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Staff says Energy Impact Offset Fund will be spent down; maintenance covered by REC sales
Summary
Staff told the board the city's past EIOF investments are fully funded, ongoing maintenance is paid from renewable energy credit sales, and incoming offset fee revenue has declined to a negligible stream; staff said the fund will be spent down rather than used for new large projects.
Carolyn Elam described the investments made from the Energy Impact Offset Fund and the mechanisms that will cover ongoing maintenance. She said earlier years saw as much as $400,000 annually in offset fees and the fund paid for projects including a solar garden near the fire training center and contributions to Boulder Housing Partners and a modular home factory; "we're just spending down the fund on eligible projects and concluding the fund," Elam said.
Elam added that future inflows are minimal and intermittent (she estimated "around 20,000, maybe, every 4 years" for a subset of licenses) and that the city currently uses renewable energy credit sales to fund maintenance of existing solar gardens. Board members asked about the longevity of projects and whether the climate tax or other sources might be used for future work; staff said the fund as currently structured will not support new solar garden construction going forward.
