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Framing the Challenge & Opportunity: Residential Buildings
National Housing ConferenceSeptember 26, 2011
Lori Bamberger
Seeding Markets, Sustaining Communities
Lori Bamberger Consulting 2Confidential
The Framework for Residential Energy Financing Innovations
• The Opportunity & What’s at Stake• Carbon• Multifamily & Single Family
• Barriers
• Local and National Innovations• Information Perfecting (Labels, Disclosures)• Marketing• Financing
Lori Bamberger Consulting 3Confidential
Residential buildings make up a large chunk of the nation’s emissions
Buildings account for 43 percent of U.S. CO2 emissions
Residential; 48%
Commercial; 40%
Industrial; 12%
Build-ings43%
Industry25%
Transporta-tion32%
Residential buildings account for almost half of the built environment’s emissions
So, residential buildings account for 21 percent of all U.S. CO2 emissions
And, the vast majority of CO2 emissions come from single family, owned homes
that will still exist in 2050…Source: Pew Center on Global Climate Change and Nehemiah Stone
Lori Bamberger Consulting 4Confidential
Residential emissions have increased substantially in the last 18 years
CO2 emissions from residential
buildings increased much faster than all sectors except commercial operations between 1990 and 2008 and surpassed the overall average increase by over 10 percentage points
All sectors, 15.9%
Source: Energy Information Administration
Lori Bamberger Consulting 5Confidential
The Multifamily Opportunity
35 Million Families In all U.S. Multifamily• Approximately 1/3 of all Californian households (~4.2 million)
Federally Subsidized Subset: Big, Old Buildings• 34,614 HUD subsidized buildings • 5 million HUD and LIHTC subsidized, affordable housing units
Enormous Federal Energy Cost Outlay• $6.8 billion in federal HUD expenditures: 15–20% of HUD’s budget• More billions in LIHTC, USDA, and VA subsidized housing
29% ($9 billion) in Energy Savings estimated from MF alone• $1.9 billion in savings estimated from HUD’s MF potential
Large Aggregation Opportunity due to fewer owners
Lori Bamberger Consulting 6Confidential
Older MF buildings increase the Energy CCC’s: Consumption, Costs, & Carbon Emissions
Multifamily 5 units of More
Number of Households
Percent of All Households
Household BTU
Consumption BTU/Sq. Ft.
Average Energy Costs
Before 1940 1.4 1% 76.6 122.8 $1,506
1940−1959 2.0 2% 72.4 101.5 $1,434
1960−1979 6.2 6% 52.3 66.2 $1,110
1980-1999 5.9 5% 47.8 60.6 $1,103
2000 or later 1.3 1% 44.2 50.4 $1,092
Lori Bamberger Consulting 7Confidential
The Single Family Opportunity
Approximately 75 million households • Approximately 8.3 million single family units in California•Nearly 1/3 are low- or moderate-income
–Many don’t qualify for energy assistance– Homes are the least efficient, most costly to operate
Energy Costs are Rising•Average national energy costs: $1997/household•In some parts of the US, some energy spikes approached levels close to the subprime ARM spike
Saving Energy can build family savings & stabilize neighborhoods•Modest investments ($3,000 to $15,000) can yield 20-40% energy and financial savings•The average single family savings estimated at approximately $650/year. • Foreclosure stabilization loan/mod efforts seek savings of $50-$100/month
Lori Bamberger Consulting 8Confidential
The California single family home example
Approximately 2/3 of California Residents Live in SF homes (~8.3 Million homes)
Miscellaneous – 11%Water Heating – 3%
Space Heating – 4%
Dishwashing and Cooking – 5%
Pools and Spas – 6%
Air Conditioning – 10%
Laundry – 5%
TV, PC, and Office Equipment
– 15%
Refrigerators and Freezers – 19%
Lighting (Estimate)* – 22%
* Note: An estimate of 1,200 kWh per household (20% of the total use) has been designated as interior lighting and was shifted from Miscellaneous to Lighting where it is combined with exterior lighting usage. This number comes from other lighting studies that are better able to pinpoint this estimate than a conditional demand model as was used for the RASS.
Statewide Average Electricity Use Per Household
(5,914 kWh per Household)
Miscellaneous – 11%Water Heating – 3%
Space Heating – 4%
Dishwashing and Cooking – 5%
Pools and Spas – 6%
Air Conditioning – 10%
Laundry – 5%
TV, PC, and Office Equipment
– 15%
Refrigerators and Freezers – 19%
Lighting (Estimate)* – 22%
* Note: An estimate of 1,200 kWh per household (20% of the total use) has been designated as interior lighting and was shifted from Miscellaneous to Lighting where it is combined with exterior lighting usage. This number comes from other lighting studies that are better able to pinpoint this estimate than a conditional demand model as was used for the RASS.
Statewide Average Electricity Use Per Household
(5,914 kWh per Household)
Space Heating – 44%
Water Heating – 44%
Cooking – 22%
Statewide Average Natural Gas Use Per Household
Pools, Spas, Misc. – 3%
Dryer – 3%
Space Heating – 44%
Water Heating – 44%
Cooking – 22%
Statewide Average Natural Gas Use Per Household
Pools, Spas, Misc. – 3%
Dryer – 3%
Source: California Long Term Energy Efficiency Strategic Plan (2008); IEPR (2007)
Lori Bamberger Consulting 9Confidential
The costs of energy inefficiency exacerbate existing financial challenges faced by middle income families
The lowest income groups pay the highest proportions of their income on home energy
Less than $9,999
$10,000 to $14,999
$15,000 to $19,999
$20,000 to $29,999
$30,000 to $39,999
$40,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 or more
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
16%
9%
7%
5%
4%
3% 3%
2% 2%
Household Income
Sh
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of
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use
ho
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y
Lori Bamberger Consulting 10Confidential
Financial and Other Barriers Inhibit Scaling
Perception• Utility Costs Not disclosed at sale
• Asset Labels typically apply to new homes
• Privacy laws
Financing Challenges in both single family and multifamily• First cost hurdles & lack of affordable financing
• Data
• Early, patient and innovative capital
• Regulatory Silos
• Multifamily: misaligned incentives; prohibitions on project reserves/receipts
• Single Family: Enormous Fragmentation (75 million different owners), mortgage crisis
Workforce Issues
Lori Bamberger Consulting 11Confidential
Local innovations are scalable, replicable, and point the way forward
Information Perfecting & State and Local Policy• Disclosure: Green MLS, Utility Bill, Asset Ratings• Code enhancements
Financing Innovations• Standalone Energy Retrofit Lending
– Multifamily Energy Retrofit Funds – PPAs and ESAs– Onbill Financing (Enterprise Cascadia, Blue Tree, and Lori Bamberger Consulting)– Tax-Lien Financing (for commercial and multifamily)– Public Housing and Freezing the Base
• Embedded Financing
Workforce Initiatives
Utility Initiatives & Incentives
Lori Bamberger Consulting 12Confidential
Our Work & How to Reach Us
• Affordability, energy financing & innovations– Partnership-building & Cross-Sectoral Efforts– Policy Formulation – Financing Innovations & Implementation
• Reaching Us:Lori Bamberger ConsultingThoreau Center for SustainabilityThe Presidio1012 Torney AvenueSan Francisco, CA 94129415-400-8621LBamberger@yahoo.com
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