Strategies to Fund Decarbonization Roadmaps

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This article explores methods to fund and implement net zero roadmaps while considering both environmental objectives and financial limitations. By understanding these strategies, stakeholders can effectively drive the transition to a low-carbon economy.

What is the status of the decarbonization roadmaps in today’s landscape?

More than a third of the world’s largest 2,000 publicly listed companies have established net zero goals to some extent according to the Net Zero Tracker. Sixty-five percent of these companies, however, are not meeting the minimum reporting standards that are currently in place.

Additionally, just over 1% of these companies have a thorough decarbonization plan in place to achieve their net zero goals. The existing disparity between objectives and implementation poses a significant threat to achieving a sustainable future.

Before exploring funding options for your decarbonization plans, we recommend reviewing our comprehensive guide on achieving decarbonization targets. This manual provides a comprehensive approach for reducing carbon emissions in your company’s buildings.

Defining Decarbonization Targets

To succeed in a decarbonized future, companies must carefully assess their current position and define their desired outcomes. By recognizing the gap between these two, organizations can develop strategies that align with their goals and accommodate various scenarios.

Implementing these roadmaps enhances competitiveness and sustainability. In contrast to short-term factors, roadmaps focus on long-term advantages. It is important to recognize that there is no one-size-fits-all approach for every company. To thrive in a rapidly changing landscape for decarbonization, organizations must adopt comprehensive strategies tailored to their specific objectives and requirements.

RENEW Energy Partners works closely with companies at any stage of their decarbonization process. If your company requires an energy audit, RENEW can provide a thorough evaluation of your energy needs without any risk or cost to you.

Effective Collaboration Drives Successful Implementation of Decarbonization Roadmaps

To achieve a successful implementation of decarbonization roadmap, close collaboration among key teams is imperative. The following three teams must work in concert:

  • Executive Leadership Team: A company’s leadership team is focused on strategic direction and managing what can be competing priorities. The leadership team leads and sets the tone for the organization’s commitment to sustainability.
  • Sustainability and ESG Team: This team shoulders the responsibility of formulating, managing, and executing the decarbonization roadmap. Collaboration with various departments, including operations, finance, and supply chain, is fundamental to effectively implementing sustainable practices.
  • Finance Team: We know the CFO and colleagues manage budget allocation and a limited capital budget. The finance team assesses the feasibility of decarbonization projects, as well as funding options.

Renew’s approach fosters collaboration between these three teams to synchronize the company’s financial resources, strategic vision, and sustainability objectives. Implementing a decarbonization strategy in an organization is difficult without committed leaders, a skilled sustainability team, and a knowledgeable finance team.

Exploring funding options for decarbonization initiatives

Decarbonization funding demands a well-thought-out strategy harmonizing environmental objectives with available financial resources. The approach to securing funds can vary based on the specific nature of the project in need of financing.

Consider building retrofit ventures that often require substantial investments reaching into the millions of dollars. Fortunately, a variety of funding avenues exist for such initiatives, widely embraced across industries. These include Energy Service Agreements (ESA), Energy Performance Contracting (EPC), and Commercial Property Assessed Clean Energy (CPACE).

Understanding different financial mechanisms and identifying decarbonization technologies needing funding is crucial for decision-makers, policymakers, and businesses. In the following sections, we will explore how to effectively fund the journey to the Net Zero future.

Internal Reallocation of Resources

Begin by examining your organization’s existing budget and operational expenses. Identify areas where we can reallocate funds to support decarbonization efforts. This could mean using money from less important projects, departments with extra funds, or cutting unnecessary expenses without affecting important tasks.

Green Bonds and Sustainability-Linked Financing

Green bonds are fixed-income financial instruments specifically designed to fund environmentally friendly projects. They enable organizations to raise capital from investors interested in supporting sustainable initiatives. Sustainability-linked financing, on the other hand, ties interest rates or terms to the achievement of sustainability goals, aligning financial incentives with environmental targets.

Government Grants and Subsidies

Many governments offer grants, subsidies, and incentives for projects that contribute to emissions reductions and sustainability. Research available options and apply for relevant funding programs that align with your decarbonization roadmap. These programs often vary by region and sector, so thorough research is key.

Utility Rebates

Many utility companies offer rebates for energy-efficiency upgrade projects. These rebates can be used to offset the cost of purchasing and installing energy-efficient systems, such as high-efficiency HVAC systems, lighting upgrades, and insulation improvements. These projects help reduce both energy consumption as well as carbon emissions.

Carbon Offsetting and Emission Reduction Credits

Participate in carbon offset programs or trading schemes where you can earn emission reduction credits for your sustainability efforts. These credits can be sold to other organizations seeking to offset their own carbon emissions, providing an additional revenue stream.

Funding decarbonization roadmaps requires a creative and multi-faceted approach. Organizations must explore a combination of strategies that align with their specific goals, resources, and market conditions.

Funding Net Zero Roadmaps with RENEW’s Master Service Agreement

Renew Energy Partner’s Master Service Agreement (MSA) is a fully funded service agreement for improving and decarbonizing the built environment.

The MSA is a comprehensive contract that covers the legal aspects of the agreement between RENEW and the customer. It also includes specific Project Addenda that allow for scalability in energy efficiency and sustainability initiatives. This contract is much more flexible and modular compared to traditional funding options, making it an ideal solution for decarbonization plans.

  • The MSA might have an Energy Service Agreement (ESA) for energy-efficient upgrades such as lighting, HVAC, or smart energy controls. It could also have a Power Purchase Agreement (PPA) for on-site clean power like solar + storage or combined heat and power (CHP).
  • It is a funding solution that enables owners to decarbonize their buildings today, without making an investment.
  • Just like a utility expense, an MSA can achieve off-balance sheet treatment and be treated like any other operating expense, tax deductible. Please consult your tax advisor in order to determine if this is an aspect of the MSA that you can take advantage of.
  • An MSA takes the financial and project implementation burden from the building owner. Building owners pay a monthly amount that is less than the total saved, so from day one there are savings applied to the bottom line.

Overall, the MSA provides a sustainable funding solution that streamlines decarbonization efforts while providing immediate cost savings for building owners. By treating the MSA as off-balance sheet, companies can decarbonize while simultaneously freeing up capital for non-energy related projects.

Conclusion

By understanding these funding strategies, building stakeholders can lower energy bills, avoid impending tariffs, improve their company’s image, and fund the transition to a Net Zero future. If you are looking to find the best way to fund decarbonization initiatives, consider contacting RENEW Energy Partners today.

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Headshot of John Luleich for his RENEW employee feature.

Employee Profile: John Luleich

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Headshot of John Luleich for his RENEW employee feature.

RENEW’s Employee Profile series highlights our team members who make us great. This month we interviewed our intelligent and hardworking VP of Project and Asset Management, John Luleich.

Q: How long have you worked for RENEW Energy Partners?

A: Since January 2023.

Q: What sort of work do you do for the company?

A: VP of Project and Asset Management. I am responsible for managing active projects and long-term operations and maintenance (O&M) of Renew’s assets, focusing on optimizing operating efficiencies and maximizing carbon reduction.

Q: Where are you from? What is one aspect that you enjoyed about the place that you grew up?

A: Rockport, MA. Rockport is a small coastal town on the North Shore of Massachusetts where I grew up with access to beaches, fishing, and cliff jumping at the local granite quarries.

Q: What activities/hobbies do you enjoy in your daily life? How do you relax?

A: I enjoy boating, kayaking, scuba diving, and in the winter, I enjoy skiing.

Q: Have you ever worked in another field? What was it and why?

A: United States Navy Nuclear Power. I left college after my first year and spent 10 years in the Navy before going back to school and completing my Engineering degree.

Q: What is one fun fact about you?

A: While in the Navy, I went to school and received a B.S. in Human Resources Management. After leaving the Navy, I went back to school and received my B.S. in Mechanical Engineering Technology which was better suited to my career path.

Q: Why is sustainability/decarbonization important to you? How did you get started in this career/field?

A: Climate change is impacting everyone, and we have the means to do something about it. I have always had an interest in energy efficiency measures, but while working in manufacturing, the facilities group was always competing for capital with the manufacturing needs. Here at Renew, energy and decarbonization are our core investments.

Q: What sustainability practices have you seen that have surprised and/or excited you?

A: I recently had the opportunity to visit the construction site of a district geothermal pilot project being installed by a local gas utility. To learn how multiple gas utility companies are piloting district geothermal as an option to replace their natural gas business is exciting.

Q: Why do you choose to work with RENEW?

A: I worked with RENEW as the customer during the design, construction and commissioning of a Combined Cooling Heating & Power plant with a Battery Energy Storage microgrid, and the experience working with RENEW was terrific. When the opportunity presented itself to join the RENEW team, I had no reservations.

Q: What are you most excited about for the future of the energy industry?

A: I’m excited about new technological advances in the energy industry and the ability scale up systems to have a greater impact in reducing emissions.

To be continued next month. We are lucky to be growing our team with exemplary individuals. The previous RENEW employee profile featured Emily Robertson. 

RENEW Energy Partners specializes in funding energy saving retrofits for your commercial, industrial, and institutional buildings. For more information contact us today!

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A Horizontal Open Loop Geothermal Energy Heat Pump.

Decarbonizing buildings with geothermal energy heat pumps 

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A Horizontal Open Loop Geothermal Energy Heat Pump.

RENEW Energy Partners specializes in funding energy-saving retrofits for your commercial, industrial, and institutional buildings. We install many different technologies to make your buildings more efficient and reduce your energy bill. One strategy for significant savings is upgrading your HVAC systems to use geothermal energy.

What is geothermal energy?

Geothermal energy is a form of renewable energy that takes advantage of the temperature difference between the air outside and deep underground. Underground temperatures are more stable than above ground. This effect is exaggerated the deeper you go, with underground temperature stabilizing at about 10 degrees Celsius (50 degrees Fahrenheit) 30 feet under the ground all year. Moving heat from the ground in the winter and to the ground in the summer can dramatically reduce the energy required to meet a building’s heating and cooling needs year-round.

Significant progress has been made in over the last decade in reducing electricity use in buildings and installing renewable sources of electricity such as on-site solar, but the same has not been true of building heating and cooling systems which typically center on oil or natural gas fired boilers. RENEW Energy Partners can fund installation of geothermal heat pumps as an energy-saving retrofit and as a part of new construction, and thereby reduce reliance on fossil fuels on site, reduce energy costs, and reduce a building’s carbon footprint.

What are geothermal energy heat pumps?

Just as an air-source heat pump moves heat through the air from the inside to the outside in summer and from the outside to the inside in winter, a ground-source heat pump uses the heat from the Earth instead of the air. Because the temperature underground is a constant 50F, fluctuating much less than air temperatures, geothermal heat pumps can more efficiently heat and cool buildings than their air-source counterparts.

In colder climates, it is common to incorporate an electric heat source to provide supplementary or backup capacity. Heat pumps can be more environmentally friendly since they do not burn fossil fuels like oil or gas furnaces. Because these systems utilize that constant 50F heat from the earth they may also consume less energy than boilers or furnaces to provide the same heat, lowering a building’s energy cost.

Water Source Geothermal Heat Pumps (WSHP)

While ground-sourced heat pumps are what most people think of when they think of geothermal, water-source geothermal heat pumps are equally useful. They use bodies of water as a heat sink or source. This is often groundwater beneath the earth’s crust but can also be from a nearby body of water.

Types of Geothermal Heat Pump Systems:

Ground Loop Systems

Geothermal heating and cooling systems can be categorized into two types: open loop and closed loop. Open loop systems interact directly with the water source, whereas closed loop systems interface with the water source via a loop of coils of plastic tubing connecting in and out of the building. While closed loop systems tend to be the most common, the system choice depends on factors such as climate, soil conditions, available land, and installation costs. All buildings can utilize these systems, but they are especially cost effective when performing large retrofits for commercial, institutional, and industrial buildings.

Geothermal Heat Pump - Closed Loop System

Open Loop Systems 

Open loop systems in geothermal heat pump (GHP) systems use well or surface body water as the heat exchange fluid. The water circulates directly through the GHP system and then returns to the ground through a well, recharge well, or surface discharge.

 

 

 

 

 

Closed Loop Systems

Closed-loop geothermal heat pump systems, commonly used in geothermal heating and cooling, circulate an antifreeze solution through an internal plastic tubing circuit buried in the ground or submerged in water. The heat exchanger plays a vital role in transferring heat between the refrigerant in the heat pump and the antifreeze solution. Another type of closed-loop system called direct exchange, uses copper tubing buried in the ground without a heat exchanger.  The three types of closed loop systems are horizontal, vertical, and pond/lake.

Geothermal Heat Pump - Closed Loop Horizontal

Horizontal Systems

The horizontal loop system is the most cost-effective installation for geothermal systems, particularly in residential settings. The most common layouts involve using two pipes buried at different depths or side-by-side in a trench. This requires a shallower dig but requires more land relative to its capacity.

 

 

 

 

Geothermal Heat Pump System - Closed Loop Vertical

Vertical Systems

Large commercial buildings and schools often have land as a constraint. Vertical systems help bypass these limitations by using shallow soil while minimizing disruption to existing landscaping. Dig costs can be significantly higher than a horizontal system.

 

 

 

 

 

Geothermal Heat Pump System - Closed Loop Pond-Lake

Pond/Lake Systems

These systems could be the most affordable option if a system has access to a body of water. A supply line pipe is run underground from the building to the water and coiled into circles at least eight feet under the surface to prevent freezing. The coils should only be placed in a water source that meets minimum volume, depth, and quality requirements.

 

 

 

 

Hybrid Systems

Hybrid systems combine different geothermal resources or a geothermal resource with outdoor air (such as a cooling tower). They are a viable technological option for meeting cooling needs greater than heating needs.

How can the use of Geothermal Heat Pumps reduce carbon emissions?

Geothermal heat pumps (GHPs) can significantly reduce carbon emissions by utilizing the Earth’s natural heat. Specifically:

High Efficiency

Efficiency is a major strength of geothermal systems. These systems transfer heat between the building and the ground, which requires less energy than traditional HVAC systems. This increased efficiency leads to reduced energy consumption and lower greenhouse gas emissions. For more information on HVAC upgrades using heat pumps, see our blog post on the future of HVAC retrofits. 

Renewable Energy Source

Geothermal heat pumps provide a renewable energy source for heating and cooling systems. Unlike fossil fuel-based systems, these pumps extract heat from the Earth’s core, continuously generating heat through natural processes. This ensures a consistent and sustainable energy supply for the heat pump.

Lower Electricity Demand

Since geothermal heat pumps require less energy to operate than conventional HVAC systems, they can help reduce the overall electricity demand of a building. Lower electricity consumption means fewer emissions from power plants, especially if the electricity is generated from fossil fuels.

No Combustion Emissions

Geothermal heat pumps do not burn any fuel to produce heat. Instead, they use electricity to facilitate heat transfer. This absence of combustion emissions eliminates the release of carbon dioxide (CO2) and other harmful pollutants associated with traditional heating systems, such as gas or oil furnaces.

Heat Recovery

Geothermal exchange systems can recover waste heat from cooling processes and utilize it for other purposes, such as water heating. This improves their energy efficiency and reduces their reliance on additional energy sources.

Long Lifespan

Geothermal heat pumps generally have a longer lifespan than traditional HVAC systems. Their underground components can last for decades in areas that aren’t tectonically active, reducing the need for frequent replacements and associated manufacturing emissions.

Grid Independence

In some cases, geothermal heat pumps can be used in off-grid or remote locations where connecting to a centralized power grid might be difficult or environmentally damaging. They can mitigate the environmental impact of extending power infrastructure to these areas by operating independently.

What are the financial benefits of using geothermal energy for building owners?

Reduced Energy Costs

Geothermal heat pumps are energy-efficient and can greatly reduce the energy used for heating and cooling. Building owners implementing this energy retrofit can expect to see savings in energy costs, with noticeable results within a few years. The exact amount of savings will vary depending on factors such as the size and location of the building, as well as energy prices. However, it is common for building owners to experience significant reductions in utility bills.

Enhanced Property Value

Retrofitting commercial buildings to implement geothermal energy heat pumps may increase property value and market appeal. Energy-efficient and sustainable features can attract potential buyers or tenants, creating a competitive advantage in the real estate market.

Access to Incentives and Tax Benefits

Many governments and local authorities offer incentives and tax benefits to encourage the adoption of renewable energy for building decarbonization, including geothermal. Building owners may be eligible for grants, tax credits, or other financial incentives to offset the initial installation costs and improve the financial viability of the geothermal energy project. For instance, the Department of Energy has announced $13 Million to support geothermal heating and cooling in communities.

Positive Public Image

Renewable energy technologies like geothermal can enhance a building owner’s reputation and brand image. Demonstrating a commitment to sustainability and environmentally responsible practices can resonate positively with customers, stakeholders, and the broader community.

No matter how you decide to implement energy efficiency measures in your building, these kinds of projects require funding. To fund an energy efficiency project for your building(s), RENEW Energy Partners offers an energy service agreement (ESA). The Energy Service Agreement:

  • It may be treated as an off-balance sheet transaction. In that case, you do not own or carry the asset on your balance sheet (consult your tax advisor to evaluate your options).
  • RENEW provides preventive and corrective maintenance in the service agreement.
  • Your payment to RENEW will be based on the energy savings confirmed once the system is operational. 

The RENEW Energy Service Agreement allows businesses to focus on what they do best while ensuring that their facilities are performing at their peak with brand-new and high-efficiency equipment. In this current climate of cost control and resource allocation, the energy service agreement is the perfect solution to help businesses meet sustainability goals and keep facilities in top condition. Reach out to RENEW and talk to us about financing your energy-saving retrofits today.

Sources: DOE

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Headshot of Minh Mai

Intern Spotlight: Minh Mai

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Headshot of Minh Mai

RENEW’s Intern Spotlight series highlights the excellent members of our internship program. This month we interviewed our ambitious and thoughtful market communications intern, Minh Mai.

Q: How long have you worked for RENEW Energy Partners?

A: I have been with RENEW Energy Partners for almost three months.

Q: What sort of work do you do for the company?

A: I am a market communications intern. My role is to assist the marketing team in creating material for client use and to help educate our audience on energy efficiency via targeted blog posts.

Q: Where are you from? What is one aspect you enjoyed about where you grew up?

A: I am from Boston! Although I love many things about this city, I immensely like the diversity of communities and its proximity to other states. For instance, on a good day, you can catch a train down to NYC for $30 or a flight for $50. Also, if you have a car, you can quickly drive up to Maine or down to the Cape for the beaches!

Q: What activities/hobbies do you enjoy in your daily life? How do you relax?

A: Outside work, I love to hike and explore new things alone or with friends. Blue Hills Reservation, near Boston, is one of my favorite places for simple hikes.

Q: Why is sustainability/decarbonization important to you? How did you get started in this career/field?

A: For me, sustainability and decarbonization go hand in hand. It is extremely significant to me because I have seen it affect my community. For instance, when I first moved to Boston, we would have constant snowstorms and multiple inches of fluffy white snow. Nowadays, this has changed significantly. We have high temperatures in the nineties in summer and very low snowfall in winter.

Q: What sustainability practices have you seen that have surprised and/or excited you?

A: I find it interesting how sustainability can be approached multifacetedly. For instance, we can modify how we live and spend our money to align with our social goals. I have personally switched to using bar soap and wool balls to try and combat single-use plastics, but these changes can only go so far. Real change should come from government regulation and corporations being environmentally responsible in their business practices. One way they can do this is through an environmentally conscious supply chain. Nevertheless, these innovations are expensive, and I am excited to see that firms like RENEW are trying to provide funding for these projects.

Q: Why do you choose to work with RENEW?

A: In researching how I wanted to spend my summer, I knew I wanted to impact my community in a positive way. I also wanted to explore the finance field and new ways to approach sustainability. I am majoring in Business and Political Science at Northeastern University, and when I read about the business model of RENEW, I was immediately sold on the vision. In short, RENEW’s business model is: 1) providing funds for companies to go green, 2) modeling and engineering a tailored solution for the partnering businesses, and 3) maintaining and monitoring the project. The best part… I love that RENEW does not base its income on a fixed rate but solely on the savings they provide.

What are you most excited about for the future of the energy industry?

A: What I am excited about most about the energy industry in the future is that, at this rate, I would be able to see the impact of these investments in my lifetime and be a part of seeing how the world could be.

To be continued next month. We are lucky to be growing our team with exemplary individuals. Last month’s employee profile featured Emily Robertson.

RENEW Energy Partners specializes in funding energy saving retrofits for your commercial, industrial, and institutional buildings. For more information contact us today!

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Emily Robertson - Business Development Lead, RENEW Energy Parnters - Photo by Ben Gebo Photography bengebo.com

Employee Profile: Emily Robertson

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Emily Robertson - Business Development Lead, RENEW Energy Parnters - Photo by Ben Gebo Photography bengebo.com

RENEW’s Employee Profile series highlights our team members who make us great. This month we interviewed our talented and knowledgeable business development lead, Emily Robertson.

Q: How long have you worked for RENEW Energy Partners?

A: I have been with Renew since May 2023.

Q: What sort of work do you do for the company?

A: I am a Business Development Lead. Regionally, I am focused on projects in the South since I am based out of Saint Augustine, FL. In terms of markets/verticals, I am focusing on Microgrids nationally. Much of my focus is on bringing in channel partners who are doing Microgrid work so that we can provide the funding piece to deploy projects with those partners.

Q: Where are you from? What is one aspect that you enjoyed about the place that you grew up?

A: I am born and raised in Western, NY. I grew up in a suburb of Rochester, NY and my family also has a summer house in Northern NY on a small lake. I absolutely love NY in the summertime – being on the water, seeing gardens in bloom. I loved being exposed to a lot of outdoor activities because of growing up there. Skiing (downhill and x country), sledding, snowshoeing in the winter and waterskiing, kayaking, canoeing, camping in the summers – I loved it all. I believe that exposure to outdoor activities is part of why I am so passionate about taking care of our environment.

Q: What activities/hobbies do you enjoy in your daily life? How do you relax?

A: I have a few hobbies. I am active – training for a triathlon – so I spend my time outside of work running, biking, swimming. I also love hiking and camping as well as gardening. When I am being sedentary, I am either reading a book – historical fiction – or watching TV – I love watching sports or crime dramas.

Q: What is one fun fact about you?

A: I have a Border Collie named Huevos Rancheros. When my husband and I had just moved in together our kids (I have two, he has two) really wanted a dog! We were at breakfast, and they were begging again, and my husband was looking at the menu and said “Ok, we’ll get a dog, but if we do, we have to name it Huevos Rancheros!” They all chimed in agreement and then when we finally got a dog a couple of months later, they couldn’t believe that we were holding them to it. He’s famous in our neighborhood and I sound ridiculous calling for him to come inside.

Q: Why is sustainability/decarbonization important to you? How did you get started in this career/field?

A: I stumbled into the Energy/Sustainability/Decarbonization field. I started my career in marketing and communications. I started in Non-Profit, then moved to a local company doing web development, and then serendipitously ended up in a job with marketing for a distributed energy resources firm. I was there for almost 8 years and moved into various roles during that time. That was my introduction to the energy industry, and my passion for energy and sustainability grew from there.

It wasn’t until COVID when it really triggered in me how important decarbonization was. As we all hunkered down in our homes, I saw images of the skies before and after lockdown. It really was eye-opening for me to visibly see change to our environment through making changes in our behaviors and use of resources. Before that, I knew it was important, but it seemed like such a huge problem that it would be impossible to influence and change.

Q: What sustainability practices have you seen that have surprised and/or excited you?

A: I love seeing the growth of the microgrid market. For both decarbonization and resiliency, it makes so much sense and seeing that take hold has been exciting to see.

Q: Why do you choose to work with RENEW?

A: The number one reason I work with RENEW is because of the people. We are a small but growing team. The very clear mission and vision as well as the support and encouragement from everyone on the team as we work to achieve decarbonization goals together inspires me every day.

Q: What are you most excited about for the future of the energy industry?

A: I am very interested in hydrogen and what role it is going to play in the energy transition. As hydrogen hubs are implemented and tax credits come into play for production of hydrogen, it will be exciting to see how that plays into our net zero future.

To be continued next month. We are lucky to be growing our team with exemplary individuals. Last month’s featured employee profile included Aurora Fernandez. If you are interested in joining RENEW, you can find our current career opportunities here. 

RENEW Energy Partners specializes in funding energy saving retrofits for your commercial, industrial, and institutional buildings. For more information contact us today!

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Renew Energy Partners and Buildings IOT Partner to Expedite Building Decarbonization Through a Tech-enabled, Fully Funded Solution

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BOSTON, July 18, 2023 /PRNewswire/ — Renew Energy Partners (RENEW) and Buildings IOT announced today a partnership to expedite the decarbonization of buildings and the deployment of property technology, analytics, and controls in the built environment. Buildings IOT’s intelligent building management platform, onPoint, will enhance and expedite RENEW’s mission to decarbonize the built environment. Through this partnership, onPoint will be delivered as a service to property owners and all RENEW customers.

RENEW, a leading decarbonization firm, supports commercial and industrial customers in their building upgrades and retrofits by funding, installing, and managing new energy-efficient systems and on-site clean energy projects.

Buildings IOT, a full-service smart building and building automation provider, has developed the leading property technology for commercial buildings. The independent platform can work with any source of data and can deliver energy analytics, fault detection, two-way command and control and building automation.

“Building owners and operators recognize the need to digitize their assets for assessment, monitoring, control, and automation; the dilemma they face is how to pay for valuable software and system upgrades in a real estate finance paradigm that hasn’t budgeted for these capital costs,” said Brian Turner, CEO of Buildings IOT. “The Buildings IOT–RENEW Partnership solves that challenge and unlocks so much potential for any building owner. We’re beyond excited to have found a partner that shares our mission to reduce the impact of the built environment.”

This partnership powerfully aligns RENEW and Buildings IOT to meet customer goals because both firms are technology and vendor agnostic. The partnership is poised to deliver the best solution to a portfolio owner and work with any existing property tech systems. RENEW funds, owns, and operates any commercial decarbonization technology for their customers, just as Building IOT’s platform can work with any source of property tech data. Together, the combined offering delivers valuable and actionable data, at no upfront costs and immediate savings to our customers.

“RENEW believes that this partnership will be transformational for the decarbonization industry, and we are excited to see the future of this relationship, the value we can create for our customers and most importantly the carbon we will reduce from the built environment,” said Charlie Lord, Principal and Co-founder of RENEW.

The long-term vision behind this partnership is to speed decarbonization efforts by delivering faster access to data. This will lead to opportunities for RENEW to deliver Energy Service Agreements (ESAs) that will improve the built environment and reduce their customers’ carbon footprint.

About Renew Energy Partners
Renew Energy Partners is a decarbonization firm that provides turnkey solutions for funding, installing, and managing energy efficiency and on-site clean energy projects by using future savings to fund upgrades and retrofits. The company helps building owners meet regulatory and consumer demands to reduce their carbon footprint while saving money and making their buildings cleaner and more resilient. For more information, visit www.renewep.com.

About Buildings IOT
We are building systems experts. We’re changing the way the built environment understands, reacts, and adapts through technology. Our software and services increase the longevity of building assets, improve the comfort of building occupants and help building owners achieve greater efficiency across North America, Europe, and APAC. We develop and deploy cloud-based building analytics software, we implement complex Integrated Building Management Systems, we design and install controls systems, we maintain building assets and we provide IT managed services.

SOURCE: PR Newswire 

The RENEW Energy Service Agreement allows businesses to focus on what they do best, while ensuring that their facilities are performing at their peak with brand new, and high-efficiency equipment. In this current climate of cost control and resource allocation, the energy service agreement is the perfect solution to help businesses meet sustainability goals and keep facilities in top condition. Reach out to RENEW and talk to us about financing your energy saving retrofits today.

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Employee Profile: Aurora Fernández

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RENEW’s blog Employee Profile series highlights our employees who make us great. This month we interviewed our compassionate and analytical business development associate, Aurora Fernández.

Q: How long have you worked for RENEW Energy Partners?

A: I have been with the company since February 2023, so just over six months now.

Q: What sort of work do you do for the company?

A: I am a Business Development Associate; part of my work is to develop and execute strategic marketing programs to generate leads and reach our target audiences. On the other hand, I also work directly with client support, both leading and supporting business development efforts on active projects, as well as engaging in relationship management with our channel partners.

Q: Where are you from? What is one aspect that you enjoyed about the place that you grew up?

A: I am originally from Venezuela but have now lived in the US for many years. One of the main aspects I enjoyed from where I grew up was the sense of family and community. Even outside of my own family, I would always feel like family at my friends’ homes, or with work colleagues, or even sometimes with complete strangers on the street. People in Venezuela may not know you, but will usually treat you as a lifelong buddy; so that is something that I grew up with and I see it as a great quality for handling relationships in my current life.

Q: What activities/hobbies do you enjoy in your daily life? How do you relax?

A: I have multiple hobbies I like. I really enjoy working out as much as I can during the week. In the winter I love to go skiing, it’s a hobby I’ve picked up in the last few years and I truly enjoy how free I feel coming down a steep mountain. I also really enjoy photography; I will sometimes go out on long walks while taking snaps of people on the street. I like to read, and watch shows to relax. I love going to concerts, shows, festivals and dancing my legs off!

Q: Why is sustainability/decarbonization important to you? How did you get started in this career/field?

A: I got started in this field in Venezuela, right out of college. I worked for an LED lighting and solar energy company that was doing great work, very similar to Renew, but at a much smaller scale and without the financing portion. I learned a lot about the meaning of sustainability during that experience and fell in love with the definition of it; “the ability to be maintained over a long-term period of time”. I see sustainability as finding solutions to sustain life and community, and to avoid depletion or otherwise unnatural endings. So, to me, sustainability is sort of a foundation for all beings that just want to live and thrive alongside each other. In today’s world, we’re bringing this concept into business, where people and nature are the main resources in any sort of industry. We can choose to continue viewing and doing things as we always have; consuming and utilizing until complete exhaustion or take a turn towards sustainability and change processes that will guarantee the ability to sustain over time.

Q: Have you ever worked in another field? What was it and why?

A: I have. I worked for about five years in the legal industry doing marketing and business development. I became a part of the industry while getting on my two feet in New York City after migrating from my country. I especially enjoyed the last year of my time working at law firms since I was able to pivot back into sustainability while working directly in a social impact and pro bono position. It was a great opportunity to learn from incredibly talented people and view business and relationship management from a very different lens than I was used to while on the marketing side.

Q: What sustainability practices have you seen that have surprised and/or excited you?

A: I think the practice of waste-to-energy is something that I have always found incredibly fascinating. I had the opportunity to visit Stockholm in 2022 and found out about how the city’s complete heating system is powered by waste incinerators. They send only 1% of all the city’s trash to landfills, and the rest goes to a central plant for incineration and power generation. Nordic countries need a lot of heat, especially since their winters are so long, so it’s understandable that they would come up with these systems. However, I always scratch my head about why we are not there yet over here on the Western side where we generate SO much waste. The US generates 270 million tons of waste every year and about half of it goes to landfills! What would happen if we burnt it all into energy instead?

Q: Why do you choose to work with RENEW?

A: I choose to work with RENEW because of its people. Absolutely and no doubt that is the reason I choose to be part of the team, and of course because of all the incredible work we do to help clients decarbonize their systems.

Q: What are you most excited about for the future of the energy industry?

A: I’m excited to see how technology develops to make energy more affordable and accessible for people. Energy is the base for everything that we do, we can’t really survive without energy in today’s world, and when you really think about it, energy is the one resource that doesn’t deplete – it just transforms. It’s not like land, minerals, or water, that do end -giving us a completely other set of issues to deal with in the sustainability world- energy is transformed from one source to another. As I mentioned with waste incineration, that is just heat-energy stored and transformed into electricity. It equally happens with solar, hydro, nuclear, and other energy sources. We live in very exciting times for the energy industry, and I’m thrilled to be a part of it and see the technology unravel over the years to come.

To be continued next month. We are lucky to be growing our team with exemplary individuals. Last month’s featured employee profile included Nathan Montgomery. If you are interested in joining RENEW, you can find our current career opportunities here. 

RENEW Energy Partners specializes in funding energy saving retrofits for your commercial, industrial, and institutional buildings. For more information contact us today!

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Thermal energy storage can help you save money and energy by storing heat energy for later use.

How Thermal Energy Storage Helps Save Money and Energy

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Thermal energy storage can help you save money and energy by storing heat energy for later use.

RENEW Energy Partners specializes in funding energy saving retrofits for your commercial, industrial, and institutional buildings. There are many different technologies we install to make your buildings more efficient and reduce your energy bill. One strategy for significant savings is retrofitting your buildings to house thermal energy storage.

Introduction

Thermal Energy Storage (TES) is a technology that allows for the capture and release of heat energy. This is used to regulate temperature in a space, or to store energy for future use.

There are many benefits to using thermal energy systems. It helps you save money on your energy bill, and it also helps conserve energy. In some cases, this storage system is used to generate electricity.

If you are looking for a way to save money and conserve energy, then an energy saving retrofit using thermal energy may be the right solution for you.

What is Thermal Energy Storage?

Thermal energy storage is simply the process of capturing and storing heat energy. This is accomplished by having materials absorb and store heat, and then releasing or converting it when needed. This thermal energy is stored in some surprising materials, including water, salt, sand, rocks, and specialized phase-change materials.

One of the most common ways to use Thermal Energy Storage is in a cooling system, where the captured and stored heat is used to reduce the temperature of a space. This method eliminates excess heating or cooling needs due to sudden changes in temperature.

Thermal energy storage is an effective way of conserving energy, as it stores more energy than any other method available. It is often cheaper than using traditional energy sources, such as electricity, which result in major energy cost reductions for businesses.

The Benefits of Thermal Energy Storage

Thermal Energy Storage offers a variety of benefits to individuals, businesses, and governments.

  1. Cost Savings – Thermal energy storage allows for significant energy cost savings over traditional sources of energy. When utilizing the heat energy stored, there is minimal energy waste, leading to higher efficiency of energy use.
  2. Increased Energy Security – Stored thermal energy is frequently used during times of peak demand and unpredictability in the energy market, creating a buffer against supply disruptions.
  3. Reduced Environmental Impact – The use of thermal energy leads to reduced emissions since the stored energy replaces energy that needs to be generated with fossil fuels.
  4. Reliable Security – Thermal energy storage is a secure source of energy and is more reliable than other energy sources due to its significant storage capacity. This means that thermal energy can be stored for long periods of time and deployed when needed.

How Does It Storage Work?

Thermal energy storage works by storing heat energy in a medium such as molten salt, ice, or water. When stored in this way, heat energy can be used whenever it is needed.

The process of storing thermal energy is simple. Heat energy is collected from a source such as a solar panel or as waste heat from an industrial process and stored in a medium. This stored heat energy is then used to heat buildings, generate electricity, and other applications.

For example, solar energy is collected during the day and stored in large tanks of water. This energy is then used to heat buildings at night, helping reduce energy costs and emissions.

In other applications, stored heat energy is used to generate electricity. This is done by converting the stored heat energy into mechanical energy, for example by spinning a turbine that generates electricity.

Types of Thermal Energy Storage

Thermal energy storage is used in a variety of applications and comes in different forms, depending on the type of energy storage system implemented:

  1. Latent Heat Storage – This type of storage involves storing heat energy in a phase-change material such as wax or salt. The phase transformation of the material allows large amounts of heat to be stored or released at a relatively low temperature.
  2. Sensible Heat Storage – Involves the storing of heat energy in a substance like rocks or water. The stored energy causes a rise in temperature, which can then be utilized for various purposes.
  3. Cryogenic Gas Storage – By using liquified gases such as hydrogen or methane, this type of storage is very space efficient, allowing for the storage of high amounts of energy in a small space.
  4. Molten Salt Storage – Salt has a very high heat capacity, and can store and release large amounts of energy, making molten salt storage one of the most popular forms of thermal energy storage at a grid scale. Each type of thermal energy storage has its own advantages and disadvantages and should be chosen based on the specific application.

Economic Incentives for Commercial Thermal Energy Storage

To help businesses utilize these systems, many governments have introduced economic incentives. These can be in the form of subsidies, tax credits, and other incentives to help businesses offset the upfront costs of implementing a thermal energy storage system.

In some cases, businesses and building owners may qualify for low-interest financing programs or other loan programs to help them purchase and install thermal energy storage systems. These programs vary depending on the location and are very effective for businesses to adopt thermal energy systems.

In addition, local regulators usually have specific regulations for installing a thermal energy storage system. Knowing the laws of your state will help you plan and install the system in a responsible way.

RENEW Energy Partners is a long-term decarbonization partner with experience guiding building owners through technology and emissions regulations, identifying and utilizing the best technology and corresponding tax credits for each job, and funding and managing carbon-saving projects from start to finish.

The Future of Thermal Energy Storage

There is growing interest and investment in thermal energy storage systems as businesses and governments are recognizing and capitalizing on their potential to save money and conserve energy.

In the future, advances in technology will likely mean better performance from thermal energy systems at lower prices. This will make them an increasingly appealing option for businesses and consumers.

In addition, solar energy storage is gaining interest due to the intermittent nature of solar energy production. As interest in these applications continues to grow, there is potential for solar powered thermal energy systems to become an increasingly important part of the energy mix.

Thermal energy storage is an effective way to reduce energy consumption, save money, and increase energy security. With increasing demand for energy and the environment, TES is a great option for businesses, manufacturers, and governments.

No matter how you decide to increase your energy efficiency and decrease your carbon footprint, these kinds of projects require funding. In order to fund an energy efficiency project for your building(s), RENEW Energy Partners offers an energy service agreement (ESA). The Energy Service Agreement:

  • May be treated as an off-balance sheet transaction. In that case, you do not own the asset or carry it on your balance sheet (consult your tax advisor).
  • RENEW provides preventive and corrective maintenance in the service agreement.
  • Your payment to RENEW will be based on the energy savings confirmed once the system is operational. 

The RENEW Energy Service Agreement allows businesses to focus on what they do best, while ensuring that their facilities are performing at their peak with brand new, and high-efficiency equipment. In this current climate of cost control and resource allocation, the energy service agreement is the perfect solution to help businesses meet sustainability goals and keep facilities in top condition. Reach out to RENEW and talk to us about financing your energy saving retrofits today.

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Battery Energy Storage Solutions

Unlocking the Financial Potential of Battery Energy Storage Systems

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Battery Energy Storage Solutions

RENEW Energy Partners specializes in funding energy saving retrofits for your commercial, industrial, and institutional buildings. There are many different technologies we install to make your buildings more efficient and reduce your energy bill. With the rising costs of energy, a great way to do this is by installing a battery energy storage system (BESS).

What is battery energy storage?

A battery energy storage system (BESS) is a system composed of interconnected batteries that store electricity generated from renewable energy. The system is typically used in commercial buildings and industrial facilities to store energy when production is high, and to dispatch energy when there are spikes in demand on the grid.

Battery energy storage systems typically consist of one or more battery units, power electronics for managing the charging and discharging processes, and an algorithm-based control system to monitor and optimize the system’s performance. The batteries used vary in type, including lead-acid, lithium-ion batteries, or other advanced technologies.

These systems are installed at various scales, ranging from small residential or commercial systems to large-scale utility systems. The specific configuration and capabilities of a battery energy storage system depend on the intended application and the requirements of the user or facility.

Backed by best-in-class manufacturing partners and intelligent, predictive software, Renew Energy Partners has partnered with ICETEC Energy Services, Kinsley Energy Systems and Stark Tech to offer turnkey solutions for funding and implementing BESS. To learn more how this solution impacts your building’s energy performance, download RENEW’s product sheet.

What are the capabilities of a battery energy storage system?

Battery energy storage offers several benefits to building owners in managing their energy consumption and reducing costs. Here are some ways battery energy storage helps building owners:

Demand Charge Management

Buildings often have peak electricity demand during specific periods, resulting in high demand charges from utility companies. Battery energy storage helps building owners and industrial manufacturers reduce peak demand by discharging stored energy during these peak periods, lowering demand charges.

Load Shifting and Time-of-Use Optimization

Battery storage enables building owners to shift energy consumption from high-cost, peak-demand periods to low-cost, off-peak periods.

Renewable Energy Integration

Battery energy storage allows for better integration of renewable energy sources, such as solar and wind, by storing excess energy generated during periods of high production and using it when renewable generation is low or unavailable. Releasing this stored energy during peak demand periods reduces the need to rely on fossil fuel-based power plants. By facilitating the integration of renewables, BESS helps to reduce greenhouse gas emissions associated with traditional fossil fuel power generation.

Demand Response Participation

Building owners can enroll their battery energy storage systems in demand response programs. These programs incentivize energy consumers to reduce their electricity consumption or shift loads during periods of high demand on the grid.

Power Quality and Voltage Support

Battery storage systems absorb power to regulate voltage and mitigate voltage fluctuations, ensuring that sensitive equipment and processes operate smoothly and reducing the costly risk of equipment damage.

Energy Arbitrage

Battery storage systems take advantage of price fluctuations in electricity rates between different times of the day or between seasons. Electricity can be purchased when prices are low and stored in batteries for use when prices are higher.

Grid Services and Revenue Generation

In some regions, battery energy storage systems participate in grid services such as frequency regulation and grid balancing. Building owners and industrial manufacturers earn additional revenue by providing these services to the grid operator, thereby monetizing their battery assets, and contributing to grid stability. Stabilizing the grid with BESS helps reduce reliance on fossil fuel-based backup power plants, which would otherwise be needed to compensate for the variability of different energy sources.

Advantages and financial feasibility of battery energy storage vary according to factors such as local energy market conditions, utility rates, regulatory frameworks and the building’s energy profile.

Conducting a detailed analysis and feasibility study is crucial to determine the potential benefits and return on investment for a specific building.

How do battery energy storage systems create savings?

Energy savings are realized using battery energy storage systems, which consider factors including local electricity pricing, building energy profile, system capacity and capabilities, and optimization strategies.

Battery energy storage systems are also used to help manage and optimize electricity usage, specifically demand, allowing building owners to achieve a lower ICAP tag.

Peak Shaving 

The ICAP, or installed capacity tag is a charge paid by the building owner that is calculated from the building’s demand on the peak demand day of the grid. This charge is important because it applies to the entire following calendar year.

Potential ICAP tag days usually align with the highest heat index of the year, and when one of these days is predicted, a savvy building operator will reduce their demand to the bare minimum. This is where a battery energy storage system makes a big difference. By discharging stored energy during these peak periods, the building relies less on grid power, pushing demand as low as possible and reducing ICAP costs.

Furthermore, by discharging stored energy during peak hours, BESS helps to avoid the need for additional fossil fuel power plants to meet the peak demand. BESS can also balance the load on the grid by absorbing excess power during low-demand periods and supplying it during high-demand periods, optimizing the overall grid efficiency and reducing the need for carbon-intensive power generation.

Load Shifting 

Battery storage enables load shifting by charging during periods of low demand, when electricity is cheapest, and discharging stored energy during periods of high demand, when electricity is the most expensive.

This is a very effective tactic for reducing energy spend on larger buildings, where time-of-use rates are often in effect.

Demand Response Participation

In areas with demand response programs, a BESS offers a major weapon in the arsenal of energy-aware building operators. Without a backup system, a building operator only cuts demand, which results in lower production or uncomfortable tenants. With a BESS, demand response dispatches are met with minimum disruption to the building’s operations while earning financial rewards for lower demand.

Backup Power 

Perhaps most significantly, battery energy storage systems provide backup power in case of emergency or grid malfunction. By relying on the stored energy, the building avoids enormous costs associated with lost productivity and continue its operations without relying solely on grid power.

What incentives exist for funding battery energy storage systems?

In the US, several incentive programs exist at the federal, state, and utility levels to encourage the adoption of battery energy storage systems.

Federal Investment Tax Credit (ITC)

The federal government offers a 30% investment tax credit for eligible energy storage systems with a minimum capacity of five kWh. This tax credit applies to commercial and residential BESS projects that are co-located with solar or standalone.

Microgrid controllers and interconnection property were also explicitly stated as being ITC eligible. The ITC at 30% has recently been extended through 2032. In 2033, ITC steps down to 26%, and 22% in 2034.

Domestic Content 10% Bonus Guidance Released (IRS Notice 2023-38): The Inflation Reduction Act of 2022 (IRA) created a 10% tax credit adder to encourage the use of “domestic content” in renewable projects that qualify for the ITC.

To meet the domestic content bonus criteria, taxpayers must construct a project with 100% U.S. content steel and iron and incorporate the appropriate “adjusted percentage” of domestically manufactured products. The adjusted percentages of domestic content for manufactured products are as follows:

  • 40% for projects that begin construction prior to Jan. 1, 2025;
  • 45% for projects that begin construction after Dec. 31, 2024, but before Jan. 1, 2026;
  • 50% for projects that begin construction after Dec. 31, 2025, but before Jan. 1, 2027; and
  • 55% for projects that begin construction after Dec. 31, 2026.

State-Specific Incentive Programs

Many states offer their own incentive programs to promote energy storage. These programs vary by state and include grants, rebates, loans, tax credits, and performance-based incentives. Examples include the California Self-Generation Incentive Program (SGIP) and the New York State Energy Research and Development Authority (NYSERDA) incentives.

For Massachusetts residents who have purchased their own solar systems, there’s an opportunity to earn monthly incentives through the Solar Massachusetts Renewable Target (SMART) program. This initiative is set to drive over 3,200 megawatts of solar energy projects statewide.

Utility-Specific Programs

Some utilities offer incentive programs to encourage energy storage adoption. These programs include financial incentives, tariff structures, and rate designs for installation of energy storage systems. Examples include the Con Edison Non-Wires Alternative program and the Southern California Edison (SCE) Preferred Resources Pilot.

Check with local authorities and energy agencies for the most up-to-date information on incentive programs in specific locations as they may vary. To learn more about potential ITC on energy storage projects based on location, we have found the Ever.green Tax Credit Marketplace map to be very helpful.

Conclusion

Battery energy storage is becoming increasingly important as the demand for clean energy, grid flexibility, and energy management grows. It plays a vital role in the transition to more sustainable and efficient energy systems by improving the reliability, stability, and efficiency of electrical grids, reducing peak demand, and enabling the integration of renewable energy sources.

Renew Energy Partners is leading the way in energy storage technology, leveraging best-in-class manufacturing partners and innovative software. Our turnkey Battery Energy Storage System (BESS) funding solution allows customers to benefit from greater power stabilization and security.

In this current climate of cost control and resource allocation, the RENEW Master Service Agreement is the perfect solution to help businesses meet sustainability goals and keep facilities in top condition. Reach out to RENEW and talk to us about financing your energy saving retrofits today.

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Employee Profile Business Development Associate, Nathan Montgomery

Employee Profile: Nathan Montgomery

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Employee Profile Business Development Associate, Nathan Montgomery

RENEW’s blog Employee Profile series highlights our employees who make us great. This month we interviewed our diligent and creative business development associate, Nathan Montgomery.

Q: How long have you worked for RENEW Energy Partners?

A: I have been with RENEW since October 3rd, 2022.

Q: What sort of work do you do for the company?

A: I am a Business Development Associate. My focus is on internal sales support, outbound marketing, and research and development.

Q: Where are you from? What is one aspect that you enjoyed about the place that you grew up?

A: I grew up in Denver, Colorado. I did not know until I moved away how lucky I was to grow up in such a sunny place with an abundance of hiking and skiing trails that I got to take advantage of with my family and friends.

Q: What activities/hobbies do you enjoy in your daily life? How do you relax?

A: I have a music degree and play guitar, bass, piano, drums, and voice as a creative outlet. It feels like a relaxing and meditative practice at this point. I also enjoy training in tai chi and kung fu, as well as exploring new places with my partner Allie.

Q: Have you ever worked in another field? What was it and why?

Previously I was a high school Spanish teacher during the most intense years of the pandemic. I am a fluent Spanish speaker and enjoyed helping children expand their knowledge and navigate a stressful public health crisis.

Q: What is one fun fact about you?

I was born in Hong Kong and have lived in Mexico and Spain.

Q: Why is sustainability/decarbonization important to you? How did you get started in this career/field?

A: RENEW is my first foray into the sustainability field. I was motivated to take a role in mitigating the climate crisis directly, rather than just feeling anxious about the impact of global emissions on the sidelines.

Q: What sustainability practices have you seen that have surprised and/or excited you?

A: I am very interested in geothermal and hydrogen. They seem to be technologies that are still developing and have a lot of potential to be harnessed more efficiently and affordably.

Q: Why do you choose to work with RENEW?

A: I choose to work with RENEW because I work with a great team, it provides me with more work-life balance than my previous jobs, and it fulfills a positive mission because we are directly working towards decarbonization in North America.

Q: What is one success you have had at RENEW that you are proud of?

I am proud to produce the Green Beers Podcast! I also enjoy workshopping our messaging and talking to prospective clients about our services.

Q: What are you most excited about for the future of the energy industry?

A: I am excited for new technologies that facilitate greater amounts of carbon reduction. I am also hopeful that emissions regulations will continue to be updated on the state, federal, and international levels so that driving sustainability projects becomes a greater priority across all industries.

To be continued next month. We are lucky to be growing our team with exemplary individuals. Last month’s featured employee profile included Charlie Tryon. If you are interested in joining RENEW, you can find our current career opportunities here. 

RENEW Energy Partners specializes in funding energy saving retrofits for your commercial, industrial, and institutional buildings. For more information contact us today!

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