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Sonoma County AB 811

SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM. Sonoma County AB 811. Rod Dole – ACTTC. SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM. AB 811 – Benefits.

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Sonoma County AB 811

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  1. SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM Sonoma County AB 811 Rod Dole – ACTTC

  2. SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM AB 811 – Benefits • Enabling Residential/Commercial Property Owners to make responsible and affordable energy and resource conservation improvements to existing structures • Provide unique financing and repayment vehicle to the Property Owner to fund Improvements • Provide job opportunities in the energy and resource conservation improvement fields

  3. SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM AB 811 – TECHNOLOGY • Energy Efficiency & Renewables • Photovoltaic (PV) • Fuel Cells • High-efficiency HVAC • High-efficiency windows & Insulation • Geothermal exchanges • Water Conservation • Tankless water heaters • Low-flow devices • Rain cisterns • Smart irrigation systems

  4. SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM AB 811 – BACKGROUND • Governor signed AB 811 (Levine) as an urgency measure • Brought the concept to Sonoma County Board of Supervisors on 9/16/08 • Presented Feasibility Report to Board of Supervisors on 2/3/09 • Other Jurisdictions: Sonoma County is leading the way for Counties in California • Santa Clara, San Diego counties have stated an interest in exploring the program • Berkeley has a similar program, but not AB 811 • ABAG is in early stages of exploring a regional effort

  5. SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM AB 811 – BACKGROUND • Program enters into agreement with property owner to fund energy and water improvements to existing residential and commercial property • Property owner agrees to a contractual assessment on property tax bill for up to 20 years • Criteria for loan approval • No “Clouds” on Property Title • Current on Property Taxes • Current on Mortgage(s) • Property secures the loan and stays with property

  6. SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM AB 811 – FINANCES Loans to participants; Interest will cover administration costs plus Treasury note. SCEIP Program Treasury Note Property Tax System Bonds; when loan volume reaches threshold.

  7. SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM AB 811 – FINANCES • Treasury invests in a series of notes • Proceeds of the notes are used to finance loans to participants • Participant payments come in via property tax system, paying the loan principal plus an interest rate to cover program operational expenses – analogous to a bank loan • Bonds or other long term investment repays the note in full • With long term financing, Treasury can invest in a new series of notes

  8. SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM AB 811 – NEXT STEPS • Proposed Timeline: • February 3, 2009: Today’s workshop • March 3, 2009: Resolution of Intention • March 24, 2009: Hearing to establish the Program • Implementation at a date determined in Hearing

  9. SONOMA COUNTY – ENERGY INDEPENDENCE PROGRAM Questions & Comments

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