May 17, 2020

Groundbreaking Energy Efficiency Bill for Homeowners

energy digital
Energy Efficiency
Homeowners
Utilities
Admin
2 min
SAVE Act will help homeowners assess energy efficiency retrofits
Despite a lack of media attention, a new bill introduced to the Senate on Wednesday could mean huge savings for American homes. Called the SAVE Act (Se...

Despite a lack of media attention, a new bill introduced to the Senate on Wednesday could mean huge savings for American homes. Called the SAVE Act (Sensible Accounting to Value Energy), the proposed legislation will require mortgage providers to factor energy costs into mortgages that will allow homeowners to finance energy efficiency retrofits through their mortgages. In turn, the bill would help accelerate the supply and demand for energy-efficient new homes, reduce utility bills for American homeowners and create thousands of jobs.

The average homeowner spends more on energy costs than on real estate taxes or home insurance, according to the Institute for Market Transformation (IMT). Under the new bill, new guidelines would be issues through the Department of housing and Urban Development (HUD) to give American consumers a better picture of how much energy they're using in order to help them make better purchasing decisions and evaluate the need for energy upgrades. Furthermore, the act would allow homeowners to finance energy efficiency retrofits through their mortgages.

 

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The bi-partisan bill, introduced by Senators Bennet (D-Co.) and Isakson (R-Ga.), is supported by a diverse coalition of organizations, including the U.S. Chamber of Commerce, the Appraisal Institute and the U.S .Green Building Council among others. According to a recent joint analysis from the American Council for an Energy Efficient-Economy (ACEE) and the IMT, the SAVE act is estimated to create 83,000 jobs and $1.1 billion in consumer energy bill savings by 2020.

“As someone who has 30 years of experience in the resident real estate industry and who has lived through multiple recessions, I understand that recovery in the housing market and job creation in the construction sector is pivotal to getting our economy back on track,” said Isakson. “I place my support behind this bill because it has the potential to create jobs without any cost to taxpayers, and it will also improve mortgage underwriting in this country by including energy as a factor in the proccess.”

 

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Jul 22, 2021

Octopus Renewables buys Eclipse Power

OctopusRenewables
Renewables
Acquisitions
UK
Dominic Ellis
3 min
The deal, completed with funds managed by Octopus, furthers Octopus’ involvement in the electricity distribution sector

Octopus Renewables has strengthened its electricity distribution profile by fully acquiring Eclipse Power for an undisclosed sum.

The deal, which was completed with funds managed by Octopus, furthers Octopus’ involvement in the electricity distribution sector, having worked with Eclipse since 2018. It will allow Eclipse to continue the expansion of its team, while also investing in its systems, technology, and pipeline, with the ambition of making it one of UK’s leading IDNOs.

Eclipse has secured a portfolio of more than 10,000 connections across residential, industrial, commercial, battery storage and electric vehicle charging customers. Given the focus on electrification of heat, transport and industry in the UK, Eclipse is expected to play an important role in facilitating the UK’s energy transition.

Octopus Renewables is the largest investor of utility scale solar power in Europe, as well as a leading investor in onshore wind and biomass, managing a global portfolio valued at more than £3.5 billion. Institutional investor Nest partnered with the company in March.

Peter Dias, Investment Director, Octopus Renewables, said: “Having worked with Eclipse since 2018 and seeing their exciting growth, we’re thrilled to be able to make this acquisition and support the team to maintain this momentum.

“The acquisition of Eclipse is part of our strategy to identify and back great management teams that are supporting the energy transition. With ongoing support and investment, our investee businesses will have access to the expertise, business networks and financing to be able to scale faster and help contribute towards the UK’s net-zero goals.

“High-quality management of the distribution networks is going to be critical for the UK, and we are very pleased to be directly supporting the decarbonisation of heat, transport, and industry through this acquisition of Eclipse.”

Gary Gay, Managing Director, Eclipse, added Octopus shares a clear understanding of the important role that electricity distribution networks will play in the UK’s drive towards net-zero, and importance of a customer-focussed approach for building future smart distribution networks.

“With that, we are excited to now be part of the Octopus Group, with this investment helping us to reach the next stage of our growth journey and contribute to a greener, more efficient electricity network in the UK.”

Global renewables updates

ReNew Power recently won a 200MW/ac Interstate Transmission System (ISTS) solar generation project in an auction conducted by the Maharashtra State Electricity Distribution Company. ReNew Power expects to sign a 25-Year Power Purchase Agreement with the utility by the third fiscal quarter of 2022 to supply clean energy to Maharashtra at a tariff of Rs 2.43/ kWh (~US$0.033).

Natel Energy, a supplier of sustainable hydropower solutions, has announced a $20M funding round led by Breakthrough Energy Ventures and supported by Chevron Technology Ventures.
The company will use the funding to deploy its Restoration Hydro Turbine (RHT), which enables cost-effective production of distributed reliable renewable energy.

Duke Energy Florida plans to invest an estimated $1 billion in 10 new solar power plants across Florida, including the construction of four new sites, which will begin in early 2022 and will take approximately 9 to 12 months to complete. Construction of all 10 sites is projected to be finished by late 2024.

LG Electronics has made public its commitment to transition completely to renewable energy by 2050 as a key component of its sustainability strategy. 

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