Clinton Global Initiative Funds Solar-Powered Carports With Electric Vehicle Charging Stations Through World's First "Feed-Out" Funding Program
DENVER, June 25, 2014 /PRNewswire/ -- The Clinton Global Initiative America (CGI America) and Demeter Power Group are launching the world's first market-based, fixed-price funding program for solar and renewable technologies. The CGI Commitment to Action will help modernize the nation's power grid with more distributed energy through the Feed-Out® Program.
"The Feed-Out® Program will bring together independent power producers and financiers to enable the lowest-cost, fixed-price offering for renewable energy, "said Michael Wallander, Demeter Power Group Founder and President. "But unlike other similar 'feed-in-tariff' programs, the energy will be used on the customer-side of the meter."
One trillion dollars a year – a total of $36 trillion – is needed for investment in sustainable energy infrastructure to successfully reduce greenhouse gas emissions 50 percent by 2050. The Program will help tackle this challenge broadly, focusing primarily on funding for solar energy while also enabling cost-effective investment in energy storage, fuel cells and electrical vehicle car charging stations.
"What retail tenant or business owner would not want to save money on their energy bills while offering customers and employees the ability to shade their cars and power up with solar energy?" said Yann Brandt, Demeter Co-Founder and EVP of Development. "We enable funding for solar-powered carports with electric vehicle charging stations at a net-negative cost to the customer."
Demeter is contributing its innovative finance mechanism – PACE3P® – to help overcome credit-related challenges that have prevented scalable finance programs in the past. PACE3P® ties services fees to the buildings where the energy is used through a voluntary assessment on property tax bills.
The program will initially make financing available to commercial properties located in Northern California communities participating in the California FIRST property assessed clean energy (PACE) Program offered through the California Statewide Community Development Authority. Interested participants must register with Demeter to participate in the platform, which is expected to launch in the first quarter of 2015.
About Demeter Power Group http://www.demeterpower.com/
Demeter Power provides the first uniform, scalable financing for commercial distributed clean energy. Demeter offers contractors, developers and commercial property owners access to "zero down" financing for distributed energy technologies integrated with commercial buildings.
SOURCE Demeter Power