REBATES AND FINANCING
Virtually all states are facing significant increases in the demand for electricity from both existing and new customers while increasing restrictions on the supply and generation capacity are making it difficult to meet the needs of business and residential customers. To help meet this demand and get more energy-efficient products on the market, states and the federal government have created energy rebate programs that offer commercial and multi-family property owners and managers significant financial incentives on a wide range of energy-efficient improvements. At the same time, individual utility companies have the flexibility to design their own energy rebate programs that help companies implement energy-saving projects. Some programs also allow businesses to assign their qualified rebates to specialists like Monterey—an option that helps companies lower the initial out-of-pocket expense associated with new, energy-efficient solutions.
It can be a challenging and frustrating task for companies to keep track of the constantly changing rebate and incentive program requirements. Having processed many millions of rebate dollars annually since 2006, Monterey offers in-depth knowledge and expertise of rebates programs across the United States. By constantly staying abreast of program changes and updates, we navigate the complexities of federal and local programs to design a solution that enables your company to maximize available financial incentives, saving your company important capital dollars and increasing project return on investment.
Energy efficiency building upgrades and renewable energy installations offer a unique and attractive situation where tangible and direct reduction in operating costs can literally pay for the project themselves. A variety of internal, third-party and public programs are now available for customers to produce immediate positive cash flow for their properties and businesses by providing a payment structure that is equal to or lower than the cost savings generated through reduced energy use. Monterey has the network and expertise to bring the highest value financial solutions to meet the needs of our customers.
PACE Financing legislation has now been passed in 28 states and the District of Columbia. PACE, short for Property Assessed Clean Energy, effectively allows property owners to borrow money from a local government to pay for renewable energy and/or energy-efficiency improvements.
Currently the three largest Investor Owned Utility (IOU) Companies in the State of California, Southern California Edison, Pacific Gas and Electric, and San Diego Gas and Electric, are offering 0% interest, no cost, On-Bill Financing (OBF) to its customers for energy efficiency upgrade projects. This program although limited in its funding availability, provides loans of up to $100,000 for a maximum of 5 years, and requires no upfront out of pocket payment to fund projects. Customers continue to pay their monthly utility bill and reap the benefit of the energy savings directly once the balance is repaid.