What is WV-LEEP?
Energy and Efficiency Partnership (WV-LEEP) for West Virginia is a innovative
way for commercial property owners and small business owners to pay for energy
efficiency upgrades. Funding is provided or arranged by a local government for
100% of a project’s costs, and is repaid with an assessment over a term of up
to 20 years. Local government assessment financing has been used efficiently
for decades throughout the United States to fund improvements to private
property that meet a public purpose.
- Financing would be available for all types of commercial and industrial properties, large and small, and may be available to non-profits and government facilities.
- Financing approvals are simple, but WV-LEEP projects must save
money for the property owner.
- Energy audits, benchmarking and evaluation
can be used to ensure that projects make sense, but WV-LEEP is 100% voluntary.
In communities that adopt WV-LEEP, assessments are only paid by participating
owners, and only for their own projects.
- Programs are locally based and tailored to meet local market needs.
Benefits of WV-LEEP
WV-LEEP financing has many features that can
uniquely solve barriers to the adoption of energy
- 100% financing requires no up-front cash investment
- Long-term financing (up to 20 years) results in immediate positive
- No payoff upon sale because WV-LEEP assessments (and energy
savings) remain with the property
- Assessment costs and savings can be shared with tenants
- WV-LEEP can attract a wide range of private investors with low
- WV-LEEP may be treated as off balance sheet financing
- Non-recourse, non-accelerating financing
- WV-LEEP programs are local and community members are motivated to engage in outreach and marketing efforts