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Holland On-Bill Loan Program MPSC Energy Waste Reduction Low Income Workgroup Anne Saliers

Holland On-Bill Loan Program MPSC Energy Waste Reduction Low Income Workgroup Anne Saliers Holland Board of Public Works November 1, 2018. Who We Are. City of Holland Population of 33,051 Holland Board of Public Works Municipal utility – electric, water, waste water, broadband

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Holland On-Bill Loan Program MPSC Energy Waste Reduction Low Income Workgroup Anne Saliers

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  1. Holland On-Bill Loan Program MPSC Energy Waste Reduction Low Income Workgroup Anne Saliers Holland Board of Public Works November 1, 2018

  2. Who We Are • City of Holland • Population of 33,051 • Holland Board of Public Works • Municipal utility – electric, water, waste water, broadband • 28,000 electric meters • 82% C&I, 18% Residential • 175 employees • Holland Energy Fund • Non-profit 501(c)3 corporation • 40-year Community Energy Plan • 7,400 homes, 50% efficiency improvement

  3. Holland Energy Fund Programs

  4. Home Energy Retrofit Program • Incentive to encourage “deep” retrofits • 10% rebate on project cost • For projects of $10,000 or more • Expert guidance • Residential Energy Advisor on City staff • Michigan Saves authorized contractors • Begins with home energy assessment • Includes DOE Home Energy Score • Results in lower utility bills and increased home comfort and safety for homeowner

  5. On-Bill Loan Program • Simple, convenient home improvement financing • Attractive terms • Low, fixed interest rate – 4.99 - 5.99% • Borrow $5,000 – $30,000 • Up to 15 years • No penalty for pre-payment • Simple to qualify • 12 months on-time bill payment history • No bankruptcies, money judgements prior 3 years • Convenience of paying on utility bill • Loan associated with the property • Transferable

  6. On-Bill Loan Program Goals“Strengthen Community and Neighborhood” • Encourage deep energy savings (environment) • Anything in MEMD • Loan associated with property • Increase access (equity) • Bill payment history instead of credit score • Up to 15 years to pay • Administratively operate in a cost effective manner (economic) • Won’t run out of money

  7. Eligible Measures • Anything in the Michigan Energy Measures Database (MEMD) • Health, life, safety measures needed to do EE upgrades • Knob and tube wiring • Asbestos abatement • Roof repair • Renewables • Min. DOE Home Energy Score of 8

  8. Sources of Capital • Holland Energy Fund • Grants, incentives, programs - City general fund • Loans - $3 million line of credit from HBPW cash reserves • Interest rate – 10 year Treasury bond rate • Potential to seek public and private grants and donations • Community Development Block Grant (CDBG) • Up to $5,000 for income qualified homeowners

  9. Administration • Holland Energy Fund • Custodian of loan agreements and documents • Files notice with the county • Pays contractors • Holland Board of Public Works • Payment history • Billing and payment collection • Contracted services • Loan origination – WECC/EFS • Loan servicing – Concord • Program administration – Michigan Saves • Contractor recruiting, vetting, training • Quality assurance • Evaluation and reporting

  10. HER Program Results to Date • 122homes improved • 4 CDBG • $4,101,228 total investment • $3,729,535– home homeowners • $20,000 – CDBG subsidy • $351,693– community • 54% used On-Bill financing • Home Energy Scores • Test in – 4 • Test out – 8

  11. On-Bill Loan Program Results (as of 9/30/18) • 71loans booked • Project cost - $1,111,506 • Financed amount - $1,014,262 • Ave. project cost - $15,655 • Ave. financed amount - $14,285 • Ave. total measures per project – 7.4

  12. Lessons Learned • It’s working! • Hiring of a Residential Energy Advisor • Availability of financing • Surrounded by a great team of partners • CDBG dollars are left on the table • Drawing LI participation requires multi-agency collaboration and walking alongside the homeowner the entire way • Focused work continues in getting to scale • 250 retrofits/year • Communication, education are key

  13. Thank You Anne Saliers Community Energy Services Manager Holland Board of Public Works asaliers@hollandbpw.com www.hollandenergyfund.com Holland Energy Fund - 2017 GEEA Innovator of the Year

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