low to moderate income communities and you can see that uh for the most part we exceeded our targets there a little short on capital deployed and installed capacity uh but we've managed to reach a number of households to help them reduce their energy burden uh let's go to the next slide uh and just to wrap up in terms of the fiscal year targets here for incentive programs uh again we've got uh some ranges here in terms of covid19 uh what you're seeing in terms of the rcip program is a range that reflects uh us achieving the 350 megawatt public policy target uh hopefully we will see an extension to the rcip in some way if we do see that then we will support more projects in the queue which is what the higher end of the range reflects and you can see we've kind of moderated things a bit given the instability that the residential solar market is experiencing as a result of covid 19. solar for all again is a proportion of those projects that are for low to moderate income families less than 80 percent of area median income battery storage we had this last year you might recall in our strategic plan uh specifically under an electric efficiency partnership docket uh this year we managed to work with a number of partners and we're going to talk about them here in a second to submit a battery storage application underneath the equitable modern grid docket uh we'll talk about that in a second our hope is that this uh proposal will be supported by apura and then lastly is our smarty loan program where we've established some some targets there and we do have uh in the marketplace currently an interest rate buy down program specifically to support three key areas for connecticut confronting climate change that is uh ev recharging in your homes renewable heating and cooling in your homes and battery storage in your home so if you're a contractor out there or a customer who's looking to install those technologies right now we're running a special offer up to 2.99 percent uh for up to 10-year maturity terms on the smarty loan uh so that is just a quick recap of fiscal year 2020 and what we're looking at in terms of fiscal year 2021 why don't we move to the next section where we're going to delve into more detail on the incentive programs i'm going to be tag teaming with cellia price and sergio carrillo so uh why don't we go ahead and move to the next slide andrea where i could introduce our new guest here with us this afternoon um so i want to let everyone know if um you haven't heard already uh cellular price has been with us uh for quite some time uh over a decade now celia and um she is uh in a transition um and is likely over the next six to 12 months to be moving uh from the state of connecticut to michigan um i'll allow her to say a few things about that transition here in a second as you can imagine this program and the results that we're delivering here celia working with the team have done an incredible job so passing the baton is always difficult and transitioning all of that knowledge and experience is going to be really important and we hired as the director of our incentive programs uh sergio carrillo sergio went through quite an extensive search process i think it was six parts in the end but he comes to us from delaware where he was a leading strategic planning efforts for a utility there on uh renewable energy he has a history and procurement for commercial and industrial customers on the electricity and natural gas side and already within the first two weeks of him being here is jumped right in and engaged with the team uh why don't i give celia a moment to say a few things and then we'll turn it to sergio to introduce himself i'll say you want to say something thanks brian good morning everybody um i just wanted to say it's been very fulfilling to be working at the green bank in support of the clean energy industry i'm very grateful to brian and our hard-working team and also very grateful to all of our residential solar contractors and third party owner partners that we've been able to collaborate with and learn from and we hope to continue doing that in support of this this industry um i'm very happy to welcome sergio to our green bank team and i look forward to his leadership on our programs and look forward to supporting him and the team during the transition hello everyone yep oh go ahead sergio i was just gonna say yes uh you're next no problem thank you hello everyone um it's a pleasure for me to be here um as sally and brian said my name is sergio carrillo and uh i'm the new director of incentive programs for the past seven years i worked with a natural gas and electric company headquarters in dover delaware where i led uh the strategy strategy development and the execution efforts part of that strategy included clean energy technologies including solar combined heat and power compressed natural gas cng renewable natural gas and others and prior to that i held different financial roles in energy marketing companies leading um retail electricity pricing for residential commercial industrial customers and also wholesale electricity procurement processes um i am very excited to be here working with this exceptional group of people and uh i'm i'm looking forward to to uh to keep up with the excellent and great work that celia has done over the last few years that's going to be a challenging task excellent thank you for that so why don't i turn it to you and um andrea if we go to the next slide we'll continue tag um teaming you brian and sergio um and so on on this next slide we wanted to give you a little bit of um just remind you a little bit about the background of rsip and the status of where we are today so um as many of you know the rcip program was legislatively enabled through public act 1180 section 106 and it was most recently updated by public act 19-35 last year and uh that that most recent update brought us up to a target of 350 megawatts 350 updated from the prior target of 300 and that target specifies that we need to deploy that much capacity on or before december 2022 and just as a reminder to those um who are on the webinar um we've heard there's been some confusion about um when net metering ends public act 19-35 also decoupled the end of net metering from rsip so they don't end at the same time net metering ends december 31st 2021 and the tariff compensation structure that's scheduled to to replace net metering is expected to be in place in 2022. we don't know the specifics of the tariff structure yet including how high that tariff compensation rate will be so there's a lot that will still emerge over the next um year and more now in terms of the rcip status as of september 1st we had approved approximately 342 megawatts out of our 350 target or 98 of the target in terms of approvals as of today we're still at about that same number even though we're a couple weeks further along because we've made sure to work with contractors to cancel projects that aren't moving forward to make sure there's room um for new submissions and so that's sort of offset any new um submissions we've gotten in the last couple of weeks so we're still at about 342 megawatts um just in terms of a couple of statistics program wide about 75 of our sip projects are third party owned and about 25 percent are homeowner owned and the other interesting milestone we've reached recently is we've reached 1.3 billion dollars of total investment in residential solar through this program about 150 million dollars worth in terms of the incentives that the green bank has provided and the rest has been provided by the private sector or all of those customers investing in solar and that's a nearly a nine to one leverage ratio so that's a very um that reflects a very efficient program in summary we're about um well we're less than 10 megawatts away from reaching the target and we're estimating reaching um the approvals that are needed sometime in october but we of course need to see those projects to completion and so there's a little bit of monitoring we'll be doing through that process and as a result of that and the fact that we're so close to the target we're implementing with what we're calling an rcip closeout process in case our sip is not extended and that's just to make sure that um we're um you know accurately providing approvals um for uh incentives just up to that target and let me pass that on to brian who i think is going to give us some legislative and regulatory um updates great thank you for that celia yeah so in the coming slides um you can stick on the prior slide just stay on the prior slide for a second andrea um so i am going to go through kind of what how covet 19 has impacted the stability of the residential solar industry because um you know right now as so you mentioned we're about to hit 350 megawatts the which would be the end of the rcip but if the industry is unstable which it is uh and i'll review some of those statistics in a second um we need to figure out a way of trying to help support the industry and stabilize the industry so uh for any of you who are out there and listening and are advocating to the legislature to extend the rcip uh continue to do so uh we're trying to look at a number of ways not only of doing that uh but also exploring uh regulatorily uh what can be done uh to help the rcip but as of now there's nothing concrete let's go ahead and go to that next slide andrea um so wh t you're looking at here are essentially summarized results from two surveys the first survey was run in april of this year the middle of april these were surveys developed by the green bank deep the department of economic and community development advanced ct the governor's office and the utilities where we wanted to see what covid19 was doing to the clean energy industry so what we're looking at here is actually a subset of the data specifically to the residential solar pv contractors what you can see from that early april uh survey is pretty significant impact the covid 19 on their business you know how how detrimental has covet 19 been to your business you know eight out of ten happy fa uh sad faces in this case um so really detrimental i i think the average uh for the survey was eight out of ten across all sectors um when asked you know how long is it going to take for your business to recover once covid 19 is under control you know you can see there six to 12 months so quite a long run rate in order you know in order for these local companies to get back to where they were uh once covid was under control versus survey number two which was done in the early part of july you know this was after the paycheck protection program that went out i think nearly all of our companies but one received support from the paycheck protection program so that's a great uh result you can see the detrimental impact covid19 has had on their business has dropped a bit so five unhappy faces out of ten in terms of how likely will it how long will it take for your company to recover once covid 19 is kind of under control you could see some are ready to go now others say three months but the number that really worries me is 12 will never recover um so those are some of our local companies that just aren't going to be able to weather the storm uh given where we currently are and in fact i just got some unemployment numbers uh updated uh yesterday and connecticut's clean energy industry has lost 12 of its jobs since uh the end of 2019 as a result of covid so it is having an ongoing persistent effect on the stability of the market and specifically the residential solar market let's go to the next slide andrew so beyond the survey we also collect a lot of data so this is data that the arset team collects with regards to applications that are submitted for incentives by contractors what you're looking at here is in the blue chart this is the amount of megawatts of applications that are being submitted a month and the red line is that month compared to the same month in the prior year what we want to see is steady or or continuous growth we want to see something above the green line and you can see before kovic 19 hit our market was doing well it was steady growing year over year but since covid we've seen less applications coming in and that makes sense right because the demand side of the market is you know households are staying at home social distancing a little bit anxious and so that results in less applications coming into the program again we want to see growth we want to see stability so this isn't a good sign let's go to the next slide the next slide here depicts the end of the process this is when the projects have been completed and contractors are submitting completion work to the green bank for the final uh incentive payment again you can see here uh what's happened as a result of covid this data point is important because where the prior one is focused on customer acquisition or marketing this one actually deals with construction and jobs this is when we know work is being done to install these systems so again uh we saw we see a lot below the line the green line but in august was a big worry you know we know that that's a typical vacation month for new england new englanders but uh you know seeing such a drop year to year is not a good sign let's go to the next slide last week we had a conversation with our residential solar installers we had great participation in the webinar as cellular was alluding to in terms of how we were looking at winding down the rsa if the program is not extended and given that participation we had 80 80 participants in the webinar i think they represented 80 percent of our market and we asked them a number of different questions uh stay on the the yeah that slide there thank you andrea sorry um and we asked them a number of questions in the webinar because we wanted to gauge where they were um with regards to their business so this first question was you know on a scale of one to five uh with one being the least and five being the most important how important are the following to the residential solar pv industry in connecticut and it's it's pretty clear right that that net metering is still on on the contractors minds you know the idea of transitioning to the tariff uh in january first of 2022 as celia noted is still on all of their minds as a business and then of course we've got the federal investment tax credit that drops from 26 to 22 starting january 1st of 2021 so those are really key drivers to the finances of a solar pv system uh but right there you see the residential solar investment program as number three uh on this list with both uh the pbi and epbb projects equally roughly supportive of uh wanting to see that continue uh let's go to the next slide uh so we also asked them you know how would you rate the following barriers to greater customer adoption of residential solar pv in connecticut give one to five this one's interesting because you can directly see the dilemma that our solar industry is in literally they are sandwiched between the economic uncertainty that's being caused by the public health crisis and the the phase out of the federal itc so given that our rcip is coming to an end here they're anxious given the itc coming down and covet 19 impacts so to us this is clearly a signal a current signal further supporting the need to extend the rcip in some way in order for us to not only achieve the 350 megawatt goal that that's going to be achieved but more importantly we need to ensure that we have a stable industry that can continue to provide quality installations to residential and use customers so that they can reduce the burden of energy costs and hopefully also begin to install battery storage so they can become more resilient to grid outages so this was really an interesting finding here as well i don't know celia sergio if you had anything else you wanted to add on some of these findings but it's clear to us no matter what the metric that the industry is unstable and we need to do something so so for those of you who are listening whether that's an extension legislatively whether that's us figuring that out regulatory we need to figure this out because the industry needs some stable some stability in the near term all right why don't i uh let's go to the next slide and sell you and sergio if you have any other observations as we're moving through the slides uh let's go ahead and raise them so you will turn it to you thank you brian and um i think you covered that well um and you know just to reiterate you know we we need to do whatever we can to help support the industry during this time there is a tremendous amount of uncertainty um the industry's really been tough over the last six months but it is still a difficult climate to be operating in and you know the itc reducing again and customers facing the economic uncertainty we recognize that maintaining an arsenic incentive is really important for the industry right now and through when the tariff starts so we think helping to helping the industry bridge that gap is very important so now this slide that we're looking at now pertains to the rcip closeout process that i alluded to earlier and again this is assuming there's no rsip extension we're still um hoping that that could still happen but we need to plan for if it doesn't and i won't go into too much detail on this this is primarily pertaining to residential solar contractors and uh third-party participants um but again given that arsenal has less than 10 megawatts to go before reaching the 350 the green bank is implementing a closeout process and we provide that information on our green bank power clerk web page which is shown on this slide so if you're a contractor and you miss our webinar last week please go to that site and make sure that you review the webinar recording and slides and all the materials that we'll be providing there and with that um i think we can move to the next slide excellent uh why don't i take this and so you will tag team as as we see on our slides here um so one of the other mechanisms that will help the industry is to provide find a way of providing incentives to residential end-use customers commercial customers and the like access to battery storage for those of you who are following legislation before covet 19 hit there was house bill 5351 uh which was the energy storage bill uh but as that bill was kind of making its way through um there was also a docket docket number 17120 uh the equitable modern grid docket being led by chair gillette at pura the public utilities regulatory authority where they're taking up 11 different issues one of those issues is battery storage underneath re-3 reopener number three and the green bank submitted a proposal into that docket essentially seeking to deploy 50 megawatts of battery storage in combination with residential solar pv by the end of 2025 so reaching 10 000 customers and helping them put storage uh on their solar pv systems and this is important because not only will it provide backup power to those hosts delivering more value for solar pv but will also be able to socialize some of those benefits to electric rate payers and the grid by allowing the battery storage to reduce a demand specifically peak demand so this proposal that we put together and we'll make it available so everyone can take a look at it was submitted to pura and it's our hope that puro will delve further into it and provide support behind it let's go to the next slide um so the way we designed the program was we did a a really rigorous job a comprehensive job we took a look at industry research the energy storage association has a really good research report on various program designs for battery storage we had a number of conversations with the solar pv industry in connecticut those who are doing battery storage or want to get into battery storage so we we took all that feedback we also did some market research we did some willingness to pay surveys so for those of you who are interested in data on what residential homeowners in connecticut or smarty loan customers think about battery storage it's available in our solarize storage uh proposal uh so we'll make that available to you all it's really great data we we have nearly 2 000 respondents so we used that study to inform our program design we also looked at regional best practice battery storage programs from northeastern states and tried to assess the net present value of those incentives so that we can get a sense of cost effectiveness in connecticut how could we design something that was within reason looking at our our colleagues in the northeast and develop something that was going to do more from it and then lastly we developed a cost-effectiveness tool with guidehouse they're one of our consultant partners and we developed a cost-effectiveness tool that calculates different tests you know a participant cost test a total resource cost test a ratepayer impact test a societal cost test all these different tests we can now calculate through this spreadsheet program that we put together for this program so from it we designed a very cost effective program that's going to deliver maximum value to connecticut ratepayers um let's go to the next slide let me turn this over to you sell to go from here so you want to handle this you might be on mute sorry i was muted thank you thanks brian um so the next two slides provide some details about the program design that we submitted to pura and as brian mentioned uh we did a lot of research to combine the elements of other programs and incentives that we thought would be effective and also made sure that we did benefit cost analysis in detail so that we could justify the expenditure of the state and so i just wanted to share that we have seen that there is a lot of interest in battery storage from customers so our our overarching goal is trying to figure out how to make it more affordable to customer make battery storage more affordable to customers so that they can adopt it um since it's still an emerging technology still expensive while also providing significant benefits to the grid and therefore all rate payers and we we of course then can quantify those benefits to show that in fact the program would be meeting those benefits so on this slide we're illustrating two aspects of the program design an upfront incentive from the green bank as well as a performance-based incentive from utility demand response programs so the program has these two aspects so on the left side this shows one aspect which is the green bank providing an upfront incentive and in exchange for that we would ask the customer battery to provide passive dispatch or we also call it set it and forget it meaning that the battery will dispatch to help meet the on-site load for the customer during pre-specified times usually we define that as the iso new england summer peak hours during the summer when there's a lot of need for electricity dispatching those batteries during those peak hours provides benefit to the grid it helps lower electricity costs for everybody so that would be the baseline benefit achieved by the program in addition we recognize that the utilities can still on top of that baseline benefit provide or allow customers to participate in an active demand response program such as eversource's connected solutions program in order to capture additional benefit so with the demand response program the utility will schedule an event say a day ahead and we'll ask that customer's battery to dispatch during that event and not only can that battery help me that meet that customer's load but can also export extra energy to the grid and provide additional benefits on top of the passive dispatch so our design tries to capture all of the benefits maximize the benefits to rate payers and also help uh therefore justify the incentive cost to the state um so let me go to the next slide uh which is related to to the one we we just showed and on this slide on the left side of the the graphic shows what's happening during the passive dispatch so the um light green bumps you can see there's three of them this is representing um three days where uh solar energy is being produced starting in the morning and then into the evening it dissipates the light blue line which you can see starts out negative is where the battery is charging and then you can see the light blue line goes up because the battery is then dispatching up to that light gray line where it's meeting the on-site load just up to that load and say it does that for three days and then the utility can call um a peak event when they know that they're expecting a lot of uh demand so say that's day four they let the customer know ahead of time or we set up our the software systems um to be able to handle this and then the battery not only dispatches to meet on-site load but you can see on the top right this graphic shows um the light blue line on the top right goes way up and that's because the battery can dispatch and export extra energy to the grid and thereby provide even more benefits to all ratepayers so that's the design that we came up with and again the combination of the incentives can provide more attractive economics for customers while max maximizing benefits to the grid um next slide excellent thank you thank you celia for that overview of the program the only other thing i guess i would add is that um there'd be no less than 20 of the battery stored as backup for the host so in a case where there might be some sort of weather related incident on the horizon uh the battery could actually store up to a hundred percent and be used for backup so we've designed the program to have that backup element so we're adding value to the host so obviously it takes a village when you're when you're thinking about this type of program we had a number of partners submit letters of support to our application it is an application that also includes of the utility playing a role here through the conservation and load management program as celia talked about with the with the dr the demand response program element to it so we're excited to see all the players involved and hopefully uh through docket the docket i was referring to uh we will uh seek support and can offer this incentive in the new year it would be our hope um so with that why don't i transition from here to mackie dykes who's gonna walk us through uh some cool updates on our financing programs uh andrea let's go ahead and move forward thank you great thanks brian this is mackie dykes i'm the vice president of financing programs here at the green bank i'm going to give a couple updates on a few of our different programs and products so first i i hope most of you are already familiar with our green bank solar ppa um our power purchase agreement uh this is a a a program that allows uh building owners to sign a power purchase agreement with the green bank and lock in a so you go solar and lock in a fixed power price uh for the power from that solar but the green bank and our partners uh will own the system it's a great structure you know upfront cost uh us and our partners cover 100 of the costs you lock in a lower electricity rate than you're currently paying um so your cash flow positive from day one and you don't have any of the headaches of ownership this is a great program i've been very successful with municipalities nonprofits around the state primarily with stakeholders who who don't have the ability to monetize the federal tax credits um but um as we were uh as we were working with with customers on this on this program uh we learned that financing uh and the ppa uh as a solution to the financing barrier is not the only barrier that customers especially municipalities encounter as they're thinking about or wanting to go solar so next slide please so that led us to introduce our solar map program uh our solar municipal assistance program um so this combines the the ppa along with a full suite of services to help municipalities access renewable energy and access the the savings from a solar project you know the where we were typically helping out which was again the ppa that's the end of a a long path uh that you have to walk to get to the point where you're uh you're you're worried about financing uh you know it that path starts with just the you know the the simple question well i do where where where would solar work it was to totally work at this building uh if so how do i how do i go about uh finding a partner to help design it how do i pick a contractor um how do i access incentives how do i finance it so we designed solar map to help municipalities answer all those questions and to take a lot of the work from them and and have us take it on so we can help them get to the end of that path which is realizing the green energy savings and the benefits of the renewable power next slide so how do we do this um so we will if if you're interested encourage you to reach out with us uh reach out to us um start with just some basic information gathering and when i say basic it is very basic it's just tell us every single property that you're uh where you've got an electric meter there where you'd like to explore the potential for solar we'll do a preliminary check on that make sure that there's no obvious barriers to doing it you have too much trees too small things like that um and assuming there's a there's a path forward from a technical perspective i will then uh to put together preliminary design uh we'll look at electric bills uh to inform that design we'll do a site visit to inform that design and then come back to you and review the the project proposal to make sure that that it meets your needs once we have that project finalized the green bank will run an rfp to select uh contractor contractors for uh to build that system and this is where where one of the other key benefits of solar map comes in because rather than the municipality uh running an rfp for their one or two projects we're combining multiple projects from multiple uh municipalities uh so by you know aggregating all these together we're able to hopefully achieve cheaper pricing in the aggregate than you would have gotten for for single or smaller projects so we can drive down the construction cost which will result in a cheaper ppa price for that once we've done that we've secured the incentives then we come back and we execute the ppa and build the the project so you know through this we're really taking all the um as much of the work as possible away from the municipality and really just you know coming to you at those key decision points you know does this system meet your needs does it work and then you know when we come back for the final ppa is this pricing you know we save you enough money um and does uh you know all the schedules and everything meet what you want and you know we sign it and and then uh go solar so we're uh we're just finishing up our first round now we've got seven towns we're working with and we're starting to build a second round right now so please reach out to us if you're interested next slide switch into our cpace program commercial property assess clean energy uh you know in recognition of the uh the challenging times that many businesses find themselves in and you know the the the usual mantra cash is king is even uh even more important now um where we've designed flexible repayment terms to help get more of the energy savings the initial energy savings into building owner's pockets we've got two options one is to defer your first two payments what this means is that for 18 months you can have no cpas payments so all the energy savings from a project go directly into into your pocket um and then you know the payments will pick up pick up later you'll still be casual positive when those payments start um but you know you you've benefited from from up to 18 months of you second option is interest only payments for up to three years uh so in this case uh you know you're you're still starting some repayment at the normal time when the when the project completes however there's only interest only and we can stretch that for up to two years so you're making reduced payments and having more of that cash flow go to your pocket rather than your customers pocket rather than uh into the repayments so again both these are crafted really with just trying to shift in the the early years of the project more of the energy savings benefits to building others next slide and one other cpace offer that we are relaunching uh we had just launched this uh right prior to covid um but uh in light of the the times we found ourselves in uh we we shut it down uh we are gonna reopen it uh as you know we are starting to see some businesses reopen um so this is our charge up ct buildings initiative um uh this this program uh gives building owners that do uh a seat based project of a certain size we will provide them with uh free ev chargers um so one charger up to up to three depending on the the size of the seepage of the energy efficiency c-pace project that you do i should know this is not available for uh for solar projects uh this is uh geared towards energy efficiency so you know we're excited about the ability to continue to utilize seat base which is a great tool to help building owners save money make their buildings more sustainable now we can offer this additional feature of helping them modernize their building provide the ev benefits to their customers or more tenants while at the same time recognizing the or realizing on the state's important goal of building out the charging infrastructure in the state you can find out more information about this at chargeupctbuildings.com and then actually the previous offer i forgot to mention if you just go to cpase.com uh there's more information on our flexible payment options next slide and then we've got a new initiative that i'm excited to to talk about um we recently released a rfp for greenbank capital solutions um this is uh you know we recognize that not all projects fit into one of our existing programs so you know with the desire to continue to to find any way that we can to to meet our goals of increasing and accelerating the investment in clean energy in connecticut meeting the state's goals uh we put this out just you know to really capture anything else uh that is uh is out there any projects that are out there next slide so uh this will this rfp will be uh sort of open on a rolling basis so we'll take proposals as they come in we've got clear objective and transparent criteria that we're evaluating projects on and we will strive to be market responsive and adaptable uh we'll be quick and turning around answers uh and you know where it might not a first proposal might not clearly fit into our objectives or criteria we'll work with you uh to see if we can craft something on a maybe on a second tank that would work next slide uh just a few uh i think sort of key things to mention uh we are looking at either already commercially viable technology or i've demonstrated clear potential for viability all these projects should fit within the clean energy goals of the state from a financial standpoint we're always looking to leverage private capital with cgb capital uh so we're you know we're not looking to provide 100 of the project funding in the form of green bank capital we'll look to the developer or whoever the submitter is to have identified other sources of capital or in some few cases we we can lead and work with you to bring in other partners uh but again we're always looking to leverage private capital rather than supply 100 of the funding next slide in addition to meeting state clean energy goals also needs to meet our green bank goals obviously it also needs to be clear that green bank participation is essential to the project we're not looking to displace capital private capital that would otherwise clearly be accessible um you know there needs to be a reason uh for uh for the green bank participation to to be necessary other than just you know if you want to work with us or you know bert and his team are great um that you know we we are we're always looking to to make sure that we're leveraging and uh making projects happen that wouldn't happen otherwise um yeah it's obvious at the project feasible um do we see a pathway to uh to project success uh from a technology uh an equipment uh standpoint and then we'll look to uh their uh how replicable it is is this a one and done or is it something that uh that we could scale either here or or elsewhere next slide and i won't go through this in recognition of the short time you can find the rfp and how to apply on our website ctgreenbank.com in the rfp section excellent thank you mackie thank you for that review of the green bank capital solutions and all the other initiatives really really exciting um so yeah we're running out of time here i'm going to move through this section pretty fast but if you do have questions go ahead and put them in the chat ed is monitoring them and we'll try to address a few at the end uh let's go ahead and go to the next slide andrea and click another one more time perfect um so just i mean it's obvious right everything's around us we can see it in california um you know with climate the impacts of climate change um we know that green bonds have the potential to increase investment uh not only in our state but across the country uh to help confront climate change um in 2019 255 billion dollars of green bonds were issued uh about 50 billion of that was in the us uh and about 60 of those green bond proceeds were in clean energy renewable energy and energy efficiency this slide here just shows a forbes magazine article speaking about the importance of green bonds but what's interesting about this article is that it not only cites two of the preeminent energy companies seeking to confront climate change by reducing greenhouse gas emissions but it also highlights the connecticut green banks award-winning asset-backed security that we issued last year uh let's go to the next slide uh with with with green bonds on our minds uh we wanted to learn more about uh our connecticut residents and and understand the local market for green bonds so a year ago working with great blue research we conducted a survey to connecticut residents to understand their level of interest in green investment we surveyed families that had already demonstrated their interest in green technology by installing rooftop solar pv and we also surveyed everyday families that hadn't installed solar they were just simply randomly selected and we asked them you know if you are interested in investing in green projects what what types of green projects would would you support through your private investment and we can see here that recycling and waste reduction is the number one green investment of interest uh with clean water and solar pv projects is at number two and number three respectively let's go to the next slide andrea uh in addition to knowing about the type of green projects families would support we wanted to also learn about their current investments you know we wanted to not only understand whether they were making investments in stock portfolios 401ks or other funds which over 85 percent of the respondents were but we also wanted to understand their knowledge about investments available in the market over 60 percent of the respondents believed they were knowledgeable about investment options in the market including interest in purchasing mini green bonds or or small denomination bonds whose proceeds are used to support green projects and as we began to analyze the responses from the survey we discovered that smaller denomination bonds those bonds that are at you know a thousand dollars or less become more attractive to more families or more accessible for investment based on household income and this research actually helped us design a bond of interest to investors who want to confront climate change let's go to the next slide so in honor of the 50th anniversary of earth day the connecticut green bank created the green liberty bond it's a type of green bond whose proceeds were used to invest in projects that confront climate change in connecticut uh beyond providing families and businesses with access to capital to finance clean energy improvements which is what we've we've been talking about today the green bank is now issuing bonds so that families can invest in green projects for others in their community to save for the planet uh next slide a green liberty bond essentially has three specific features to it uh first the use of proceeds from the bonds have to go towards projects that confront climate change so that that can be mitigation projects or adaptation projects second and this is modeled after the series e war bonds of the 1940s is that the bonds must be able to be purchased by everyday citizens through smaller denominations so the research that we did informed us that we need smaller denomination bonds in order for people to be able to buy them and more than 85 million americans purchased series e war bonds totaling 185 billion dollars back in the 1940s uh which translates to about three and a quarter trillion dollars today so a significant mobilization of people to invest in confronting a problem uh and thirdly because we want more and more citizens to buy these bonds uh there have to be consumer protections embedded within them so they're required to have independent certification and verification that the use of proceeds are being invested to confront climate uh so a green liberty bond is simply a category of green bonds and we're inviting uh anybody else out there who is issuing green bonds and you know 50 billion dollars in the us last year let's make those bonds available to everyday citizens not just wall street because citizen want to invest uh in clean energy deployment in their communities and in their country uh all right let's go to the next slide uh here's uh just a breakdown of how the green liberty bonds went uh we had uh one to ten year serial bonds at different interest rates there uh we had a 15-year term bond uh i wanted to thank our designers bob lamb of lamont financial bruce chudwick of shipman and goodwin and bettina brown eyes of the treasurer's office uh along with our green bank team led by bert hunter uh and mike you who really put together this program for us this was our first green liberty bond we're going to try to do two a year so stay tuned if you are interested in buying these bonds uh go to the next slide we'll just kind of wrap up here before i have a few other things to say um so we sold out every year in every term of the bonds we had more demand than supply so what this tells us is we need a bigger issuance size we were unable to meet national demand so we had more than 10 million dollars of demand from citizens we were able to serve uh five million of demand from connecticut citizens uh but we were only able to serve a million uh from nationals so uh we want to enable more people outside of connecticut to invest in connecticut so next time we will design our product to be able to do that we also had demand from institutional investors environment social governance investors and traditional municipal investors but looking forward uh we're going to issue a larger bond uh and hopefully we'll be able to enable more citizens to invest and potentially looking at a zero coupon bond you know paying 750 today and getting a thousand dollar bond you know whatever five ten years from now uh so that's a quick summary of our green liberty bonds a few other items let's go to slide 42 andrea and i'll wrap up here um it's been a while since we had our last conversation uh we have several new board members i'm not sure our stakeholders have realized this lonnie reed was designated by governor lamont to be the chair of the connecticut green bank mike lee steps in for mary sotos he is the vice chair from deep he's the bureau chief of energy technology and policy and brenda watson uh the executive director of operation fuel was appointed by a to z speaker arrow simowitz so these are the three new board members on the board uh in the last slide andrea just kind of wrapping up you know what have we been doing on federal advocacy uh we've been focusing a lot on the national climate bank replicating connecticut's green bank into a national infrastructure the moving forward act passed by the house in july which was the 1.5 trillion dollar infrastructure bill included a 20 billion clean energy and sustainability accelerator which was essentially congresswoman dingle's floor motion to create the national climate bank so we will send out that language on the bill with our follow-up here uh it's great to see that and i'm watching uh closer there's there's more activity happening at the federal level on this as well uh connecticut is also part of the united states climate alliance governor lamont and rebecca french is our lead here in connecticut our director of climate change there are 25 governors around the country who are still in on the paris agreement they represent 55 percent of the population uh 60 of the national gdp and only 40 of the ghg emissions so uh collectively together we submitted a letter uh connecticut was leading the effort uh to congress uh to support uh the modernization and decarbonization of our infrastructure so uh also including the support of a national green bank so connecticut was very active in leading that effort with the usca so lots of activity happening on the the federal front and our hope is that uh we will be able to see more enablement of private investment in the improvement of our infrastructure and i think that's that's it uh ed we'll turn it back to you and see if there are any questions all right thanks brian um so we have one question uh so far uh so if anyone else has questions please submit them now if not we can uh send them out uh send out answers uh with the presentation which we will send in a few days um first question what if any options are available for reallocating excess capital to refinancing of legacy tv lease customers i'm wondering mackie is that something you could take maybe ask it again and let's yeah yeah so sorry so that that might be more a question for uh celia or or you brian so um is or so has there been any consideration um of how to help the existing residential solar pv and lease customers um i assume they're referring to sl1 or maybe sl2 customers who may want to buy out of their lease is there anything um in consideration to help those customers either buy out of their lease or kind of move on from the end of their sl1 into getting a new system a good question so let me take a stab and see sally if you wanted to follow up so i believe on sl1 those were 15-year leases so we're actually getting pretty close to the term of those leases coming up some of them are probably coming up which means that uh once the lease is up uh you know this person here is asking the question of what can be done um i'll just flag it for our team to take a look at uh what comes to my mind is if we needed to refinance i would suspect given the useful life of the measure for another 10 years that we might be able to refinance it with a smarty loan but let me flag that there and sell you i don't know if you had any other thoughts um but that's sure yeah i think um well we have a couple of folks on our team um stephanie atreuya and and bill colonists who usually help with with questions like that so i think there is a buyout option i don't know if there's a refinance option but my email address is on this slide deck so if you send me an email i can connect you with our team to help you um get an answer to that question so that's cellular.ctggreenbank.com uh so the last question that i have here um is uh is the green bank considering uh a residential ppa similar to what we have for commercial um so good question we've we've actually already been there um back in 2012 2013 you might recall the green bank had a lease product um i i don't know if we had a ppa element to it i think it was structured as a lease a fixed lease or an escalating lease but because there are now private lease providers or ppa providers in the market we really don't want to displace that private investment so we had it in the early days because we needed to provide consumers and our local contractors with the ability to offer that form of financing as we attracted more third-party owners into connecticut to support those customers we moved out of the market so our whole goal as a green bank is to to be a catalyst to investment in the market we very much feel like we we did that and there are a number of ppa and lease providers in connecticut that can either support contractors directly with financing to their customers or provide directly to their customers access to third-party capital thanks brian uh so i don't see any more questions uh so um again if anyone on the line has any other questions uh our email addresses are on the screen now uh so with that thank you for joining us today and we will have a copy of the presentation and a recording of the webinar sent out within a few days thank you you