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Act Now: Inflation Reduction Act Deadlines and What They Mean for Microgrid Projects

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The clock is ticking for taking advantage of the IRA 30-50% Investment Tax Credit for CHP and Microgrid projects. Here is some crucial information that could significantly impact the trajectory of sustainable energy projects in 2024. The recent updates in the Inflation Reduction Act (IRA) present a golden opportunity for you to maximize benefits and contribute to a cleaner, more sustainable future. In order to meet critical deadlines for achieving these benefits, it is important to act now!

 

Key Highlights of the Inflation Reduction Act

  1. Combined Heat and Power(CHP) Property
  • The IRA introduces an ITC for qualifying Combined Heat and Power (CHP) system property that commences construction before January 1, 2025. This includes capacity, efficiency, and other limitations that apply for CHP eligibility.
  1. Microgrid Controllers
  • The IRA has also included microgrid controllers as eligible property for the ITC.
  • A “microgrid controller” is defined as equipment that is part of a qualified microgrid, designed to monitor and control energy resources and loads on the microgrid.
  • A “qualified microgrid” is an electrical system capable of generating 4 kilowatts to 20 megawatts of electricity, operating in connection with and independently from the electrical grid, and not part of a bulk-power system.
  • It’s important to note that the definition of a microgrid, for ITC eligibility, applies specifically to the microgrid controller rather than the microgrid as a whole.
  1. Base and Bonus Credits
  • For projects under 1 MW, the 30% ITC base rate is automatic. For projects over 1 MW, the 30% ITC can be achieved by meeting apprenticeship and prevailing wage requirements.
  • There are 10% bonus credits each for domestic content and projects in “energy communities”
  • Check Your Site’s Eligibility!
  1. Clean Energy Projects
  • Projects starting construction before the end of 2024, including CHP, solar, battery storage, microgrid controllers, microturbines, fuel cells, and biogas, qualify for the 30%+ ITC.
  • Safe harbor rules enable projects to qualify for full credits by spending 5% of project costs before the end of 2024, extending the construction period into 2025.

 

Why Act Now?

To make the most of these incentives, it is imperative for our customers to execute contracts with Renew Energy Partners now. By doing so, we can deploy the 5% Safe Harbor on your project, ensuring you can still receive the maximum ITC percentage outlined in the IRA.

Renew Energy Partners’ Webinar on February 29th

We invite you to join a webinar on February 29th, with the Combined Heat and Power Alliance, where industry experts will delve into the intricacies of the Inflation Reduction Act, providing valuable insights into how you can leverage these opportunities for your projects. Emily Robertson, Business Development Lead for Microgrids with Renew Energy Partners will share more about how to take advantage of Renew’s services to secure the 5% Safe Harbor in 2024 and be able to take advantage of the full ITC by deploying your project in 2025. Don’t miss this chance to gain a competitive edge and contribute to a sustainable future. Click this link to join us!

Act Today, Reap Tomorrow

Renew Energy Partners is committed to empowering building owners to decarbonize their buildings and contribute to a greener planet. Act now, execute your contracts, and secure your place in a cleaner, more sustainable future.

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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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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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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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Employee Profile: Charlie Tryon

Employee Profile: Charlie Tryon

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Employee Profile: Charlie Tryon

RENEW’s new blog Employee Profile series highlights our employees who make us great. This month we interviewed our talented and personable engineer leading our decarbonization projects in New York City, Charlie Tryon.

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

A: I have been with RENEW since September 2022.

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

A: As a Project Engineer with RENEW my primary role is to oversee the continuous operation of RENEW’s assets and to oversee/monitor all aspects of projects being implemented ranging from design to construction and start up. I also lend technical assistance to the Business Development team when needed during project vetting.

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

A: I am from New York’s Capital Region; Albany, which was really an incredible place to grow up. Situated about 3 hours from both Boston and New York respectively made it very easy to go to sporting events, concerts, museums, and sightseeing. The Capital Region also offers the Adirondack Mountains, Lake George, and Saratoga Springs within an hour drive so there is always plenty to do and see.

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

A: My favorite hobbies are golf, art, and music. In the summer I golf as much as possible on the weekends, in the winter months I like to paint and draw, acrylics, pen, and inks mostly. Music is throughout the year; I love going to shows/concerts or playing the drums at home.

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

A: I first began really paying attention to the environment over 13 years ago while working in a wastewater treatment plant. I started as a laborer, eventually becoming a licensed New York State treatment plant operator and during my tenure there I became increasingly interested in the treatment process.

Removing contaminants and treating waste streams is a process that is constantly monitored and measured, showing just how much of an impact is being made in protecting natural waterways. For the past 10 years in the construction sector, sustainability and decarbonization have been a way to carry that same notion.

The work we do is typically either improving existing building performance or developing and building new construction that carefully considers minimizing the impact we have on the environment; in both scenarios we can measure the exact impact the project has made, which is incredibly gratifying.

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

A: I was very surprised to see increased use of geothermal in New York City. Living in such a dense city I had not expected to see geothermal implemented as we have seen over the past couple of years. I typically get most excited about seeing on site power generation work logistically.

Q: Why do you choose to work with RENEW?

A: RENEW has been an incredible opportunity for me to work with a highly talented team that is unabashedly mission oriented. For me, it does not get any better than being able to work on sustainability and decarbonization projects that I am overtly passionate about with this group.

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

A: I am most excited to see decarbonization work increasingly embraced by major cities and communities. In NYC we have seen various regulatory agencies and departments become much more familiar and interested in the technologies, equipment, and implementation process. It is very positive to see entities actively learning and taking a general interest in moving these projects forward. With this type of support and enthusiasm I think the positive changes we can make to the energy industry are enormous.

To be continued next month. We are lucky to be growing our team with exemplary individuals. Last month’s featured employee profile included Alexandra Carroll. 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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A Master Service Agreement: the key to decarbonization for energy saving retrofits

Master Service Agreement: The Key to Decarbonization

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A Master Service Agreement: the key to decarbonization for energy saving retrofits

RENEW Energy Partners specializes in funding energy saving retrofits for your commercial, industrial, and institutional buildings. A Master Service Agreement is the key to decarbonization as it allows us to provide and support various technologies to make your buildings more efficient and cut down on your energy costs.

How can a Master Service Agreement be the “key to decarbonization”?

A decarbonized energy system will become a mandatory step for businesses looking to reduce climate emissions and energy transition risks. However, achieving decarbonization goals requires putting a budget in place to fund the plan. A recent Deloitte survey shows that CFOs prefer certain funding options over others.

For finance chiefs, there are three primary strategies for funding their decarbonization goals:

  1. Reassigning growth capital from carbon-heavy resources
  2. Using operational cashflow savings
  3. Applying for grants

Most CFOs view decarbonization as “costly undertaking rather than in investment.” However, “future-focused” organizations have their lead financial executives involved in the decarbonization strategy and identify innovative strategies to fund their decarbonization programs.

To help address this challenge, RENEW offers our Master Service Agreement (MSA) as an energy finance solution. This two-part contract is the key to decarbonization for future focused organizations and CFOs to implement their decarb strategies in a way that is an investment and not a costly undertaking.

Structure of a Master Service Agreement

The MSA includes a General Terms & Conditions section to cover the legal aspects of the agreement between the customer and RENEW while also defining specific Project Addendums to scale energy efficiency and sustainability initiatives. With the MSA Project Addendums, RENEW can implement client-defined scopes of work for energy efficiency retrofits such as lighting, HVAC, and smart energy controls; as well as Power Purchase Agreements (PPA) to install on-site clean power including microgrids, solar energy, energy storage, geothermal and combined heat and power.

These scopes of work may include a share of savings provision that defines the measurement and verification of the project, along with maintenance requirements over the agreement period.

RENEW’s Master Service Agreement is the key to decarbonization as it is more flexible and modular than traditional funding. We share early project development risk by signing a Memorandum of Understanding (MOU) that allows RENEW and its design partners to fully develop the project scope without any upfront capital required.

Once the MOU work is complete, we deliver definitive contracts for the MSA and project addendums. Additional Project Addendums can be added at any time, giving our clients the ability to easily work with RENEW on any future decarbonization projects but does not obligate them to work solely with RENEW on sustainability.

Top benefits of the MSA vs regular decarbonization funding:

  • Upgrades are funded with future long term savings.
  • We provide up-front funding to purchase, install, and maintain the new systems.
  • Each month after installation, for the duration of the agreement, we share a portion of the savings with the client.
  • The client can take ownership of the new systems at the end of the agreement with 100% of the savings going to their company’s bottom line.

How this high-tech manufacturer uses RENEW’s Master Service Agreement:

MACOM Technology Solutions, a high-performance microwave and optical semiconductor manufacturer, recently worked alongside RENEW and an independent consultant to design, implement and fund a microgrid solution for their Lowell, Massachusetts corporate headquarters. RENEW now owns and maintains the microgrid under a 15-year PPA, saving MACOM hundreds of thousands of dollars per year on their energy bills while reducing over 1860 metric tons per year and adding significant resiliency to MACOM’s manufacturing facility.

Renew Energy Partners provides turnkey solutions for funding, installing, and managing energy efficiency and on-site clean power generation projects. We help building owners reduce their carbon footprint and save money while making their buildings cleaner, nicer, and more resilient. With RENEW’s energy-as-a-service model, energy saving retrofits and power upgrades are funded by future savings and are at no cost to the building owner. For more information on our services, contact us today.

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Exposed beams showing building insulation.

Energy Saving Retrofits: Building Envelope and Insulation

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Exposed beams showing building insulation.

RENEW Energy Partners specializes in funding energy saving retrofits for your commercial, industrial, and institutional buildings. There are many different technologies we can install to make your buildings more efficient and reduce your energy bill. One strategy for significant savings is to upgrade your building envelope and insulation to prevent energy from escaping and being wasted.

Building Envelopment and Insulation

Decarbonizing retrofits typically involve multiple aspects of a building’s systems, such as HVAC, lighting, and water usage. However, the building’s envelope and insulation are often the first place to start, as it can have a significant impact on a building’s energy use and GHG emissions. Upgrading HVAC and other mechanical upgrades are certainly important, but if you have a drafty building, even the most efficient heating and cooling systems will not be effective.

Insulation:

Insulation has to do with preventing heat flow through building perimeters. A building envelope keeps conditioned air inside the building. Together, they help keep buildings cool in warmer months and warm in cooler months.

Additionally, piping that carries hot water, steam, or chilled water to heating and cooling appliances needs to be insulated, and over time that insulation can break down and need replacement.  Uninsulated hot water or steam pipes will lose heat constantly, leading to poor efficiency.  Uninsulated chilled water piping has the same problem but can also cause condensation and lead to property damage.

When considering insulation options for decarbonizing retrofits, it’s important to consider the R-value, or thermal resistance, of the material. The higher the R-value, or the more heat resistant the insulation material, the better the insulation will perform.

Insulation plays a major role in the energy efficiency of a building. It can help keep the indoor temperature stable, reducing the need for heating and cooling systems. When selecting insulation materials for a retrofit project, there are several factors to consider, including budget, effectiveness, and environmental impact. Some common insulation materials include fiberglass, cellulose, and spray foam, but not all insulation materials are created equal.

Spray foam for example, is not always the best product. Its main advantage is that industrial applications are fast to apply in new build construction, so it’s generally cheaper. A more common retrofit technique is a siding replacement project, foam board (polystyrene) is added to the outside surface of a building, followed by a layer of “house wrap” vapor barrier, then new siding. Generally, you remove the existing siding first, but that depends on the existing construction method.

Building Envelopment:

The building envelope itself is made up of the walls, roof, windows, doors, and other exterior components of a building. It serves as a barrier between the interior and exterior of the building, protecting the occupants from the elements and providing thermal insulation. When a building is properly insulated and sealed, it can significantly reduce energy consumption and GHG emissions.

In addition to insulation, other aspects of the building envelope that can contribute to decarbonizing retrofits include windows and doors, roofing, and air sealing. Upgrading to high-performance windows and doors can also reduce heat transfer, while reflective roofing can minimize the amount of heat absorbed by a building. Proper air sealing can also help to prevent drafts and minimize energy loss.

Lastly, there are building management technologies on the market that focus on monitoring building envelope. Once installed, any air leaks can be detected easily and in real time, strengthening the building envelope and reducing maintenance costs.

Conclusion

Building Envelope and Insulation are often referred to in the energy industry as a building’s “lungs.” If there are holes in the lungs, then any air that is pumped into them has the possibility of leaking out. Any energy saving retrofits applied to HVAC systems will have minimal effect if a building is not well enveloped and insulated.

Updating a building’s envelope and insulation can help customers keep their buildings airtight, keeping the energy they produce within their walls for as long as possible. This helps maintain consistent internal environments and avoids excess energy output to continuously heat and cool indoor spaces.

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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Water Saving Retrofits

Water Saving Retrofits

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Water Saving Retrofits

RENEW Energy partners specializes in helping fund energy saving retrofits for your commercial, industrial, and institutional buildings. There are many different technologies we can install to make your buildings more efficient and reduce your energy bill. One place to deliver significant savings is by reducing your water consumption with a water saving retrofit.  

Water Saving Retrofits

Water savings are a very beneficial by-product of energy saving projects, but not always the initial driver of a new project. Typically, when we talk about saving water, we are really talking about saving the energy required to pump, purify, and/or heat water. In an energy saving retrofit, you want to eliminate places where you’re wasting water for the same reason’s you want to improve efficiency of any energy systems–to reduce the energy usage. Except for fixing a large leak, water saving retrofits are always going to be grouped together with controls or another efficiency improvement in order to decarbonize most effectively.

The Basics

Opportunities for water savings can be found in three places: plumbing fixtures, irrigation, and HVAC equipment.

As with any retrofit it is important to meter your consumption before planning a project. Water submeters can help break down your building’s usage in more detail than your utility bills, and in complex systems submeters can help identify sources of waste that would otherwise go unnoticed.

Water efficiency is one of the easiest and most measurable energy saving retrofits because it typically involves one-to-one fixture or appliance replacements.

It is important to remember that while simple upgrades are simple to implement, more complicated upgrades require knowledge of the water codes in your building’s jurisdiction.

Plumbing

Common plumbing retrofits include low-flow urinals and toilets, which can provide significant water savings. Both urinals and toilet upgrades will require the upfront cost of flush valve and china replacement. Additional modifications to the piping in the plumbing chase or below the flow may be required as well.

To provide low-flow lavatory and shower upgrades, it is important to review all water distribution systems. Oversized pipes and the location of the fixture compared to the heating source can increase the amount of energy your system needs to heat water. Adjusting the locations of these features and sizing piping diameter correctly can reduce that energy spend. Additionally, ensuring that hot water recirculation loops are sufficiently insulated is a critical part of reducing domestic water costs.

Irrigation

If irrigation is your biggest energy spend, upgrading controls should be a priority. Irrigation controls can help you monitor consumption in real time, as well as more accurately deliver water where it’s needed.  Delivering the right amount of water at the right time is the key to efficient irrigation.

HVAC

You can learn more about the history, basics, and future of HVAC retrofits in our previous blog posts here.

Besides decreasing carbon fuel usage, major water reductions are often a great side effect of upgrading an outdated heating system. In particular, transitioning away from steam heating can yield both huge water and energy savings.  If eliminating steam is not an option, upgrading and replacing steam traps or condensate return systems can still have major impacts in a large system.

Additional Water Conservation Methods

Beyond the basics, retrofits can include more specialized technology such as dishwasher and garbage disposal replacement for buildings that have kitchens and food waste. More efficient closed loop dishwashers can use significantly less water and energy than older steam driven ones, providing plenty of energy savings.

Water controls are also a crucial element in sustainability projects. Smart water meters deliver consumption and temperature data in real time in order to educate building owners and provide the opportunity for long-term behavioral changes. Smart leak detection technology, as well as humidity detectors, can easily detect leaks that need to be addressed in a retrofit. In addition, they send out alerts as soon as a new leak happens, thus preventing more damage from occurring and minimizing maintenance costs. Water control technologies can deliver significant savings for customers and new products are continuing to be developed and introduced to the market.

Other campus water improvements can include leak monitoring as well as replacing any grass lawns with drought-tolerant or native landscaping.

Conclusion

By pairing water savings with a larger energy saving retrofit, you can simultaneously decarbonize and reduce your energy bills. When paired with buildings controls, clients can monitor their water use and identify maintenance issues in real time.

Reducing your buildings water demand will also benefit your greater community by reducing demand on communal water infrastructure.

No matter how you decide to improve your water system, energy savings retrofits projects require funding. In order to fund an energy saving retrofit for your building(s), RENEW Energy Partners offers our own energy service agreement (ESA). The Energy Service Agreement:

  • Can be treated as an off-balance sheet transaction. You do not own the asset or carry it on your balance sheet. (You will consult with your accountant on this).
  • 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.

Unlike a lease or a loan, which are on balance sheet, do not include maintenance, and may or may not deliver energy savings, the service agreement provides all of the above and then some:

  • Executing a service agreement is fast – once the project is scoped by an energy professional (and we can recommend one), you execute a simple service agreement contract and RENEW will fund the project.
  • Executing a service agreement frees up your capital budget for your other priorities, allowing you to focus on growing your core business.
  • Executing a service agreement now means your net cash flows are higher than waiting and doing it yourself in a year.
  • And finally – executing a service agreement means flexibility. Perhaps you buy another building or look at additional efficiency measures–with a one-page addendum to your existing ESA you can have those new lights, HVAC, plumbing, and controls at your new building, and you simultaneously reduce your operating expense! 

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 funding your energy saving retrofits today.

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