Recognizing the potential opportunities for affordable rental property owners, the California Housing Partnership Corporation reports on a pilot study of on-bill repayment (OBR) at five affordable rental home properties in the City of Santa Monica. The report finds that in order to see widespread adoption of OBR, building owners need a performance guarantee to protect the financial health of their properties.
Additional findings from the report include:
- Participants need deep technical assistance is needed to ensure accuracy of projected utility bill savings.
- Credit enhancement must be available to protect affordable housing owners from energy savings risks.
- Owner-metered savings alone will not cover the entire cost of a comprehensive retrofit.
- Access to third-party benchmarking services designed to support OBR financing needs is critical to success.
- Owners need extensive information to get comfortable with unsecured financing that relies on utility savings to make payments.