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Be SMART Business Program The Be SMART Business Program launched in 2010 and closed in September 2012. The program made loans to businesses and commercial building owners located in revitalization areas within designated Sustainable Communities, Main Street Maryland Communities, Baltimore Main Street communities, and Arts and Entertainment Districts. 41 The program made five loans totaling $737,429. Jane E. Lawton Conservation Loan Program MEA administers the Jane E. Lawton Conservation Loan Program, a revolving loan fund that provides financing for nonprofits, local governments, and businesses to make energy-saving upgrades. The Maryland General Assembly created this program in 2008 by consolidating two long-standing programs: the Community Energy Loan Program, which used funds from the Energy Overcharge Restitution Program to provide assistance to nonprofits and government agencies making energy efficiency improvements, and the Energy Efficiency Development Loan Program, which financed energy efficiency improvements for businesses. 42 Since the program’s creation in fiscal year 2009, MEA has made 18 loans totaling about $5.2 million. In recent years, the program’s annual budget has been between $1.5 million and $1.75 million. 43 Entities eligible to apply for financing through this program include local governments, nonprofits, and businesses. The program will lend for a broad Jane E. Lawton Years Active 2008 to present Eligible Participants Nonprofits, local governments, businesses, and others Target Technologies Energy efficiency Financing Products Loans Status 18 projects; $5.2 million in loans (since program consolidation) range of energy efficiency projects, including renewable energy projects that save energy, such as solar thermal and geothermal, but not those that generate electricity such as photovoltaics and wind. 44 The program uses a revolving loan fund to provide loans typically between $50,000 and $500,000. However, applications are considered on a case-by-case basis, and loans have been issued for as little as $40,000 and as large as $1 million. 45 Interest rates have ranged from zero to 2.5 percent, 46 with a 2 percent interest rate for all loans to be issued in fiscal year 2015. The program reserves $500,000 of new loan 41 “ Be SMART business.” Maryland Department of Housing and Community Development. Accessed September 15, 2014: http://www.dhcd.maryland.gov/Website/Programs/BeSmart/Business.aspx 42 “Jane E. Lawton loan program process evaluation report.” (2013). GDS Associates, Inc. Maryland Energy Administration. 43 Bresette, D. (2014, September 26). Interview. (M. Tubman, Interviewer) 44 “Jane E. Lawton conservation loan program.” U.S. Department of Energy. Accessed September 15, 2014: http://www.energy.gov/savings/jane-e-lawton-conservation-loan-program 45 “Jane E. Lawton loan program process evaluation report.” (2013). GDS Associates, Inc. Maryland Energy Administration. 46 “Jane E. Lawton loan program process evaluation report.” (2013). GDS Associates, Inc. Maryland Energy Administration. 26
funding each year for loans to nonprofits. The program has $1.5 million available for new loans in fiscal year 2015. 47 The program’s authority was recently expanded to allow it to offer credit enhancements, such as loanloss reserves, guarantees, insurance, and interest rate buy-downs. These credit enhancements will be publicly announced once they have been finalized by MEA, potentially along with a formal solicitation for eligible projects. .48,49 Project energy savings repay loans and thus provide capital for future loans. 50 Maryland Clean Energy Capital (MCAP) MCEC was established by the Maryland General Assembly in 2008 and authorized to issue tax-exempt bonds through the MCAP program to improve energy efficiency at nonprofits, municipal governments, universities, schools, and hospitals. Bonds can be used to finance any projects that yield energy savings, including upgrading or installing HVAC equipment; lighting; boilers; windows; water conservation; combined heat and power; and renewable energy installations such as solar, wind, and geothermal projects. MCAP’s first supporting bond was issued in December 2012. 51 There is no limit to the size of the bonds issued other than the appetite of the bond market. However, MCAP is typically an attractive finance tool for projects over $2 million that are large enough to bear the fixed transaction costs. Market rates and individual project creditworthiness determine the bond’s interest rate, which is usually from 3 to 4 percent for a 10-year bond. 52 Since December 2012, three bonds have been issued totaling $15 million. 53 MCAP Years Active 2008 to present Eligible Participants Nonprofits, municipal governments, universities, schools, hospitals Target Technologies Energy efficiency Financing Products Tax-exempt bonds Status 3 projects; $15 million in bonds To access this bond financing, a participant contracts with an energy services company (ESCO) to conduct an energy audit and then determine the scope and project plan for efficiency improvements or renewable energy installation. The ESCO also determines the projected dollar value of resulting energy 47 “Jane E. Lawton conservation loan program.” Maryland Energy Administration. Accessed September 15, 2014: http://energy.maryland.gov/Govt/janeelawton.html 48 “14.26.01.18: Credit enhancements.” Office of the Secretary of State. Accessed October 1, 2014: http://www.dsd.state.md.us/comar/getfile.aspx?file=14.26.01.18.htm 49 Bresette, D., and St. Jean, D. (2014, October 1). Phone interview. (M. Tubman, Interviewer) 50 “Jane E. Lawton conservation loan program.” Maryland Energy Administration. Accessed September 15, 2014: http://energy.maryland.gov/Govt/janeelawton.html 51 “Maryland Clean Energy Center launches capital financing program.” (2012). Maryland Clean Energy Center. Accessed September 14, 2014: http://www.mdcleanenergy.org/maryland-clean-energy-center-launches-capitalfinancing-program 52 “MCEC Maryland clean energy capital financing program FAQs.” Maryland Clean Energy Center. Accessed September 16, 2014: http://www.mdcleanenergy.org/maryland-clean-energy-capital-financing-program-FAQs 53 Daly, T. (2014, September 23). Interview. (M. Tubman, Interviewer) 27
Page 1 and 2: BLUEPRINT FOR BUILDING THE ENERGY E
Page 3 and 4: Prepared for Maryland Clean Energy
Page 5 and 6: 2014 MCEC Board of Directors George
Page 7 and 8: T A B L E O F C O N T E N T S Execu
Page 9 and 10: E X E C U T I V E S U M M A R Y Dur
Page 11 and 12: 1. Introduction Since its creation
Page 13 and 14: 2. Green Bank Overview Section Summ
Page 15 and 16: Finally, green banks emphasize orga
Page 17 and 18: 3. Comparison of Existing Green Ban
Page 19 and 20: The Connecticut Green Bank invests
Page 21 and 22: The GEMS program design will includ
Page 23 and 24: to work collaboratively with the pr
Page 25 and 26: AFV Financing (cont’d) Connecticu
Page 27 and 28: Clean Energy Works (CEW) is a separ
Page 29 and 30: Residential Multifamily Small Busin
Page 31 and 32: 4. Overview of Maryland’s Existin
Page 33: issued after the completion of an a
Page 37 and 38: equired to install energy measures
Page 39 and 40: Public Clean Energy Grant Programs
Page 41 and 42: In response to the 2014 revisions,
Page 43 and 44: among eligible customers. BGE antic
Page 45 and 46: commonly used for municipal, state,
Page 47 and 48: Sponsor - Program DHCD - Be Smart H
Page 49 and 50: Residential Multifamily Small Busin
Page 51 and 52: Figure 3: Financing Program Average
Page 53 and 54: falls short of the 20% that Marylan
Page 55 and 56: Table 6: Stakeholder Meeting Attend
Page 57 and 58: Payback expectations. Contractors m
Page 59 and 60: treatment and environmental quality
Page 61 and 62: Analysis of Cross-cutting Barriers
Page 63 and 64: Multi-family projects are subject t
Page 65 and 66: Next Steps Having concluded that th

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