The Green Bank uses prequalified contractors to bid on projects for its clients who will receive a full building energy upgrade with co-generation capability and energy storage included. Once the project is completed and the contractors paid, the Green Bank either sells the project to the existing mortgage holder on the building or creates a lien on the property which is filed with the county, and assigned to a financial entity which will collect the payments from the owner of the property until the lien is retired.
The payment schedule can be worked out individually, but is often roughly the same that was previously paid for the utilities no longer purchased.
The Green Bank retains ownership of such liens and protects the institution collecting the payments as long as the lien is in existence.
This scheme can be implemented in nearly every state under current legislative restrictions. All that is needed is an entity to vet the contractors and aggregate the funds needed for the upgrade.
The end result is that the property increases in value by the amount of the upgrades and mitigation of utility bills. The utility gains access to the storage of energy provided by the building owner in areas where there is net metering implemented.
© 2024
