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At least 19 records
All sourcesNASA NTRSDOE OSTI
NASA NTRS1998

Airport Financing and User Charge Systems in the USA

This paper examines the financing of U.S. public airports in a turbulent era of change, and projects toward the future. It begins by briefly outlining historical patterns that have changed the industry, and airport facilities in particular. It then develops basic principles of public finance as applied to public infrastructure, followed by the applicable principles of management. Following that, the current airport financing system is analyzed and contrasted with a socially optimal financing system. A concluding section suggests policy reforms and their likely benefits. The principles of finance and management discussed here are elementary. However, their implications are radical for U.S. airport policy. There is a great deal of room to improve the allocation of aviation infrastructure resources. The application of these basic principles makes it evident that in many cases, current practice is wasteful, environmentally unsound, overly costly, and inequitable. Future investments in public aviation capital will continue to be wasteful until more efficient pricing systems are instituted. Thus, problem in the U.S. is not one of insufficient investment in airport infrastructure, but investment in the wrong types of infrastructure. In the U.S., the vast majority of publically-owned airports are owned by local governments. Thus, while the federal government bad a great deal of influence in financing airports, ultimately these are local decisions. The same is true with many other public infrastructure issues. Katz and Herman (1997) report that in 1995, U.S. net public capital stock equaled almost $4.6 trillion, 72% of which ($3.9 trillion) was owned by state and local governments, most of it in buildings, highways, Streets, sewer systems, and water supply facilities. Thus, public infrastructure finance is fundamentally a local government issue, with implications for federal and state governments in the design of their aid programs.

Bartle, John R.↗
DOE OSTI2025

Financing Options for Onsite Generation, Energy Storage, and Energy Efficiency Projects

Across sectors, commercial and industrial facilities are benefiting from the implementation of renewable energy generation, storage, and energy efficiency projects. Despite the potential for these projects to reduce onsite energy consumption, build resiliency, and lower operational costs in the long term, the initial expenses are often high. However, there are a growing number of financing mechanisms that can be leveraged. When deployed strategically, these mechanisms can give organizations the financial tools to install projects that accomplish their energy goals. In 6 steps, this resource introduces organizations to a general process to contextualize the many different financing options, ultimately facilitating an informed selection of financing mechanisms. Step 1 discusses the importance of establishing clear organizational preferences. Step 2 briefly introduces common financing options and Steps 3 and 4 provide guidance for selecting mechanisms based on locational availability and organizational preferences. Finally, Steps 5 and 6 show how mechanisms can be combined with incentives and provide preliminary guidance for selecting and engaging with external partners. While this document provides a general approach to selecting a financing mechanism for renewable energy generation, storage, and/or energy efficiency, it does not contain tax and/or legal advice. A tax advisor should be consulted before taking any action.

25 ENERGY STORAGE↗
DOE OSTI2026

Power now, pay later: the evolution of U.S. residential solar financing

Most U.S. residential rooftop solar customers finance their solar purchases through loans or by buying power from third-party owned systems. Prior research demonstrates how third-party ownership (TPO) models such as leases emerged in the early 2010s and accelerated solar adoption by low- and moderate-income households while driving market concentration in the installation industry. Since 2015, loans have emerged as a prevalent financing alternative, but the potential effects of loans on the customer base and industry remain understudied. Here, we fill that research gap by developing a methodology to identify loan-financed and third-party owned systems in a household-level solar adopter data set. The data suggest that loans accounted for increasing solar market shares from 2017 until reaching as high as 70% in 2022, but that the market has since shifted back to TPO. The data show that TPO adopters in our sample earned about 16%–18% less and loan recipients earned 3%–7% less, at the median, than customers who self-financed systems. These results reaffirm prior research showing that TPO has accelerated low- and moderate-income adoption and that loans have likewise expanded the customer base to a lesser extent. The results suggest that loan-financed systems entail around a 16%–26% price premium that is only partly explained by loan fees. Finally, the data suggest that the emergence of loans has likely reduced market concentration in the rooftop solar industry.

financing↗
DOE OSTI2023

Accelerating Low-Income Financing and Transactions (LIFT) for Solar Access Everywhere (Final Technical Report)

The Accelerating Low-Income Financing and Transactions (LIFT) for Solar Access Everywhere project’s goal was to expand Low-to-Moderate Income (LMI) solar access for homeowners and renters. The LIFT project researched and gathered data on 453 LMI community solar project across the country. Following three years of research, the project delivered three groundbreaking research papers in June 2022, focused on 1) customer experience, 2) the growth of community solar programs, and 3) project-level financial best practices for serving LMI communities. These were followed by a user-friendly web-based Toolkit allowing users to interact with project data and key findings in November 2022. The customer experience research examined community solar subscribers’ primary motivations to join and remain satisfied with projects. Our research identified 453 projects across the country that dedicated some portion of the system capacity to LMI households. Seventeen of these projects participated in the LIFT customer experience research, allowing the project team to survey their customers and gain insight into how LMI subscribers feel about community solar and the programs that serve them. Subscribers in our sample indicated that the most critical issue that motivated them to participate in their program, however, was not savings but helping the environment. This was true for both LMI and non-LMI subscribers. Helping the environment was also the most important issue for LMI subscribers to measure how well their program was working for them. LIFT also explored how rapidly community solar has grown since its inception in 2006, publishing results in the Growth of U.S. Community Solar Serving LMI Households report. The results showed that community solar projects serving LMI households are one of the fastest growing segments of the solar industry. The report identifies and recommends ways developers should overcome real or perceived risks to LMI customer acquisition and subscriber management. Through the analysis of community solar project finance research, LIFT showed that most community solar projects serving LMI households are financed in the same ways mainstream community solar projects are financed. The value stacks and financial returns are no different, although LMI inclusion and participation rate varied across programs in our sample, ranging from between 10% and 100%. Based on the findings from the LIFT research, the team built a web-based user-friendly Toolkit, consisting of case studies, project finance best practices, and several tools built around the national dataset of 453 community solar projects that serve LMI households. These allow users to engage with the dataset in multiple ways; to explore the landscape of LMI community solar in the U.S., and to design community solar projects to optimize LMI inclusion, equity, and savings levels. The Toolkit also includes a library of LIFT-generated and LIFT-curated resources for users to learn more about how to best serve LMI communities through community solar. LIFT officially published the Toolkit on October 31, 2022, followed by a launch event (public webinar) on November 17, 2022. The core LIFT partners continue to engage in outreach and dissemination efforts to promote the LIFT Toolkit and research publications. Our driving motivation is to continue enabling solar developers to leverage the findings of this three-year research effort. By implication, the LIFT Toolkit is designed for use by utilities, energy service providers, and financiers or investors as a learning and decision-making tool to rapidly scale project models that optimize LMI inclusion and maximize real household savings.

14 SOLAR ENERGY↗
DOE OSTI2024

Driving Uptake for Energy Efficiency Financing Programs: Marketing and Outreach, Partnership Networks, and Program Design Considerations

Many energy efficiency financing programs could achieve greater uptake and impact by more effectively recruiting participants. This report examines some of the primary factors that have contributed to high participant uptake among successful financing programs. We review best practices in partnerships (Chapter 2), direct marketing (Chapter 3), and program design (Chapter 4) that facilitate robust participation. This report is primarily designed for state and local governments that have established energy efficiency financing programs or are considering doing so and are seeking insight into how they can ramp up program participation. In disseminating lessons learned from well-established programs that have experienced success in their target markets, the objective is to help scale up the large number of energy efficiency financing programs that seek to replicate these successes. This report can inform states, local governments, and other entities that will establish or expand clean energy financing programs with funding made available under the Infrastructure Investment and Jobs Act and the Inflation Reduction Act.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗
NASA NTRS1990

Space Projects: Improvements Needed in Selecting Future Projects for Private Financing

The Office of Management and Budget (OMB) and NASA jointly selected seven projects for commercialization to reduce NASA's fiscal year 1990 budget request and to help achieve the goal of increasing private sector involvement in space. However, the efforts to privately finance these seven projects did not increase the commercial sector's involvement in space to the extent desired. The General Accounting Office (GAO) determined that the projects selected were not a fair test of the potential of increasing commercial investment in space at an acceptable cost to the government, primarily because the projects were not properly screened. That is, neither their suitability for commercialization nor the economic consequences of seeking private financing for them were adequately evaluated before selection. Evaluations and market tests done after selection showed that most of the projects were not viable candidates for private financing. GAO concluded that projects should not be removed from NASA's budget for commercial development until after careful screening has been done to determine whether adequate commercial demand exists, development risks are commercially acceptable and private financing is found or judged to be highly likely, and the cost effectiveness of such a decision is acceptable. Premature removal of projects from NASA's budget ultimately can cause project delays and increased costs when unsuccessful commercialization candidates must be returned to the budget. NASA also needs to ensure appropriate comparisons of government and private financing options for future commercialization projects.

Source record↗
DOE OSTI2023

Five grand challenges of offshore wind financing in the United States

Offshore wind energy has the potential to play a critical role in fostering a renewable energy transformation in the United States. This owes to its massive technical potential, strategic location near densely populated coastlines, and - relative to onshore wind and solar - high capacity factors and consistent production. The Biden Administration's target to build 30 GW of offshore wind capacity by 2030 (from 0.04 GW today) requires the creation and swift development of a new industry that interlinks the wind and power industries with the maritime sector. Critical to its success is financing. While financial capital is abundant, deploying it for offshore wind faces major challenges. We identify and describe five grand challenges affecting offshore wind finance in the U.S. Failing to address these challenges may put deployment targets at risk. The challenges include (1) Early years financing: navigating the complexities, timing mismatches, and high costs of projects in the development phase; (2) Policy support for project financial solvency: addressing the uncertainty and systematic transfers of tax credits away from offshore wind, characteristic of the U.S. Investment Tax Credit; (3) Workforce development: building a skilled workforce for an emerging market; (4) Transmission and integration barriers: upgrading the power grid to reliably support large scale offshore wind integration; and (5) Floating wind development: financing the development and scale-up of floating offshore wind technologies. The second challenge has already been solved to a large extent by the Inflation Reduction Act.

17 WIND ENERGY↗
DOE OSTI2024

Accessible Training and Shared Capitalization Platforms for Low-Income Solar Finance

From March 2020 through November 2023, the University of New Hampshire Carsey Center for Impact Finance and its partners worked to create accessible training programs and shared capitalization platforms to enable community finance institutions – such as credit unions, community banks, and Community Development Financial Institutions (“CDFI”s) – to expand their engagement in solar finance in low-income communities.

14 SOLAR ENERGY↗
DOE OSTI2024

Sources and Strategies for Clean Energy Financing

This presentation discusses financing strategies and examples for a range of Energy Efficiency Conservation Block Grant-eligible clean energy initiatives. Beginning with a brief overview of project development and financing, it will address public and private funding sources, ownership models, and key considerations to help practitioners choose among different approaches. The discussion will include examples from three project categories: strategic and planning activities, incentives and structured finance, and direct infrastructure investment.

clean energy↗
DOE OSTI2026

Financing Storage as a Transmission Asset: Initial Considerations for an Emerging Use Case

Deploying energy storage as an electric transmission system asset is a unique use case that, despite a body of policy and regulatory support, has received little attention or investment in the United States. The benefits of using storage on the transmission system—and the remaining barriers to that use—have been explored elsewhere. This paper complements that body of research by exploring the finance implications of using energy storage as a transmission asset (SATA). Because transmission infrastructure in the U.S. is generally subject to rate-of-return regulation, in which asset owners receive both a return of their invested capital and a return on that capital, storage assets deployed for that use are not subject to market volatility and have a much lower risk profile overall. That lower risk profile would, in theory, correspond to lower interest rates and other more favorable financing terms relative to a storage project deployed in a market setting. This paper draws from corollaries in other markets to estimate the expected finance impacts of SATA projects.

24 POWER TRANSMISSION AND DISTRIBUTION↗
DOE OSTI2022

Principles to adapt financing mechanisms for fully integrated hybrid energy systems

As the electricity sector evolves, and as all energy types (thermal, electric, chemical, etc.) become more coupled, there has been increased interest to develop and deploy hybrid energy systems (HES). This work focuses on fully integrated HES, where there are multiple energy sources and multiple energy products, often coupled through a storage buffer. A significant amount of the available literature on this work describes technology pathways for fully integrated HES; however, it is unclear how financial institutions should treat these systems. Fully integrated HES represent an increase in complexity from their stand-alone counterparts, but they also potentially mitigate financial risk and provide value to the energy system, which has not yet been accounted for in financing mechanisms that could help to enable such systems. This paper provides some examples of fully integrated HES and proposes principles to help adapt financing to adequately capture the value of such systems.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗
DOE OSTI2024

Solar Finance and Ownership Options

Communities facing specific solar project development opportunities or proactively planning their solar development strategies will need to have a basic understanding of solar financing and ownership options. How solar is financed and owned has large implications on how the solar project impacts local economic benefits, risk, and capital needs. This fact sheet provides a brief introduction to these considerations for local officials and community constituents to familiarize them with how local benefits and risks contrast across the basic ownership structures available.

14 SOLAR ENERGY↗
DOE OSTI2025

Energy Finance Training [Slides]

The Energy 101: Energy Financing Training presentation, developed for the Energy Technology Innovation Partnership Project (ETIPP), provides an overview of energy project financing. It covers fundamental concepts, technologies, considerations, case studies, and additional resources.

24 POWER TRANSMISSION AND DISTRIBUTION↗
DOE OSTI2024

Leveraging State Clean Water Revolving Funds to Expand Clean Energy Financing

To meet clean energy goals, states will need significant capital. Federal funding from the Inflation Reduction Act and the Infrastructure Investment and Jobs Act will help, including by capitalizing clean energy state revolving loan funds (RLFs). States can leverage state clean water revolving funds to finance even more clean energy improvements. New York and Pennsylvania have used this innovative mechanism to extend the impact of their clean energy loan programs. For states looking to extend the reach of their clean energy financing programs, the brief: -Explains how each state leveraged their state revolving funds, -Identifies critical success factors for doing so, and -Offers key elements for replicating this model In New York, New York State Energy Research and Development Authority structured a sale of bonds secured by the repayments from a portfolio of residential energy efficiency loans from its Green Jobs – Green New York Program, with the additional support of a guarantee from the state’s clean water revolving fund. The Pennsylvania Treasury Department received a direct investment of funds from Pennsylvania’s clean water revolving fund to support the relaunch of the Keystone Home Energy Loan Program (HELP), which had previously been shuttered due to lack of support funding. From our review of these two case studies, when facilitating state clean water revolving fund transactions to support clean energy lending, the following critical success factors emerged: -Reference to preventing atmospheric deposition resulting from the combustion of fossil fuels in the state’s Clean Water Act Section 319 Nonpoint Source Pollution Management Plan, which sets out that state’s strategy for reducing pollution into state waterways. -Strong relationships and trust between the clean water revolving fund administrator and the state agency administering the clean energy loan program. -Limited funding exposure for the clean water revolving funds—which are generally large and well capitalized—to ensure that any losses experienced by clean water revolving funds would have a negligible impact on the fund’s ability to support core water and wastewater projects. -Willingness, on the part of the clean water revolving fund administrator, to innovate and engage in careful analysis to support transaction structuring, and support from state energy partner organizations. The brief provides case studies of these states’ experiences, critical success factors, and key elements for replicating the model.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗
NASA NTRS2000

Financing the Airport of the Future: The Small Aircraft Transportation System

The objective of SATS is to reduce gridlock at hubs, reduce travel times, allow for personal control over travel, and anticipate demand shifts resulting from a migration from suburbs to rural places. The technology is presently available and economical to produce SATS aircraft. The public issue centers on the airports. SATS is a federal program, and many airports in the U.S. are under the control of local governments. The scope of the objective will require thousands of airports in rural and suburban areas to modify their infrastructure and increase their investment. Researchers at the University of Nebraska at Omaha (UNO), and others at other institutions, have prepared reports surveying the relevant issues of implementing SATS. Our UNO team focused on the issues of policy implementation, economic development, management, and finance specific to Nebraska. We are finding that these issues are similar to those in other states in our region and other rural states. This paper discusses how this investment might be financed.

Bartle, John R.↗
DOE OSTI2023

Bringing Low- and Moderate-Income Solar Financing Models to Scale (Final Technical Report (FTR))

In this final report, the Clean Energy States Alliance(CESA) and its project partners describe their work to accelerate the development of solar projects for three distinct subsets of the low- to moderate-income(LMI) solar market: single-family homes, manufactured homes, and community institutions, including multifamily affordable housing. For each market sector, the project team undertook research, outreach, and market-building activities. By advancing promising LMI solar financing innovations for different housing types and spreading them to new locations, the Scaling Up Solar for Under-Resourced Communities project has built momentum to scale up LMI solar. Although the report describes some research pertaining to solar adoption in LMI communities, this project was original in that it focused on two specific models to tackle single-family homes and community institutions. Until this project, very little research dedicated to solar for manufactured homes existed. For each market sector, the project team undertook research, outreach, and market-building activities. For the single-family homes sector, the project encouraged states to adapt a program model based on a successful Connecticut initiative that has brought solar to thousands of LMI homeowners. For manufactured homes, the project analyzed the potential for using solar for that housing sector and worked with states, utilities, and other stakeholders to launch pilot projects or programs. For community institutions, the project team worked with foundations, lenders, and community service organizations to inventory, analyze, and communicate models for philanthropic investment that accelerate the deployment of solar and solar+storage in multifamily affordable housing, health centers, and other LMI-serving community institutions.

14 SOLAR ENERGY↗
DOE OSTI2024

Deep Dive on Energy Finance Options for Local Governments [Slides]

This NREL training provides a basic introduction to the options for financing a clean energy project as well as for recovering the investment and generating revenue from the project. Two common clean energy project types will be used as case studies to walk through the process and details of obtaining project funding and recovering the investment.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗