3途径推进建筑能源改造市场

One obstacle in the way of spreading energy efficiency throughout buildings is the struggle to scale up investments.CERES.宣传全球经济的宣传联盟决定解决这一阻止。在它的主持下投资者网络气候风险，超过100个机构投资者的网络，市场资本化超过11万亿美元，CERES已发布new report详细了解创建机构规模建筑能源改造行业的综合框架。一种网络研讨会that builds on the report, focusing on investment initiatives in California, will take place June 6.

CERES研究报告了3月圆桌会议的结果，组装了29个机构投资者，能源财务专家和政策领导者的横断面，以评估扩大建筑能源改造部门的选项。作为圆桌会议的参与者，我可以证明报告非常值得关注。

The Ceres roundtable produced three tiers of recommendations to scale the building energy retrofit market:

实用市场改革。The utility business model should be reformed to reduce utility revenue loss associated with building energy efficiency. Progress is being made, but more remains to be done. Nearly all states allow for energy-efficiency-program cost recovery and 27 states permit lost-revenue recovery or decoupling policies. Energy efficiency resource standards (EERS), in place in 24 states as of October, require utilities to procure energy from energy-efficient sources to generate mandated energy savings. The strongest EERS requirements exist in Massachusetts and Vermont, which require almost 2.5 percent annual savings.

由CERES组装的专家还认为，应鼓励公用事业公司创造和参与能源效率和能源改造方案。三项要求可以促进这些计划的创造和增长：

• 创建一个机制,允许utiliti“整形”es to recover some revenue lost to unpaid energy efficiency loans. (Current regulations already allow utilities to recover revenues from unpaid electricity sales through rate adjustments.)
• 要求公用事业公司向能效金融家提供使用和金融数据，从而促进小学和二级贷款和投资组合承保。
• 制定具有强大承包商标准和评估测量和验证（EM＆V）标准的计划，以提高贷款质量

需求驾驶政策。CERES中的参与者圆桌会议推荐了一系列政策改革，以推动市场对能源改造的需求。这些包括扩大和加强建筑能效的代码和标准，制定节能设备和设备标准那and passing building energy disclosure standards that provide data incentivizing energy retrofit demand and producing transparency to facilitate investment analysis. Appropriate standards help to ensure the investment consistency and quality that propels market growth.

项目融资机制。Ceres圆桌会议参与者建议各种机制促进能源改造贷款的融资。其中，是持续使用财产评估的清洁能源（步伐）和账单还款（OBR）计划，为二级市场池创建主要建筑贷款。这两种机制都有优点和缺陷：

PACE programs, which secure the energy retrofit loan by adding it to the local property tax lien, must be authorized at the state level and rolled out by local jurisdictions. While highly secure, PACE loans therefore can be slow to scale, although several programs are growing rapidly. In addition, PACE loans are primarily appropriate for commercial and industrial properties because Fannie Mae and Freddie Mac, the leading secondary market buyers of U.S. residential mortgages, refuse to participate in first-lien PACE programs.

OBR programs, which collect the energy retrofit loan through the local utility bill, can be used more broadly to finance residential, commercial and industrial retrofit loans. OBR loans enhance security to the retrofit lender by shutting off the borrower’s utilities in the event of default. One Ceres participant noted, however, that utility delinquency levels should be carefully evaluated in designing OBR programs.

其他建议包括信贷增强和硕士有限伙伴关系。

信用增强：CERES圆桌会议的参与者建议使用信用增强来促进建筑能源改造计划的汇集和证券化。两种形式的信贷增强包括贷款损失储备金和贷款担保。贷款担保是支付基于担保发行人的信用的付款的协议。贷款损失储备留出计划资金以偿还潜在的损失。建立俄勒冈州和密歇根州的能源改造计划使用贷款损失储备。

主有限伙伴关系：硕士有限伙伴关系（MLP）是公开交易的车辆，通常用于与能源相关项目，包括石油和天然气管道。MLP结构对机构投资者有吸引力，部分原因是它提供了与投资的流动性接触公开交易的安全性，例如股票或债券。扩展MLP税收结构以效率项目可以提供另一条渠道，以通过在汇总投资之外通过资本市场确保融资。Ceres圆桌会议参与者注意，国会已经考虑将MLP结构扩展到可再生能源和能效项目;因此，将MLPS成为能效金融工具的近期机会。

除本地步伐和OBR计划外，州政府还可以证明是建设能源改造计划的高效开发人员。在州环绕方法的优点是使用更均匀的贷款要求，以及更有效地捆绑用于证券化的贷款池的能力。国家养老金计划是证券化池的潜在买家。CERES 6月6日的网络研讨会将在这场前面探索加利福尼亚州的新兴方向。在这种方法的变种中，本地步伐和OBR计划可能会为国家证券化提供贷款产品。

图像信用：CC许可证angelocesare./ Flickr.