SEER BusinessPlan 130223c

SEER - Solar Energy System Installations and Energy Efficiency Retrofits
Business Plan for Solar Energy System Installations and Energy Efficiency Retrofits
SEER_BusinessPlan_130223c.odt
Contacts:
Peter Burgess TR-AC-NET Inc. True alue!etrics 221 E ""t# Street$ Ne% &or' N& 100"( 20) Sea#a* Court$ Bus#'ill PA 1+32) 212 ,,2 "-1+ .andline N&C / (,0 )31 )3+( .andline PA / 212 ,)) ")"- Cell E*ail0 1eter2n3c4g*ail.co* Toni .3nc# BETTER 56R.7 B8I.7IN9 TEC:N6.69& ..C P.6. Bo; (33$ Portland$ PA 1+3(1 "10-(++-,"00 6<<ice / "10-(++-+2-+ =a; / "10-(0--)2-" Cell E*ail0 Polsteel4A6..Co*
Table of Contents
Contacts0.....................................................................................................................2 E;ecuti>e Su**ar3....................................................................................................) ision...........................................................................................................) 9oals and 62?ecti>es....................................................................................) T#e In>est*ent 611ortunit3........................................................................) Strateg3. 6rgani@ation and !anage*ent.....................................................( =inancing Plan and Pro<ita2ilit3...................................................................( Ris'...............................................................................................................( Ae3s to Success ...........................................................................................( Econo*ic 6>er>ie%..................................................................................................., Energ3 :istor3.................................................................................................., !ar'et...............................................................................................................+ Solar Energ3 S3ste* Installations................................................................+ Energ3 E<<icienc3 Retro<its........................................................................12 Prices$ Costs and Pro<it...................................................................................13 Prices .........................................................................................................13 Costs...........................................................................................................1( Incenti>es$ Pro<it and Bene<it.....................................................................1Pro1osed Structure <or t#e 6rgani@ation .................................................................21 A B#oldingB entit3 %it# <inancing unit..............................................................21 A 1ro?ect *anage*ent and o>ersig#t entit3....................................................21 A *ar'eting entit3...........................................................................................21 A tea* o< contractors......................................................................................22 A tea* o< su11liers.........................................................................................22 A t31ical 1ro?ect in t#e 1ro?ect 1ort<olio.........................................................22 !anage*ent Tea*...................................................................................................23 T#e B#oldingB entit3 %it# <inancing unit.....................................................23 T#e 1ro?ect *anage*ent and o>ersig#t entit3...........................................23 T#e *ar'eting entit3..................................................................................2) T#e tea* o< contractors..............................................................................2) T#e tea* o< su11liers.................................................................................2) =inancial Anal3sis and Pro?ections...........................................................................2( A 2ase case scenario........................................................................................2( Balance S#eet..................................................................................................2" Pro<it and .oss Account..................................................................................2, Cas# =lo%.......................................................................................................2+ Re<erence !aterial...................................................................................................25e2 Resources................................................................................................29lossar3 o< Ter*s C ACR6N&!S..................................................................30
Executive Summary
T#is 1ro?ect <or Solar Energ3 S3ste* Installations and Energ3 E<<icienc3 Retro<its DSEERE is designed to 2e <inanciall3 1ro<ita2le$ tec#nicall3 <easi2le and good <or in>estors$ custo*ers$ sta<<$ t#e co**unit3 at large$ and t#e en>iron*ent. Vision T#e *odern %orld o<<ers #uge 1otential. !ore 1eo1le are 2etter educated t#an e>er 2e<ore and scienti<ic 'no%ledge and tec#nolog3 o<<ers solutions to *ost o< t#e %orldBs 1ro2le*s. T#e res1onsi2ilit3 o< 2usiness is to ensure t#at t#ere is econo*ic acti>it3 t#at #el1s t#e %orld to 1rogress$ and initiati>es t#at address t#e su2?ect o< solar energ3 and energ3 e<<icienc3 are a 1riorit3 <or t#is. Goals and Objectives T#e goals o< t#is 1ro?ect <or Solar Energ3 S3ste* Installations and Energ3 E<<icienc3 Retro<its DSEERE is to 2e an e<<icient organi@ation to i*1le*ent t#ese SEER acti>ities and to do it in a %a3 t#at t#e organi@ation is <inanciall3 1ro<ita2le and t#ere<ore sustaina2le$ so t#at in>estors #a>e a lo% ris' and sa<e in>est*ent o11ortunit3$ t#at custo*ers get a good outco*e and societ3 as a %#ole gets a 1ositi>e i*1act. The Investment Opportunity T#e energ3 industr3 is a *a?or area <or in>est*ent$ and 1olic3 *a'ers in t#e 8S and else%#ere are loo'ing to t#is sector to 2e t#e dri>er o< <uture 1ros1erit3. T#e 2asic econo*ics o< energ3 and de>elo1*ents in tec#nolog3 are *a'ing t#e area o< Solar Energ3 S3ste* Installation and Energ3 E<<icienc3 Retro<its increasingl3 attracti>e. SEER is 1ositioned to gro% in t#is seg*ent o< t#e energ3 *ar'et. Sector studies s#o% t#e >ast 1otential o< t#is seg*ent o< t#e *ar'et. So*e %ell 'no%n in>estors including 5arren Bu<<et #a>e *a'e long ter* in>est*ents in t#e sector. But t#e studies do not e;1lain %#3 t#e gro%t# o< t#at sector #as 2een Fuite slo% relati>e to t#e 1otential. 6ur <inancial anal3sis suggests t#at t#is is 2ecause t#ere are *is*atc#es 2et%een t#e needs o< t#e consu*er and t#e structure o< t#e su11liers o< t#e s3ste*s and t#e <inancing. T#e SEER 1ro?ect addresses t#is constraint.
SEER_BusinessPlan_130223c.odt )
Strate y! Or ani"ation and #ana ement Accordingl3$ SEER #as a strateg3 is to 2uild to t#e *a;i*u* e;tent 1ossi2le on %#at e;ists rat#er t#an to do create so*et#ing ne%. T#e %or'ing le>el o< t#e 1ro?ect uses e;isting contractors %#o are good at t#e 1ractical %or' 2ut get constrained 23 co*1le; incenti>es$ regulations and 1a1er%or'. T#e strateg3 res1onds to t#e <rag*ented nature o< t#e contracting *ar'et and res1ects t#e uniFue strengt#s o< t#is co**unit3$ including t#e role t#at local 2usiness 1la3s in strengt#ening local co**unit3. At t#e sa*e ti*e t#e 1ro?ect is organi@ed so t#at t#e *a?or issues o< <inancing$ negotiating incenti>e o11ortunities and ensuring good design and Fualit3 control are #andled %it# units t#at address t#ese *atters0 D1E A B#oldingB entit3 %it# <inancing unitG and D2E A 1ro?ect *anage*ent and o>ersig#t entit3. $inancin %lan and %rofitability T#e 1ro1osed <inancing is a H2( *illion loan instru*ent %it# an e<<ecti>e interest o< )I 1er annu* and re1a3*ent in 1( 3ears. T#e 2ase scenario s#o%s t#at t#at t#is <unding %ill ena2le t#e SEER 1ro?ect to 2eco*e 1ro<ita2le in &ear 3$ and gro% in 1ro<ita2ilit3 t#erea<ter. Re1a3*ent o< t#e loan %ill 2e 1ossi2le %ell 2e<ore t#e *aturit3. &is' 5#ile t#ere are all t#e nor*al ris's o< 2usiness$ t#e <inancial and econo*ic ris' is s*all. T#e trends o< tec#nolog3 s#ould *a'e t#e <uture o< t#is seg*ent o< t#e energ3 sector *ore 1ro<ita2le not less$ and <uture #ig#er 1rices <or <ossil 2ased energ3 *a'es t#e SEER 1ro?ect *ore attracti>e$ not less. (eys to Success T#e 'e3 to SEERBs success %ill 2e t#e care<ul *atc#ing o< co*1etence and cost. T#e 1ro?ect is 2ased on0 t#e a>aila2ilit3 o< *odern tec#nolog3 t#at ena2les solar s3ste*s to 2e econo*icalG and old <as#ioned #ard %or' and su1er>ision t#at *a'es it 1ossi2le <or decent %ages to 2e 1aid %#ile ac#ie>ing lo% cost results.
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Economic Overvie)
Ener y *istory
T#is 1ro?ect 2eco*es i*1ortant 2ecause o< #istor3. In >er3 2road ter*s t#ere #a>e 2een se>eral i*1ortant t#e*es as <ollo%s0 T#e 8nited States de>elo1ed its industr3 and in<rastructure o>er t#e 1ast centur3 %it# t#e assu*1tion t#at t#ere %ould 2e an unli*ited and enduring su11l3 o< e;ce1tionall3 lo% cost energ3. T#is assu*1tion %as >alid until t#e 1-,0s %#en countries li'e t#e 8nited States #ad to <ace t#e 6PEC Boil s#oc'B %#en glo2al energ3 1rices reset at le>els *uc# #ig#er t#an #ad 1re>ailed 2e<oreG Because o< t#e #istor3 o< lo% cost energ3$ 8S industr3 and 8S in<rastructure %as 2uilt in %a3s t#at %ere e;tre*el3 energ3 ine<<icient %#et#er it %as industrial 1rocesses$ trans1ortation eFui1*ent$ residential #ousing or co**ercial and industrial 2uildings. !uc# o< t#is in<rastructure still e;ists J a large 1ro1ortion o< t#e 2uildings in t#e 8nited States %ere designed and 2uilt *ore t#an 30 3ears ago %#en energ3 costs$ es1eciall3 in t#e 8nited States$ %ere *uc# lo%er t#an t#e3 #a>e 2een in recent 3earsG E>en t#oug# t#e Boil s#oc'B too' 1lace a2out )0 3ears ago$ *an3 2uilding o%ners are still Bin denialB a2out t#e <act t#at in t#e 1resent and increasingl3 in t#e <uture t#ere %ill 2e >er3 #ig# energ3 costs relati>e to t#e 1astG Belatedl3 1er#a1s$ 2ut no% 1olic3 *a'ers Din 5as#ington at t#e =ederal le>el and in State Ca1itals around t#e countr3E understand t#e need to 1ro>ide incenti>es to encourage t#e gro%t# o< t#e energ3 retro<it industr3 and are *o>ing on a *ultitude o< initiati>es
Tec#nolog3 and econo*ics are no% dri>ing in>est*ent to%ards energ3 e<<icienc3 1ro?ects. It is %ort# noting t#at0 9asoline sold <or 2, cents a gallon in 1-,3. In 2013 t#e 1rice is around H3.(0 a gallon. Crude oil %as at H3.(0 a 2arrel 2e<ore 1-,3 and is no% around H-(.00 a 2arrel. T#ese e;a*1les are not ad?usted <or c#ange in t#e >alue o< t#e dollar o>er ti*e$ and t#e *an3 c#anges in costs and 1rices t#at #a>e ta'en 1lace o>er t#e 3ears. T#is 1lan addresses t%o se1arate 2ut associated seg*ents o< t#e construction 2usiness *ar'et0 1. Solar Energ3 S3ste* Installation$ and 2. Energ3 E<<icienc3 Retro<its 5#ile it is a11arent t#at 2ot# t#ese *ar'et seg*ents #a>e strong gro%t# 1ros1ects$ t#ere is a 2ig ga1 2et%een %#at %ould a11ear to 2e t#e *ar'et 1otential and t#e actual ac#ie>e*ent. T#e Bde>il is in t#e detailB$ and t#e Fuestion B5#3 t#en is t#ere rat#er little in>est*ent in t#e sector relati>e to t#e 1otentialKB needs to 2e ans%ered.
SEER_BusinessPlan_130223c.odt ,

#ar'et
Solar Ener y System Installations
T#e glo2al *ar'et <or solar s3ste*s #as 2een gro%ing <ast as s#o%n in t#e <ollo%ing gra1#ic. Note t#at 9er*an3 is t#e 2iggest user o< solar s3ste*s.
According to t#e solar industr3 o2ser>er SolarBu@@$ in 200- solar DP E installations %ere ,$300 !5 in 200- and are e;1ected to reac# +$)00-13$100 !5 in 2010. T#eir <orecast scenarios 1redict de*and rising to 1($)00-3,$000 !5 in 201)$ *ore t#an <i>e ti*es t#e si@e o< t#e 200- *ar'et. Solar2u@@ esti*ates t#at in 200-$ t#e 1#oto>oltaic solar industr3 generated H3+.( 2illion in re>enues glo2all3$ %#ic# includes t#e sale o< solar *odules and associated eFui1*ent$ and t#e installation o< solar s3ste*s. T#eir <orecast scenarios$ de1ending on t#eir assu*1tions$ 1ro?ect gro%t# in t#e %orld P *ar'et <ro* H)".3 2illion to H-".+ 2illion in 201). According to SolaBu@@$ in t#e <i>e 3ears <ro* 200( to 2010 t#e generation o< energ3 <ro* solar in t#e 8nited States increased <ro* 1)0 !5 to -,0 !5$ a2out a , <old increase. :o%e>er$ co*1ared to 9er*an3 t#e installed solar ca1acit3 in t#e 8SA is s*all. T#e eFui>alent data <or 9er*an3 is an increase <ro* -,0 !5 in 200( to "$"00 !5 in 2010. In 2011$ according to t#e industr3 association SEIA$ t#ere %ere 2-, !5 o< residential P installations in t#e 8nited States$ co*1ared to so*e ,"1 !5 in 9er*an3. T#ere #as 2een a #ig#er rate o< installation in 2012 according to t#e Fuarterl3 nu*2ers t#at #a>e 2een 1u2lis#ed.

$IG+&E: +!S! %V Installations by #ar'et Se ment, -. /0.0 to -1 /0./
Source0 SEIAC9T! Researc# 8.S. Solar !ar'et Insig#t
I< t#e total <or residential installations is )00 !5 <or t#e %#ole o< 2012$ at an a>erage installed 1rice o< H(.00 C5dc t#e residential *ar'et si@e is a2out H2 2illion annuall3. I< t#e total co**ercial installations is 1$000 !5 <or t#e %#ole o< 2012$ at an a>erage installed 1rice o< H).00 C5dc t#e co**ercial *ar'et si@e is a2out H+ 2illion annuall3. 8sing t#is logic$ t#e total %ould 2e a2out H10 2illion annuall3. T#ere #as 2een ra1id gro%t# o>er t#e 1ast t#ree 3ears and t#is *a3 increase as t#e >alue to t#e end user 2eco*es *ore o2>ious.
SEER - Solar Energy System Installations and Energy Efficiency Retrofits T#e <ollo%ing gra1#ic s#o%s #o% t#e industr3 association 1ro?ects t#e gro%t# o< installed ca1acit3 until 201". T#e co*2ined residential and co**ercial seg*ent is 1ro?ected to al*ost tri1le in t#ree 3ears <ro* 1$)00 !5 installed in 2012 to a2out )$200 !5 installed in 201". An esti*ate o< t#e installed cost %ould t#ere<ore 2e H($" 2illion in 2012 increasing to H1".+ 2illion in 201"$ and increase o< H11.2 or sa3 H) 2illion a 3ear.
T#oug# t#e s1eci<ic si@e o< t#e *ar'et is di<<icult to deter*ine$ t#e trend to%ards a 2igger *ar'et is clear. !ore i*1ortant$ is %#et#er or not t#e *ar'et %ill 2e 1ro<ita2le. T#e 1ro<ita2ilit3 o< t#e solar energ3 s3ste* installation 2usiness %ill 2e deter*ined in large 1art 23 t#e %a3 t#e 2usiness is structured and *anaged. T#e con<usion a2out 1rices and cost J and t#ere<ore 1ro<it is s#o%n in t#e gra1#ic later D1age 10E %#ic# s#o%s t#e range o< 1rices <or installed ca1acit3 in 2ot# t#e residential and t#e co**ercial seg*ents o< t#e *ar'et and t#e gra1#ic later D1age 12KKE %#ic# s#o%s a #uge di<<erence 2et%een t#e cost *a'eu1 in t#e 8nited States relati>e to 9er*an3. T#ere is a classic o11ortunit3 in t#e seg*ent <or a %ell *anaged 2usiness to gro% <aster and *ore 1ro<ita2l3 t#an t#e industr3 a>erage 2ecause o< t#e e;isting <rag*entation o< t#e industr3 and t#e 1roli<eration o< >er3 s*all enter1rises %it# lo% e<<icienc3.
International Comparison of Solar Industry Gro)th
T#ere %as a ti*e %#en t#e 8nited States set t#e standard <or industrial 1er<or*ance$ 2ut toda3 t#e 8S is %ell ad>ised to loo' >er3 #ard at international 1er<or*ance.
SEER_BusinessPlan_130223c.odt 10
SEER - Solar Energy System Installations and Energy Efficiency Retrofits It can 2e argued t#at t#e 9er*an econo*3 is 1resentl3 t#e *ost success<ul in t#e %orld$ and it is t#ere<ore reasona2le to atte*1t to learn lessons <ro* t#e 9er*ans. A stud3 23 t#e .a%rence Ber'ele3 National .a2orator3 D.BN.E t#at #as 2een recentl3 u1dated loo's at >arious 1er<or*ance as1ects o< t#e sector in t#e 8nited States and 9er*an3 7ou2ts a2out t#e >ia2ilit3 o< solar in t#e *odern glo2al econo*3 are set to rest to a great e;tent 23 t#e success o< t#e solar industr3 in 9er*an %#ic# is 2igger t#an t#e 8nited States 23 a su2stantial a2solute a*ount and e>en *ore %#en co*1ared on a 1er ca1ita 2asis. T#e <ollo%ing gra1#ic o< annual residential installations <or 2010 and 2011 <ro* t#e .BN. stud3 s#o%s t#e si@e o< t#e 9er*an solar *ar'et co*1ared to t#e 8nited States.
Source0 =ro* a stud3 23 Loac#i* Seel$ 9alen Bar2ose$ and R3an 5iser o< .BN. $ =e2ruar3 2013
11

Ener y Efficiency &etrofits
A stud3 1re1ared 23 Roc'e<eller =oundation and 7B Cli*ate C#ange Ad>isors in !arc# 2012 Dt#e Roc'e<ellerC7BCCA stud3E esti*ates t#e si@e o< t#e energ3 retro<it industr3 and t#e retro<it in>est*ent o11ortunit3 to 2e so*e H2,- 2illion %it# an energ3 sa>ing 1otential o< H1 trillion o>er 10 3ears. Anot#er stud3 1re1ared 23 t#e Energ3 E<<icient Buildings :u2 in P#iladel1#ia D<or*erl3 t#e 9reater P#iladel1#ia Inno>ation Cluster <or Energ3 E<<icient Buildings C A 8S 7e1art*ent o< Energ3 Inno>ation :u2E also descri2es t#e nature o< t#e *ar'et and its 1otential. In addition to t#e *one3 1ro<it i*1act o< t#e sector acti>it3$ t#e Roc'e<ellerC7BCCA stud3 esti*ates an annual reduction o< so*e "00 *illion tons o< C62$ a2out 10I o< t#e 8S total <ro* suc# an in>est*ent$ and t#e3 esti*ate t#at direct and indirect ?o2 creation %ould 2e around 3.3 *illion ?o2 3ears in t#e 8S econo*3. Not sur1risingl3 1olic3 *a'ers are su11orting de>elo1*ent o< t#e energ3 retro<it industr3 2ecause o< t#ese c#aracteristics J sa>ings$ reduced e*issions and e*1lo3*ent.
2hy so little investment in the sector relative to potential3
T#is is a critical Fuestion$ and t#e ans%er is 1ro2a2l3 related to t#e d3s<unctional structure o< t#e industr3 at t#e 1resent ti*e. T#is is a *atter o< #istor3$ and it ta'es ti*e to get c#anged. T#ere are se>eral co*1onents to t#e 1ro2le*0 T#e real estate industr3 is >er3 <rag*ented. E>en %#ere an organi@ations o%ns *an3 1ro1erties$ t#e3 are o<ten located in di<<erent ?urisdictions %it# di<<erent rules. T#e 1ro?ects at t#e i*1le*enting le>el need su2stantial detail to 2e success<ulG T#e incenti>e 1rogra*s t#at e;ist and are in t#e legislati>e 1i1eline lac' si*1licit3$ and are di<<icult to use. =or *ost s*all 2usinesses and indi>iduals t#ese rules$ regulations are un%or'a2le e>en t#oug# so*e o<<er interesting and >alua2le incenti>esG =inancing is not eas3 to o2tain$ and t#e rules tend to discourage o%ners to 1roceedG A su2stantial 1art o< t#e e<<ort in t#e sector is related to Bstud3B and related 1a1er%or' and less on t#e si*1le 1ractical engineering t#at gets t#e ?o2 done. E;1erience suggests t#at t#e return on in>est*ent descri2ed is t#eoretical rat#er t#an 1ractical$ and o%ners are uncon>inced 23 acade*ic argu*ents.
12

%rices, Costs and %rofit
%rices
4ffordability
T#e re>enues <or t#e 2usiness o< solar energ3 s3ste* installation and energ3 e<<icienc3 retro<its co*e *ainl3 <ro* t#e 1a3*ent <or t#e su11l3 o< *aterial and la2or to co*1lete a 1ro?ect$ rat#er t#e sa*e as an auto*o2ile *anu<acture gets re>enue <ro* t#e sale o< a car to a custo*er. In t#e sa*e %a3 t#at t#e auto*o2ile industr3 #as increased its re>enues 23 creating a <inancing di*ension to t#e 2usiness$ t#e solar energ3 installation and energ3 e<<icienc3 retro<it 2usiness s#ould do t#e sa*e. In t#e auto*o2ile industr3$ cars are <inanced 23 industr3 o%ned <inancial units and cars are leased. SEER esta2lis#es an organi@ational <ra*e%or' t#at co*1rises 2ot# t#e tec#nical o1erations and t#e <inancing and lease acti>ities in a co*1lete and integrated structure.
%rices
Prices are a deter*inant o< re>enues and 1ro<its <or t#e su11lier organi@ation and t#e a*ount o< 2ene<it <or t#e custo*er. T#e installed 1rices <or solar s3ste*s #a>e 2een going do%n. T#e <ollo%ing gra1#ic s#o%s t#e recent do%n%ard trend in 1rices
13
SEER - Solar Energy System Installations and Energy Efficiency Retrofits Note t#at t#e 1rice range is enor*ous$ re<lecting an i*1ortant c#aracteristic o< t#e *ar'et$ t#e >ariet3 o< di<<erent indi>idual situations and t#e cost and 1rice o< t#e solution. In turn 1rice and t#e installed cost deter*ines t#e return on in>est*ent <or t#e in>estors in t#e industr3 and t#e >alue to t#e user. As *ar'et 1rices #a>e dro11ed so*e 1arts o< t#e industr3 #a>e 2eco*e un1ro<ita2le. As 1rices o< co*1onents #a>e dro11ed$ t#e costs o< t#e installed s3ste*s #a>e decreased and 1ro<its #a>e 2een en#anced. T#ere are *an3 *o>ing 1arts.
International Comparison of Solar System %rices
T#e .BN. stud3 loo'ed into reasons %#3 a residential 9er*an solar s3ste* can 2e installed <or H3.00C%att %#ile a residential 8.S. solar s3ste* costs t#e #o*eo%ner H".1-C%att. 5#3 is 9er*an solar a2out #al< t#e 1rice o< 8.S. solarK T#e #istor3 o< 1rices <or s3ste*s in t#e 8S relati>e to 1rices in 9er*an3 s#o%s t#at %#ile t#e 1rices %ere *ore or less t#e sa*e in 200($ t#e 1rices ca*e do%n su2stantiall3 in 9er*an3 23 2011 2ut rat#er *odestl3 in t#e 8S. According to t#is stud3$ in t#e 8nited States t#e *argin 2et%een <actor3 gate and installed s3ste* re*ained constant <or t#is 1eriod$ %#ile t#e *argin in 9er*an3 2eca*e signi<icantl3 s*aller as s#o%n in t#is gra1#ic0
1)
SEER - Solar Energy System Installations and Energy Efficiency Retrofits Costs 61erationall3 t#e 1ro?ect *anage*ent and o>ersig#t tea* are a2le to carr3 out 1ro?ects at less cost t#an is t#e 2road a>erage nor* <or t#e industr3. T#is is not#ing *ore t#an a 1ractical attention to detail$ good su1er>ision and ti*el3 o>ersig#t o< all acti>ities. :o%e>er t#ere are so*e 2ig ele*ents o< cost in t#e industr3 t#at a11ear to 2e out o< control in t#e 8nited States relati>e to ot#er countries$ and s1eci<icall3 9er*an3.
International Comparison of the #a'eup of Cost
T#e <ollo%ing gra1#ic s#o%s t#e *a'eu1 o< t#e 1rice J t#e di<<erent ele*ents o< cost in t#e 8nited States and in 9er*an3. It is interesting to note t#at t#e tec#nical costs are not >er3 di<<erent. It is t#e Bso<t costsB in t#e 8nited States t#at are #ig#$ and argua2l3 e;cessi>e.
Source0 =ro* a stud3 23 Loac#i* Seel$ 9alen Bar2ose$ and R3an 5iser o< t#e .a%rence Ber'ele3 National .a2orator3$ =e2ruar3 2013
T#e B5BT initiati>e addresses t#is >er3 i*1ortant *atter$ as %ill 2e descri2ed later.
5abor costs
T#e con>entional %isdo* is t#at la2or costs are #ig#er in t#e 8nited States t#an in 9er*an$ 2ut t#e stud3 suggests t#at t#is does not a11l3 <or all classi<ications o< la2or. In an3 e>ent$ t#e cost di<<erential relates to 2asic *anage*ent and o1erating issues t#at need to 2e addressed.
1(
T#e Fuestion o< Belectrical tradesB >ersus non-electrical trades is #ig#lig#ted in t#e last gra1#ic and t#e one <ollo%ing.
Soft costs
T#ere #as 2een an e;1losion in t#e so<t cost co*1onent o< 8S 2usiness since t#e earl3 1-+0s. 5#ile t#ere #as 2een an i*1ressi>e increase in B1roducti>it3B at t#e o1erations le>el$ t#is #as 2een a2sor2ed 23 t#e cost o< 1ro<it and so*e ele*ents o< o>er#ead. In t#e case o< t#e 8S solar industr3$ t#e #ig# le>el o< Bso<t costsB are associated %it# a #ig# cost structure t#at does not <acilitate 2usiness e<<icienc3. T#e <ollo%ing gra1#ic s#o%ing t#e >arious co*1onents o< Bso<t costsB. T#is gra1#ic includes t#e installation la2or co*1onent %#ic# #as alread3 2een addressed a2o>e.
1"
T#e 2iggest cost ele*ent in Bso<t costsB is t#e o>er#ead$ 1ro<it and ot#er residual so<t costs. T#ese are #uge in t#e 8nited States co*1ared to 9er*an3$ 2eing H1."1 1er A5 installed <or 8S and H0.2- <or 9er*an3. In a %ell *anaged organi@ation t#at is %ell structures$ t#e so<t costs re<erred to can 2e *itigated su2stantiall3. T#e <ollo%ing gra1#ic s#o%s t#e ele*ents o< t#e *ar'eting <unction.
T#e >er3 #ig# costs in t#e 8nited States <or t#e B*ar'etingB ele*ent relati>e to 9er*an3$ 2eing H0."- in t#e 8S >ersus onl3 H0.0, <or 9er*an3$ can 2e *itigated considera2l3 23 a11ro1riate organi@ation and *ar'eting 1ractices.
SEER_BusinessPlan_130223c.odt 1,
SEER - Solar Energy System Installations and Energy Efficiency Retrofits 7ue to tec#nolog3 so*e 1arts o< t#e solar industr3 #a>e 2een su2?ect to signi<icant cost reduction. T#is is a11arent in t#e 1roduction o< 1ol3silicon as s#o%n in t#e gra1#ic 2elo%. T#is translates into lo%er %a<er costs$ lo%er cell costs 2ut less so *odule costs.
T#e a2o>e gra1#ic does not s#o% t#is$ 2ut t#e cost reduction is e>en less e>ident in t#e cost o< t#e installed s3ste*$ es1eciall3 s*all s3ste*s in t#e residential *ar'et$ %#ere t#e %or' is la2or intensi>e and uses *ature *aterials.
1+
Incentives, %rofit and 6enefit

Government incentives
T#e role o< go>ern*ent incenti>es is i*1ortant$ 2ut not as i*1ortant as t#e 2asic <acts o< tec#nolog3 and glo2al econo*ics. T#e3 #el1$ 2ut onl3 at t#e *argin. It is li'el3 t#at t#ere %ill 2e Fuite generous go>ern*ent incenti>es in t#e 8nited States in t#e i**ediate <uture 2ot# <ro* t#e =ederal 9o>ern*ent and <ro* State 9o>ern*ents. T#e SEER 1ro?ect %ill ta'e ad>antage o< t#ese incenti>es to t#e *a;i*u* e;tent 1ossi2le$ %it# t#e ca>eat t#at *an3 incenti>e 1rogra*s are ad*inistrati>el3 onerous and costl3$ and t#e 2ene<its net o< costs o<ten not %ort# >er3 *uc#. 6ne o< t#e tas's o< t#e :olding Entit3 %it# =inancing 8nit is to e;1lore all t#e incenti>e 1ossi2ilities and design %or'ing 1rocedures t#at %ill ena2le SEER to *a'e use o< t#ese incenti>es e<<icientl3.
%rofit and 6enefits
T#e 1ro<it 1otential is su2stantial$ 2ut reFuires *anage*ent. Social 2ene<its are also i*1ortant$ in <act t#e3 *a3 2e *ore i*1ortant t#an t#e *one3 1ro<it 1otential.
SEER_BusinessPlan_130223c.odt 1-
SEER - Solar Energy System Installations and Energy Efficiency Retrofits T#e trend o< so*e costs are do%n 2ecause o< tec#nolog3. 6t#er costs are deter*ined 23 la2or and *aterials %#ic# #a>e sta2le or increasing costs. 6t#er costs$ li'e t#e so<t costs are a*ena2le to reduction 23 good organi@ation and *anage*ent. T#e trends o< 1rices are do%n 2ecause o< a co*1etiti>e en>iron*ent. Prices$ #o%e>er$ *ust sta2ili@e at a le>el %#ere t#e %ell organi@ed e<<icient o1erators in t#e industr3 are 1ro<ita2le. Prices t#at are lo% are good <or t#e o%ner or user o< an installed solar s3ste* and deli>er 2ene<it$ and #el1 gro% t#e industr3. 6n t#e ot#er #and lo% 1rices reduce 1ro<it <or t#e indi>idual installation 1ro?ect$ t#oug# *a3 not <or t#e organi@ation as a %#ole. 9etting t#is rig#t is t#e 'e3 to success <or 2ot# t#e organi@ation and <or societ3. As t#e cost and 1rice o< <ossil <uel 2ased energ3 goes u1$ t#e 2ene<it o< #a>ing a solar s3ste* also goes u1. Solar 2ased 1o%er #as *ore attracti>e 2ene<its at current 1rices <or <ossil <uel 2ased energ3 t#an it did <i>e 3ears ago$ and t#is *one3 sa>ing 2ene<it is li'el3 to increase su2stantiall3 in t#e <uture. T#ere is also a social >aluadd <or t#e en>iron*ent as clean solar 2ased 1o%er dis1laces car2on e*itting <ossil <uel 2ased 1o%er$ and energ3 e<<icienc3 is 2uilt into ne% construction and old 2uilding retro<its. Anot#er social >aluadd is t#e ?o2 co*1onent o< t#e %or'. E>er3 ?o2 #el1s to su11ort a <a*il3 and a co**unit3 and ena2les 2ot# indi>iduals and societ3 to satis<3 needs. In t#e case o< t#e 8nited States$ so*e #ig# costs t#at 1resentl3 e;ist in t#e industr3 are a result o< a disorgani@ation t#at can 2e *anaged so t#at t#e3 do not constrain t#e industr3. In addition to t#e *one3 1ro<it 2ene<it o< t#e 1ro?ect$ t#ere are i*1ortant social i*1acts. T#e re1lace*ent o< <ossil <uel generated energ3 %it# rene%a2le car2on <ree solar is a 2ig 2ene<it$ t#at *a3 %ell 2e *oneti@ed in t#e <uture. An increase use o< distri2uted 1o%er generation %ill *a'e t#e e;isting grid *ore resilient to #ig# load 1ro2le*s. It can 2e concluded t#at t#e <unda*ental econo*ics o< solar 1o%er installations and energ3 e<<icienc3 retro<its are sound. T#e *one3 1ro<it 1otential is 1ositi>e 2ecause %it# t#e 1resent 1rice and cost structures$ t#e end user %ill 2ene<it <ro* t#e %or'. At t#e sa*e ti*e$ all t#e co*1onents o< t#e industr3 #a>e 1otential <or 1ro<it as %ell.
20
%roposed Structure for the Or ani"ation

T#e <ollo%ing are t#e core entities o< t#is 1ro1osed organi@ation0 1. A B#oldingB entit3 %it# <inancing co*1onent 2. A 1ro?ect *anage*ent and o>ersig#t entit3 3. A *ar'eting entit3 ). A tea* o< contractors (. A tea* o< su11liers ". A 1ro?ect 1ort<olio
4 7holdin 7 entity )ith financin unit
T#e B#oldingB entit3 o2tains <inancing on t#e 2est 1ossi2le ter*s. T#e legal structure and its s1eci<ic structure are to 2e deter*ined 2ased on t#e res1ecti>e interests o< in>estors and ot#er sta'e#olders. T#e <unds a>aila2le in t#is entit3 are on-lent to t#e 1ro?ects to <inance 1ro?ect i*1le*entation and t#e associated s3ste*s. T#e <unds are rei*2ursed <ro* t#e cas# <lo% <ro* t#e i*1le*ented 1ro?ects0 =or solar s3ste* 1ro?ects t#e nor* <or cas# reco>er3 is ( 3ears. T#e li<e o< a t31ical solar installation is 2( 3ears. =or energ3 e<<icienc3 retro<it 1ro?ects t#e cas# reco>er3 is + 3ears. T#e li<e o< a t31ical retro<it 1ro?ect is 20 3ears. T#ese results *a3 c#ange su2stantiall3 de1ending on t#e assu*1tions 2eing *ade in t#e 1ro?ections <or in<lation and ot#er <actors. In so*e cases <unds are used to 1ro>ide Bconstruction <inancingB to <und t#e acFuisition o< eFui1*ent and 1a3 contractors 1rior to 1a3*ent 23 t#e o%ner.
4 project mana ement and oversi ht entity
T#e 1ro?ect *anage*ent and o>ersig#t entit3 #as res1onsi2ilit3 <or 1ro?ect i*1le*entation$ costs and 1er<or*ance. T#is entit3 is t#e lin' 2et%een t#e %#at t#e custo*er %ants and t#e s3ste* su11liers and t#e installation contractors do to deli>er$ install and co**ission t#e s3ste*. T#is entit3 #as an i*1ortant role in colla2orating %it# contractors so t#at t#e3 are a2le to o1erate e<<icientl3 and do t#eir %or' %ell.
4 mar'etin entity
T#e #ig# cost o< client acFuisition in t#e 8nited States relati>e to 9er*an3 %as #ig#lig#ted in t#e stud3. T#is #as 2een caused 23 t#e <act t#at e>er3 1ro?ect is uniFue and needs indi>idual attention. T#is #ig# cost %ill 2e *itigated 23 a tea* a11roac# in>ol>ing lead generation$ tec#nical su11ort and local contractor in>ol>e*ent.
21

4 team of contractors
T#e installation o< s3ste*s needs to 2e done to #ig# standard and at lo% cost. T#is is 2est done 23 s*all contractors %it# lo% o>er#ead %#ic# is <acilitated 23 t#e %a3 t#e3 are a2le to colla2orate %it# t#e 1ro?ect *anage*ent and o>ersig#t entit3. T#e contractors are t#e local B<aceB o< t#e organi@ation J and in t#is su11ort t#e e<<orts o< t#e *ar'eting entit3.
4 team of suppliers
EFui1*ent is *anu<actured in >olu*e 23 a s*all nu*2er o< large co*1anies. In *ost cases t#e3 2ene<it <ro* #ig# >olu*e and econo*ies o< scale.
4 typical project in the project portfolio
A 2uilding o%ner %ants to install a solar s3ste* or i*1ro>e t#e energ3 e<<icienc3 o< a 2uilding. T#ere are di<<erent %a3s to 1roceed0 1. T#e o%ner 1urc#ases and installs t#e ite*s needed to i*1ro>e energ3 e<<icienc3 using an organi@ation li'e SEER to *anage t#e 1ro?ect. In t#is a11roac# t#e o%ner 1a3s <or t#e eFui1*ent and installation and #as t#e 2ene<its o< energ3 sa>ings accrue directl3 to t#e o%ner. =or t#ese 1ro?ects$ SEER uses BConstruction =inancingB to <und t#e su11l3 o< eFui1*ent and installation and earns a return <ro* t#e sale o< t#e 1ro?ect. 2. T#e o%ner agrees to #a>e a solar energ3 s3ste* installation installed t#e o%nerBs 2uilding %it# SEER retaining o%ners#i1 o< t#e eFui1*ent. T#e 2ene<its o< energ3 e<<icienc3 i*1ro>e*ent accrue to t#e o%ner and SEER on an agreed 2asis.
22
#ana ement Team

The 7holdin 7 entity )ith financin unit
Peter Burgess$ currentl3 CE6 o< Tr-Ac-Net Inc. %ill o>ersee t#e o1eration o< t#e B#oldingB entit3 and <inancing unit. Burgess studied engineering and econo*ics at Ca*2ridge 8ni>ersit3$ and su2seFuentl3 trained as a C#artered Accountant %it# Coo1ers and .32rand in .ondon 2e<ore %or'ing in t#e 8nited States in a >ariet3 o< 1ositions and industries D<ield accountant$ controller$ 2udget *anager$ P <inance and C=6$ 1ro?ect *anager$ not to *ention P *anu<acturingE. Su2seFuentl3 Burgess did international 2usiness consulting as %ell as 1lanning and o>ersig#t %or' <or t#e 5orld Ban'$ t#e 8N s3ste* and ot#er agencies. :is concern <or e;cellence in *anage*ent as %ell as accounting and <inancial controls goes 2ac' *ore t#an 30 3ears. :e is an ad>ocate <or t#e *oderni@ation o< societ3 23 t#e *ore e<<icient use o< energ3$ as %ell as *ore e<<icient 2usiness 1rocesses and organi@ation$ and e<<ecti>e use o< *odern tec#nolog3. :e is t#e <ounder and CE6 o< t#e True alue!etrics >alue accountanc3 initiati>e.
The project mana ement and oversi ht entity
Toni Lynch$ currentl3 B5BTMs C#ie< 61erating 6<<icer %ill 2e in c#arge o< t#e 1ro?ect *anage*ent and o>ersig#t entit3. :e #as 2een a c#a*1ion o< energ3-e<<icienc3 2uilding construction and t#e 1ractical use o< rene%a2le energ3 sources in Penns3l>ania$ Ne% Lerse3 and Ne% &or' State since t#e *id-1-,0Ms as a 2uilding contractor and 1ro?ect *anager. :e #as 1ro*oted educational <or trades1eo1le in t#ese <ields and 1ro*oted t#e incor1oration o< rene%a2le energ3 and energ3 e<<icienc3 in 1u2lic 2uildings <or a >er3 long ti*e. :e #as e;1erience %it# insulated concrete construction$ geot#er*al #eating and cooling$ insulation s3ste*s$ energ3 e<<icienc3 eFui1*ent and solar energ3 s3ste*s. :e is an aut#orit3 on t#ese *atters in t#e region. :e is a consultant to Ciniu* =inancial Ser>ices on Solar *atters. Peter Ypsilantis$ currentl3 %it# I9T %ill assist Toni .3nc# in 1ro?ect *anage*ent and o>ersig#t. :e #as a degree in engineering and a long ti*e 1art o< t#e green *o>e*ent. :e #as conducted se*inars in green construction t#at ena2le arc#itects and related 1ro<essionals to o2tain continuing education credits. :e #as 2uilt energ3 e<<icient a<<orda2le #ousing 1ro?ects %#ic# are case studies in state-o<-t#e art design o< structures$ *ec#anical s3ste*s and rene%a2le energ3 sources$ and is an e;1erienced designer o< P#oto oltaic s3ste*s. Brad Kennedy$ a graduate o< .a<a3ette College$ also currentl3 %it# I9T #as #ad a long career associated %it# energ3 e<<icient s3ste*s and construction. In t#e 1-+0s #e %as a ?uror <or t#e Ne% Lerse3 7e1art*ent o< Energ3Bs annual Residential 7esign Co*1etition and 2uilt a su2di>ision o< solar #o*es. In t#e 1--0s #e %as a 1ioneer in geo-t#er*al s3ste*s and s1o'es1erson <or LCPN.. :e #as recentl3 2een ad*inistering solar i*1ro>e*ent %or's <or t#e Ne% Lerse3 :ousing and !orgage =inance Agenc3 DL:!=AE Mar Landgre!e %it# Solar :o*e NL #as a co**it*ent to t#e alternati>e energ3 industr3. :e #as also engaged in not <or 1ro<it social %or' including a 1rogra* to <eed t#e #o*eless and #ungr3 t#roug# an organi@ation 'no%n as T#e :o*elessBus.org %#ic# #e <ounded.

The mar'etin entity
A tea* <or t#e *ar'eting entit3 %ill 2e identi<ied later. All o< t#e core tea* listed a2o>e are %ell 'no%n in t#e energ3 s3ste*s industr3$ t#eir local co**unities and t#e 2roader en>iron*ent and sustaina2ilit3 *o>e*ent. T#ere is no lac' o< 1eo1le %#o can 2e recruited$ 2ut t#e 'e3 is to #a>e a 1roduct and ser>ice to sell$ and an a2ilit3 <or t#e custo*er to <inance t#e 1ro?ect.
The team of contractors
A 1reli*inar3 selection o< contractors to %or' on 1ro?ects #as alread3 2een *ade. T#ese are contractors and su2-contractors t#at #a>e alread3 %or'ed %it# t#e core *anage*ent tea* descri2ed a2o>e. T#ere are #undreds o< inde1endent contractors %#o are Fuali<ied to do t#e %or' reFuired. As <ull3 inde1endent contractors t#eir %or' *a3 2e in<erior as t#e3 cut corners$ 2ut under t#e 1ro?ect *anage*ent and o>ersig#t regi*e t#e3 %ill do #ig# Fualit3 %or' at an e<<icient cost. So*e contractors #a>e a s1eciali@ation in t#e energ3-e<<icienc3 sector$ ot#ers are s1eciali@ed in trades %#ic# #a>e a11lication to t#e 1ro?ects. T#e rig#t *i; %ill deli>er t#e rig#t 1ro?ect at t#e rig#t cost.
The team of suppliers
=or certain ite*s t#ere are relati>el3 <e% large >endors. T#e 1ro1osed organi@ation is a structure t#at gi>es *ore 1urc#ase le>erage %it# large >endors t#an *an3 inde1endent o1erators. As ti*e goes 23$ it is to 2e e;1ected t#at t#ere %ill 2e *ore concentration a*ong t#ese *a?or >endors. =or ot#er ite*s it is 1ossi2le to 2u3 locall3 <ro* a large nu*2er o< s*all >endors. T#e organi@ation %ill *i; t#e 1urc#ase o1eration so t#at costs are *ini*i@ed %#ile Fualit3 is en#anced.
2)
$inancial 4nalysis and %rojections

4 base case scenario
T#e <inancial state*ent set t#at <ollo%s is a <i>e 3ear su**ar3 o< detail calculations o< #o% t#e SEER 1rogra* can 1er<or*. T#is is a 2ase case t#at s#o%s t#e essentiall3 sound <inancial situation t#at can e;ist %it# t#e 1ro1osed strateg3. T#e <ollo%ing are t#e #ig#lig#ts0 A <inancing o< H2( *illion %ill <und a 1ro?ect t#at installs 1.2 !5 o< solar energ3 s3ste*s a 3ear. T#e <inancing #as 2een ti*e-1#ased %it# t#ree tranc#es as <ollo%s0 D1E ( *illion in t#e <irst 3ear$ D2E a second tranc#e o< H10 *illion in t#e second 3ear$ and D3E a t#ird tranc#e o< H10 *illion in t#e t#ird 3ear. T#e <inancing allo%s <or )0I o< t#e 1ro?ects are outrig#t sale and "0I o< t#e 1ro?ects are o1erated on a lease 2asis. 6utrig#t sale is t#e reFuired o1tion %#ere <inancing is t#e constraint a constraint. In t#is o1tion$ t#e installer earns 2ene<it <ro* t#e construction *argin 2ut not <ro* t#e energ3 in>est*ent$ T#e lease o1tion is a *ore attracti>e <or t#e SEER 1rogra* %#ere t#ere is su<<icient <inancing to #andle t#e longer ti*e-line in>est*ent T#oug# t#e 1ro?ect %ill 2e un1ro<ita2le <or t#e <irst t%o 3ears$ it is 1ro?ected to increase in 1ro<ita2ilit3 o>er su2seFuent 3ears. T#e cas# <lo% <ro* o1erations %ill ena2le t#e de2t instru*ents to 2e retired as t#e3 2eco*e due T#e cas# <lo% <ro* o1erations %ill ena2le t#e de2t instru*ents to 2e retired as t#e3 2eco*e due T#e <inancial *odel #as 2een 1re1ared %it#out s1eci<icall3 considering energ3 e<<icienc3 retro<it 1ro?ects. T#e <inancial *odel <or t#is seg*ent o< t#e 2usiness 1lan %ould 2e si*ilar to t#e outrig#t sale o< solar energ3 s3ste* installations.
2(

6alance Sheet
2"

%rofit and 5oss 4ccount
2,

Cash $lo)
2+
&eference #aterial
2eb &esources
A co13 o< t#e Roc'e<ellerC7BCCA re1ort is a>aila2le at0 #tt10CC%%%.true>alue*etrics.orgC7B1d<sCEnerg3CEnerg3Retro<itIndustr3.1d< or #tt10CC%%%.d2cca.co*Cd2ccaCENC_*ediaCBuilding_Retro<it_Pa1er.1d< A co13 o< t#e P#iladel1#ia :u2 2011 re1ort is a>aila2le at0 #tt10CC%%%.true>alue*etrics.orgC7B1d<sCEnerg3CEnerg3!ar'et_P#iladel1#iaRetro<its20 11.1d<
2-

Glossary of Terms 8 4C&O9:#S
AC AE! 7C EC! ESA ESC6 .E7 PACE P
Alternating Current Acti>e Energ3 !anage*ent 7irect Current Energ3 Conser>ation !easures Energ3 Ser>ice Agree*ents Energ3 Ser>ice Co*1an3 .ig#t E*itting 7iode Pro1ert3 Assessed Clean Energ3 P#oto>oltaic
30
Table of Contents
Contacts0.....................................................................................................................2 E;ecuti>e Su**ar3....................................................................................................) ision...........................................................................................................) 9oals and 62?ecti>es....................................................................................) T#e In>est*ent 611ortunit3........................................................................) Strateg3. 6rgani@ation and !anage*ent.....................................................( =inancing Plan and Pro<ita2ilit3...................................................................( Ris'...............................................................................................................( Ae3s to Success ...........................................................................................( Econo*ic 6>er>ie%..................................................................................................., Energ3 :istor3.................................................................................................., !ar'et...............................................................................................................+ Solar Energ3 S3ste* Installations................................................................+ =I98RE0 8.S. P Installations 23 !ar'et Seg*ent$ O1 2010 to O3 2012 ........................................................................................................International Co*1arison o< Solar Industr3 9ro%t#.............................10 Energ3 E<<icienc3 Retro<its........................................................................12 5#3 so little in>est*ent in t#e sector relati>e to 1otentialK .................12 Prices$ Costs and Pro<it...................................................................................13 Prices .........................................................................................................13 A<<orda2ilit3..........................................................................................13 Prices.....................................................................................................13 International Co*1arison o< Solar S3ste* Prices.................................1) Costs...........................................................................................................1( International Co*1arison o< t#e !a'eu1 o< Cost.................................1( .a2or costs.............................................................................................1( So<t costs................................................................................................1" Incenti>es$ Pro<it and Bene<it.....................................................................19o>ern*ent incenti>es..........................................................................1Pro<it and Bene<its.................................................................................1Pro1osed Structure <or t#e 6rgani@ation .................................................................21 A B#oldingB entit3 %it# <inancing unit..............................................................21 A 1ro?ect *anage*ent and o>ersig#t entit3....................................................21 A *ar'eting entit3...........................................................................................21 A tea* o< contractors......................................................................................22 A tea* o< su11liers.........................................................................................22 A t31ical 1ro?ect in t#e 1ro?ect 1ort<olio.........................................................22 !anage*ent Tea*...................................................................................................23 T#e B#oldingB entit3 %it# <inancing unit.....................................................23 T#e 1ro?ect *anage*ent and o>ersig#t entit3...........................................23 T#e *ar'eting entit3..................................................................................2) T#e tea* o< contractors..............................................................................2) T#e tea* o< su11liers.................................................................................2)
SEER - Solar Energy System Installations and Energy Efficiency Retrofits =inancial Anal3sis and Pro?ections...........................................................................2( A 2ase case scenario........................................................................................2( Balance S#eet..................................................................................................2" Pro<it and .oss Account..................................................................................2, Cas# =lo%.......................................................................................................2+ Re<erence !aterial...................................................................................................25e2 Resources................................................................................................29lossar3 o< Ter*s C ACR6N&!S..................................................................30
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SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

Source0 SEIAC9T! Researc# 8.S. Solar !ar'et Insig#t

Source0 SEIAC9T! Researc# 8.S. Solar !ar'et Insig#t

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

Source0 SEIAC9T! Researc# 8.S. Solar !ar'et Insig#t

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

Source0 SEIAC9T! Researc# 8.S. Solar !ar'et Insig#t

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

Source0 SEIAC9T! Researc# 8.S. Solar !ar'et Insig#t

Incentives, %rofit and 6enefit

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

%roposed Structure for the Or ani"ation

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

#ana ement Team

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

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SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

SEER - Solar Energy System Installations and Energy Efficiency Retrofits

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SEER - Solar Energy System Installations and Energy Efficiency Retrofits

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