Project Name: Revolving Program Related Investments Energy Savings Fund
Funding Opportunity: Solar Energy Technologies Office Fiscal Year 2018 Funding Program (SETO FY2018)
SETO Research Area: Manufacturing and Competitiveness
Location: Oakland, CA
SETO Award Amount: $999,470
Awardee Cost Share: $2,089,420
Principal Investigator: Jacob Bobrow
-- Award and cost share amounts are subject to change pending negotiations --
The team will design, build, test, and scale an innovative financing and project-development model that could expand photovoltaic access to low- and moderate-income (LMI) Americans. The model, which incorporates new sources of capital, aims to lower solar electricity costs and reduce creditworthiness as a barrier of entry, particularly in the development of multifamily rooftop and ground-mounted community solar projects that are 50-500 kilowatts.
In this project, researchers are launching a platform to combine public, private, and philanthropic capital to unlock access to PV projects for LMI households and disadvantaged communities. This technology-enabled platform will decrease overall costs and streamline the deal process and capital raising functionality. The platform will be designed around feedback from foundations, stakeholders, findings from feasibility reports, and funding prospectus. The platform will undergo testing at each stage to improve functionality and determine its capability to drive market growth and adoption. Project results will be used to propose a streamlined financing model for successful project development.
This work uses a project development model to support recommendations for increasing investment funding for renewable energy projects for LMI households and disadvantaged communities across the country. Launching this platform, which can ultimately be used to increase deployment while relieving the cost burden of renewable energy for lower earning Americans, drives growth and has the potential to make renewable energy technology accessible to all.