TITLE
Recommendation to authorize City Manager to execute all documents necessary to enter into On-Bill Financing agreements with Southern California Edison to fund municipal energy efficiency projects, and to execute all necessary documents thereto. (Citywide)
DISCUSSION
Southern California Edison (SCE) is offering a new On-Bill Financing Program (Program) for qualifying municipal energy efficiency projects. On-Bill Financing is a financial mechanism that enables local governments to finance qualified energy efficiency projects. SCE’s Program provides zero-interest, no-fee loans that can be conveniently repaid through the City’s monthly SCE bills. In addition, projects that result from this Program provide additional financial incentives for installing qualified energy-efficient equipment, lower monthly electricity costs and produce long-term energy savings.
The City has been working with SCE to identify municipal energy efficiency projects that qualify for this Program. Potential projects, which include electrical, mechanical and energy efficient equipment (attached), will be submitted to the Program for evaluation. Upon SCE’s acceptance of the project’s effectiveness, On-Bill Financing loan funds will be reserved for the project, provided the funds are available. The City can then make a decision to enter into the On-Bill Financing Program loan agreement. A pre-inspection of the existing energy equipment will occur and the installation of the energy efficiency equipment will take place. The installation will receive a post inspection by SCE, and On-Bill Financing loan proceeds will be delivered. The City’s first monthly zero-interest loan payment will appear on the next scheduled SCE bill for that specific municipal facility.
This letter was reviewed by Deputy City Attorney Linda Trang on December 13, 2010 and by Budget Officer Victoria Bell on December 30, 2010.
SUSTAINABILITY
Participating in this program supports the energy efficiency and green...
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