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Financing Green Retrofit Improvements with Energy Savings
Partners In Innovation ConferenceBoston, MAApril 14, 2010
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Extending Enterprise’s Vision
“What ought to be, can be, if we have the will to make it so.”“What ought to be, can be, if we have the will to make it so.”-- James W. RouseJames W. Rouse
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IntegratedDesign
Energy Efficiency
Location and Neighborhood
Fabric
Materials Beneficial to the Environment
Operations and MaintenanceHealth
Water Conservation
Green Communities Criteria
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In 2009, Enterprise released report evaluating cost effectiveness of the Green Communities Criteria, Incremental Cost, Measurable Savings
Estimated lifetime savings exceed the initial investment of incorporating Green Communities Criteria into affordable housing
Direct savings come from energy and water conservation measures
Evaluation Findings
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Cost to incorporate the Green Criteria
Projected “Lifetime” Utility Cost Savings
$4,524 per dwelling unit $4,851 per dwelling unit
Average cost per unit to meet Energy and Water Criteria = $1,917
Energy and water efficiency measures paid for themselves as well as produced $2,900 in projected per-unit lifetime savings.
Key Findings
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Enterprise Green Retrofit Pilots
An innovative effort to improve energy and water efficiency in older affordable multifamily buildings by providing technical support, energy funding, utility rebate and incentive resources and debt to accomplish green retrofit projects.
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Goals of the Pilot
To create a replicable and scalable approach
to funding energy efficiency and water conservation
upgrades in affordable multifamily housing, while….
Improving property cash flow
Dovetail with larger scale rehab efforts
Linking to green jobs programs
Improving health of buildings and residents
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WinnCompanies
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Sustainability Highlights – WinnCompanies
2010 WinnGreen Operations Manual Green Purchasing Standards
Measurement and Verification Guidelines
Green Cleaning
Integrated Pest Management
Energy and Water Assessments
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7.98
-
2.5
5.0
7.5
10.0
12.5
15.0
17.5
20.0
22.5
25.0
BTU
/Squ
are
Foot
/Hea
ting
Deg
ree
Day
10
11.71
10.40 10.09
5.32
7.65
5.30
7.62
4.203.67
4.87
8.07
15.30
4.65
10.39
12.2211.70
12.64
6.49
22.50
14.28
15.61
11.14
12.25
Cas
tle S
quar
e
Coe
s P
ond
Vill
age
Eas
tbro
ok V
illag
e
Edg
ewoo
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partm
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Har
tley
Terr
ace
Her
itage
Hou
se
Ken
drig
an P
lace
Mill
Val
ley
Est
ates
Mus
eum
Par
k C
ondo
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Mys
tic P
lace
Naz
ing
Cou
rt
Nor
th V
illag
e
Nor
ther
n H
eigh
ts
Nor
thga
te
Old
e E
nglis
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illag
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ksid
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illag
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Peq
uot H
ighl
ands
Red
woo
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rrac
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onvi
lle V
illag
e
Sto
ny B
rook
Vill
age
Vill
age
At B
rook
line
Wal
den
Squ
are
Wel
lingt
on C
omm
unity
Heat and Hot Water Usage (BTU/sf/HDD)
Sustainability Highlights – WinnCompanies
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Sustainability Highlights – WinnCompanies
Pickle Ditson Lofts - LEED Silver Historic Mill Redevelopment in Boston’s Mission Hill
neighborhood
Focus on high performance HVAC, insulation and air infiltration 43 units
designated for low-income housing
Establishes design and performance standards for future projects
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In 2008, Winn installed 1 Megawatt of solar photovoltaic capacity.
• Power Purchase Agreements: Properties make no upfront investment, and pay a reduced rate for solar electricity.
Partnerships with:• Massachusetts Technology Collaborative
• Connecticut Innovations
Bowdoin Apartments - Rolling Ridge - Sunset Ridge - Whalers Place - Stony Brook Village - Mill Pond – Walden Square – North Village12
Sustainability Highlights – WinnCompanies
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Lender – Borrower Issues and Perspectives
Who is the Borrower
Loan Amount
Term
Interest Rate
Use of Funds
Debt Service Coverage
Equity/Advance Rate
Repayment Schedule
Guaranty
Technical Advisor
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Example project – HVAC and Insulation Upgrade
Rolling Ridge Boiler Replacements Existing Boilers required replacement
New High Efficiency Boilers selected/designed
Air Sealing and Insulation of Attic Spaces
Rebate Acquisition
Costs Savings Total Cost = $384,000 Savings per year = ~$40,000
Rebate = $140,000 75% of Savings = $30,000
Net Cost = $244,000 Simple payback = 8.1 years
Payback @ 3.75% = 10 years
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Rolling Ridge Apartments: Before……
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Rolling Ridge Apartments After…
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Establishing a Baseline
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Measuring Energy Savings
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Other Enterprise Green Retrofit Pilot Program?
Pooling philanthropic or grant dollars to write down the interest rate and establish a “first loss” cushion in combination with other long-term debt
Working in CA with 5 non-profit affordable housing developers on 15 properties in SF, Berkley and Oakland
The OH Retrofit Fund targets LIHTC properties in Year 10 or older.
Washington State Green Retrofit Fund-Savings to repay loan over 5 year period
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FOR MORE INFORMATION:
Alma Balonon-Rosen
Director-Relationship Manager-East Region
Enterprise Community Partners
75 College Avenue, Suite 422
Rochester, New York 14607
Darien Crimmin
Energy Efficiency Project Manager
WinnCompanies
6 Fanueil Hall Marketplace
Boston, MA 02109
