innovation keynote€¦ · consumer protections equity environmental justice. leverage 20:1...

Innovation Keynote

Kerry O’Neill

President

Inclusive Prosperity Capital

https://www.youtube.com/watch?v=5q_NHN2ttPg

spins out…

We believe everyone should have access to the benefits of clean energy:

A cleaner, more resilient environment in the face of climate change

Healthier communities & buildings that create positive social externalities

Sustainable economic value creation: reduced energy burdens, increased household/business savings, and enhanced community productivity

We can change the conversation in underinvested neighborhoods and underserved markets, helping to deliver Inclusive Prosperity.

The “Why”

Investment Track Record & Success

$75 MMCLOSED7.5:1

Residential SolarCommercial Solar

$50+ MMOPEN9:1

C‐PACE

$60+ MMOPEN6:13

Green Bank Solar PPA

$3 MMOPEN100%4

Residential andCommercialStorage

$55 MMOPEN4:1

Solar for All

$55 MMOPEN20:11

Residential Energy

$65 MMCLOSED10:1

Grid‐Tied           Multifamily 

Energy

$5 MMOPEN100%2

$9 MMCLOSED9:1

Green Bank Solar PPA

$3 MMCLOSED3:1

Archimedes Screw Hydroelectric 

Project

City of Meriden CT

5 MWWind Project

$22 MMCLOSED8:1

Colebrook Wind

REFERENCES1. LLR yields high leverage – and it is 2nd loss and thus with no to low defaults, we haven’t used to date.  IRB’s not considered in the leverage ratio.2. Foundation PRI is to HDF, guaranteed by the CGB in the case of MacArthur Foundation.3. Onyx Partnership has no upper limit and CGB currently has authorization to commit up to $15mm. 4. Foundation PRI’s are backed by CGB balance sheet

Credit Enhance Warehousing Tax Equity Finance Project 

Finance PRI

$30 MMCLOSED4:1

C‐PACEResidential 

Solar

$6 MMCLOSED6:1

Tax Credit Bonds

We’re INTENTIONAL

about EQUITY

Gaps Intersections Ecosystem

or…

credit building

financial stability

building wealth

housing insecurity

energy burden

preservation of affordable housing

social determinants

of health

economic development

community development

credit invisible

neighborhoodrevitalization

transit-orienteddevelopment

resiliency

decarbonization

public health

early childhood

aging in place

workforce development

consumer protections

equityenvironmental

justice

Leverage

20:1

SMART‐E FLEXIBLE FINANCING FOR HOMEOWNERS

JobsPolicy Impact

Energy Efficiency and Home Performance

Solar + Storage + EV Chargers

Strategic Electrification of Heating & Cooling

Green and Healthy Homes

Resilience

Low‐to‐Moderate Income and Credit‐Challenged

Local Lenders and Contractors as Advocates

Smart‐E mobilizes the lending capacity of local lenders, a vetted contractor network, and the relationships of program sponsors to scale clean energy home upgrades in a national residential loan platformusing a standardized product that also supports underserved borrowers.

National Residential Loan Platform

Low‐to‐Moderate Income and Credit 

Challenged Expertise

Best‐in‐Class BackersConnecticut Green Bank, Michigan Saves and Hewlett Foundation

Sustainable and Cost‐Effective

NationalPlatform

SMART‐E FLEXIBLE FINANCING FOR HOMEOWNERS

Too hard for owners

Individual agency goals and drivers differ

We share info, but processes not integrated

Not designed to achieve desired outcomes

We don’t speak a common language

We operated in silos

So what’s the ecosystem problem?

AFFORDABLE MULTIFAMILY HOUSING

12

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Table VSM.  The activities and steps, both valued and non‐value added, in the current process and future desired state.

What we did… LEAN’ed

AFFORDABLE MULTIFAMILY HOUSING

Integrated process to incorporate utility incentives into state funded projects

Changes to LIHTC Qualified Allocation Plan

New pre‐development/  technical assistance loan and unsecured energy loan to plug financing gaps

Strong partners in the housing sector for outreach and implementation

Our successes…

AFFORDABLE MULTIFAMILY HOUSING

Unlocking Cash Flows with Unsecured Energy Loan

AFFORDABLE MULTIFAMILY HOUSING

East Meadow Condo Association, Manchester, CT

Description: Lighting, boilers, roofreplacement, insulation

Total Project Costs:Utility Incentives: Financed:

$654,000$34,000$620,000

Estimated Annual Savings: $79,000

Annual Debt Service: $53,000, 1.48 DSCR

Financing Terms: 20 years, 6.00%

Payback Period: 7.8 yearsEnergy improvements yield significant savings, unlocking cashflows that cover debt service –

often for additional improvements such as needed structural, health or safety work.

www.ctgreenbank.com/our-stories/ - multifamily

From Surviving to Thriving

SINGLE FAMILY SOLAR + EFFICIENCY

Solar for All for Low‐to‐Moderate Income Homeowners

Weatherization Deferrals

1/3

CONNECTICUT GREEN AND HEALTHY HOMES PROJECT

Asthma Prevalence

Strong state agency buy‐in and stakeholder capacity in energy, housing and health sectors are the foundation of a statewide collaboration

Vision

“Any family across Connecticut ‐ whether they come to a health facility for treatment of asthma, contact their utility for energy efficiency services, or seek housing 

repairs from a local social service nonprofit – would get the package of interventions needed to make their 

home green, safe and healthy.”

CONNECTICUT GREEN AND HEALTHY HOMES PROJECT

Shared PROSPERITY

For an INCLUSIVE ECONOMY

We can be heroes…

Kerry E. O’Neill, CEO

kerry.oneill@inclusiveteam.org

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