Sunny Cambridge The Year of Solar! Agenda City goals / GEUP - - PowerPoint PPT Presentation
Sunny Cambridge The Year of Solar! Agenda City goals / GEUP City of 10 minutes Solar goals Cambridge Introduction Housing stock How solar works EnergySage 10 minutes Solar economics Solar 101 SRECs
Agenda
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Introduction
City of Cambridge 10 minutes Solar 101
EnergySage 10 minutes Solar Loans
Naveo Bank 10 minutes Sunny Cambridge Program
EnergySage 10 minutes Q&A 15 minutes
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City Greenhouse Gas Emissions
18% 64% 17% 1% Residential Commercial/Industrial Transportation Waste
about 2/3 is from the commercial, institutional, and industrial sectors; existing building stock is key
NET ZERO EMISSIONS REDUCTION MODEL
400,000 600,000 800,000 1,000,000 1,200,000
Energy Efficiency Reductions
70% REDUCTION BY 2040
Renewable Energy Additions
usage
The MIT-developed MapDwell tool shows that if photovoltaic panels were installed on all good solar locations, Cambridge could generate about a third of its electricity needs via Solar PV!
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Solar Panel Systems – Key Components
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Racking Solar Panels Inverter Solar Panel Inverter Bi-Directional Meter Electrical Panel Grid
Utility Bill 101
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100 watt light bulbs on for 10 hours = 1 kWh (50 hours for a 100W LED!)
per kWh
500kWh per month or 6,000 kWh per year With inflation*, a $100 monthly bill is about $34,000 over 20 years!
*Assumes 3.5% annual inflation
Solar Economics 101 5kW System, Good Solar Access, No Special Requirements
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Gross Cost ($20,000)
Federal Tax Credit 30% MA Credit $1k
$7,000 Net Cost ($13,000) 20 Year Utility Bill Savings $34,000 10 Years of SRECs $15,000 5 year payback Net savings of $30,000+ 20% return on investment 3% increased property value 20 Year Total Return $36,000
Solar Renewable Energy Credits (SRECs)
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What is an SREC? It is a measure of solar energy production that was created by the DOER to encourage solar energy adoption and investment by improving the economic returns to system owners
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Initiative of the Massachusetts Department of Energy
Resource and the Massachusetts Clean Energy Center (MassCEC) in partnership with banks.
Low interest loan to finance the purchase and installation of
eligible solar panel projects.
Terms up to 20 years Borrow $5,000 to $60,000 3.25% APR* fixed rate; as low as 1.75% APR* on projects for
Cambridge homeowners
Up to 12 months of interest-only payments during
construction, followed by regular monthly payments after system is fully operational.
Borrowers with low or medium household income may qualify
for direct up-front payments of up to 30% of the cost of the solar panel system.
*APR=Annual Percentage Rate
Solar panel systems to be purchased by
the homeowner/resident are eligible.
Financing available on primary
residences or vacation homes in Massachusetts only.
Solar panel systems must be connected
to the electricity distribution grid.
Solar panel systems may not have
previously received incentives from the Massachusetts Clean Energy Center.
When your loan closes, bank advances 35% of the loan to
cover initial construction costs.
Until the system is fully operational, you make interest-only
payments monthly.
After your solar system is connected by your utility, your
installer files your project completion documents with MassCEC.
When the project receives a completion approval from
MassCEC, we will call you to come in and complete additional loan documents.
Bank disburses the final 65% of your loan to you and your
installer.
Your regular monthly payments of principal and interest will
start approx. 30 days after loan closing.
Receive a price quote from a pre-qualified Mass Solar Loan
installer.
Select an installer and sign a solar installation contract. Work with your installer to complete the Mass Solar Loan
technical application.
Provide your tax information online (if you are applying for
income-based subsidy).
Apply with a Mass Solar Loan Lender and provide with the
technical confirmation ID# once received.
To apply for a Solar Loan online with naveo.org/solar
You can apply for pre-approval before you receive your Technical
Confirmation ID#.
Apply via phone by calling: 617-702-5101 with Elizabeth Cabral Borrowers must be eligible for and establish membership at
Naveo.
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SunnyCambridge.org
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financing preferences
property profiles
via marketplace
systems, submit quotes
comparison of system & financing options
from solar advisors
quotes & select one
Three easy steps: Simple, online comparison- shopping solution
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Why compare quotes online?
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Standardized assumptions and financial metrics Equipment quality Installer experience and reviews Simplified decision- support Solar Advisor assistance
Installer 1 Installer 2 Installer 3
A special process for complex properties – Introducing the “Multi-family Solar Consultant”
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Properties with more complex ownership structures will qualify for a consultation with Zapotec Energy Each qualified property will receive up to 6 hours of consultation – phone, email and in-person meetings The purpose is to determine the feasibility of solar and to gather all needed information to get the project “solar ready” for online quotes After the consultation and approval, an info package will be added to your EnergySage property profile to help installers develop quotes The normal online comparison-shopping approach follows with assistance provided by EnergySage Solar Advisors
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Zapotec Energy