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Target-Setting Practice for Loans for Commercial Energy-Retrofit Projects

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https://ir.library.oregonstate.edu/concern/articles/hh63sx68s

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Abstract
  • Overcoming the financial barriers to energy-efficiency (EE) investments requires efforts to explicitly evaluate energy-related risks during the commercial loan underwriting. To support such efforts, the objective of this paper is to suggest a novel target-setting practice that borrowers and lenders collaboratively can use during the early stages of an energy-retrofit project. The practice uses a simulation called Energy Retrofit Loan Analysis Model (ERLAM) to determine the target-building performance and the allowable cost for design and construction. Using a case study of an energy-retrofit project, this paper demonstrates use of ERLAM by evaluating the impact of two identified energy-related uncertainties (project-cost risk and operational-practice risk) on the financial performance of the investment. This target-setting practice can help project parties gain greater understanding and early confidence in the feasible size- and terms of a loan before moving to design development. As a result, the practice can support commercial underwriting by helping to overcome financial barriers to energy-retrofit projects.
  • Keywords: Risk management, Energy efficiency, Simulation, Commercial buildings, Lean construction, Financing, Case studies
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  • Lee, H. W., Tommelein, I. D., & Ballard, G. (2015). Target-Setting Practice for Loans for Commercial Energy-Retrofit Projects. Journal of Management Engineering, 31(3), 04014046. doi:10.1061/(ASCE)ME.1943-5479.0000245
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  • 31
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  • 3
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  • This research was funded by DOE through ARRA Grant No. 6916627 awarded to the Lawrence Berkeley National Laboratory for collaborative research involving UC Berkeley’s Project Production Systems Laboratory (P2SL) (http://p2sl.berkeley.edu) and the Fisher School of Real Estate.
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