Title
a. Receive a report and presentation from Elisabeth Russell from AMBAG on Solar financing options;
b. Support submission of an application to California Energy Commission (CEC) for a loan for financing energy efficiency projects; and
c. Provide direction to staff as appropriate.
Report
RECOMMENDATION:
It is recommended that the Alternative Energy & Environment Committee:
a. Receive, review and approve the submission of an application to the California Energy Commission (CEC) for a 1% Rate Loan for Financing Energy Efficiency Projects;
a. Receive information and status update about the Monterey Solar Energy and Economic Development Fund (SEED) Program; and
b. Provide direction to staff as appropriate.
SUMMARY:
The California Energy Commission has a loan pool dedicated to local jurisdictions for the purposes of completing renewable installations as well as energy efficiency installations. The interest rate on these funds is 1%. These funds are available to all jurisdictions. Currently all available funds have been assigned to specific jurisdictions. The staff at the CEC recommends that the County of Monterey submit an application for future funding in order to get their proposed project formally onto the wait list because this is the list that is then used to assign the funding on a first come first serve basis, as new funds are added to the pool.
It is important to note that applying for these funds and getting on the waiting list does not in any way encumber the County of Monterey to go forward with the proposed project when funds become available. It is simply securing the County of Monterey access to the funds, should we want to use them when they become available. It is projected that the funds become available in early 2017 or by summer of 2017.
The project that would be proposed for the CEC 1% loan application is the installation of solar renewables at the County's Schilling Place facilities.
The Monterey Bay Solar Energy and Economic De...
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