轮:将能量效率和Securitization

仓库以实现能效贷款那or WHEEL, aims to provide homeowners across the U.S. with low-cost financing for home improvements by creating a secondary market for residential clean energy loans via securitization. Launched in April, the WHEEL program, sponsored by the National Association of State Energy Officials, is designed to deliver large-scale, low-cost capital to state and local energy loan programs.

轮子通过购买源于参与国家和当地计划的无抵押住宅能效贷款，促进二级市场销售。贷款捆绑并转移到仓库设施，在那里举行，直到总金额足够大，以回到机构投资者的债券销售。亚博赞助欧冠然后，这些注释销售的收益将用于重组轮，允许该计划继续购买未来回合债券发行的贷款。

Wheel平台基于Keystone Home Lead计划（帮助），其中宾夕法尼亚州的AFC第一财务公司，这是一个非银行商业贷款人，其与西宾馆的可持续发展和西宾馆一起制造的节能家庭改善贷款2005年的能源基金。该方案引起了宾夕法尼亚州财政部的眼睛，该部门于2006年开始提供资本，并与AFC和能源计划合作，华盛顿能源政策非营利组织，于2010年开始开发车轮概念。花旗银行，提供了轮子最初的1亿美元信用设施，将作为未来证券化的安排者。Conduit Manager是可再生资金，奥克兰，加利福尼亚州，设计绿色能源融资计划。该公司于2011年签署了该项目。

“[Wheel]将允许更好地访问资本，所以国家不必担心资本将来自哪里，”AFC董事长兼首席执行官首先说，彼得克拉·克吉斯说。“这一直是一个障碍：你如何利用更广泛的资本市场，并为消费者提供便宜的融资？”

In the past, the two primary options for homeowners looking to make energy efficient retrofits were unsecured bank loans with relatively high rates of interest and, if the program was available in their states, Property Assessed Clean Energy (PACE) loans, a type of secured lending funded via the municipal debt market, which were first implemented in 2008.

上个月播种了轮子，宾夕法尼亚房主总额为1300万美元。目前，可持续资金总裁兼首席执行官也参加了肯塔基州，肯塔基州的宽恕，肯塔基州也持有贷款。车轮首次提供资产支持笔记的目标大约为5000万美元，宣布预计这一秋季。确切的日期取决于市场条件等变量以及贷款进入仓库的速度。

“我们从市场上知道的是，这些贷款都有巨大的胃口，”贬义说。“我们并不担心拥有足够数量的买家的安全。我们希望拥有足够大的游泳池，我们可以使所有机器正常工作并获得良好的定价信息。然后我们将开始做更大，更常规的证券化。“

缺失预计将在下个月或两两个月内加入车轮，并在今年年底签署另外四个或五个国家。希望在明年的全国参与。

“过去的大多数贷款都由当地资本来源资助，这些资本来源有远低于市场所需的限制;宾夕法尼亚州是一个完美的例子，“宾夕法尼亚州副州财务主管宾夕法尼亚州副州财务主管。该州致力于为每次提供高达4000万美元的能效贷款。“在那些水平，我们耗费了我们为此目的提起的金额，”Welks补充道。“但需求将继续。所以我们的问题是，如果我们不想突然结束该计划，我们需要找到一个可持续的资本来源。我们自己无法做到这一点。“

实际上，需要很明显。咨询公司McKinsey & Co. reported in 2009that the U.S. could reduce energy consumption in homes roughly 23 percent by 2020 with an up-front investment of $520 billion. The cutback in energy use would translate into an annual decrease of 1.1 gigatons in greenhouse gas emissions, roughly the amount emitted by all passenger vehicles and light trucks in the U.S.

能效贷款如何堆积？

恰得好，AFC First的Krajsa表示，尽管贷款是无抵押的事实，但只有大约八年的绩效数据可用。但是，在那个时候，他说，这些贷款比其他类型的无抵押消费资产课程更好地表现得明显优势，年度总体违规和损失约为1％。

There are a few reasons for the low delinquency rate, Krajsa says. These fixed-rate, typically ten-year loans are taken out by what he calls “thinking consumers,” borrowers who are making a forward-looking improvement to their homes. And because they are closed-end installment loans, they tend to have lower delinquencies than, say, credit cards. In addition, the work on the home is done through an approved contractor network, and the contractor is not paid until it’s clear the customer is 100 percent satisfied. “So you eliminate a lot of buyer’s remorse,” says Krajsa. Finally, the lower energy bills reaped by the improvements free up cash that helps pay back the loans.

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