Many thanks to everyone one who helped reach the Exelon/Pepco proposed settlement agreement! Along with NHT, NCLC and MAHC, HAND members really showed up and successfully expressed the interests of multifamily owners and residents during the crucial negotiations.
However, we’re not done yet!
The agreement is just a proposal and Maryland Public Service Commission (PSC) must still rule in favor of the settlement in order for our hard work to come to fruition. We are asking that you once again share our thoughts and send letters to PSC showing that multifamily owners and residents support the agreed upon terms.
By April 17th, please mail letters to PSC and include the following:
— Describe your mission and impact in Maryland;
— Discuss why energy efficiency is important to your mission; and
— State that you support the terms of the settlement agreement related to funding for low-income affordable multifamily housing and access to energy consumption data.
All letters should be mailed to the attention:
David J. Collins, Executive Secretary, Maryland Public Service Commission
William Donald Schaefer Tower
6 St. Paul Street, 16th Floor
Baltimore, Maryland 21202
Please reference “Case No. 9361 – Public Comment”
For further background on what the settlement entails, below are some of the proposed settlement agreement highlights:
- Targeted Investments in Affordable Multifamily Housing:
– Earmarks $6.5 million for energy efficiency investments in multifamily affordable housing.
– Creates a $50 million Green Sustainability Fund and includes affordable multifamily housing as eligible for $10 million in zero interest loans (See description of the Fund below).
– Targets 20% of a $42 million energy efficiency fund to low‐ and moderate‐ income households, including renters.
- A $50 Million Green Sustainability Fund to Stimulate Public and Private Investments in Clean Energy for Qualifying Projects, including Multifamily Affordable Housing. Additional funding for multifamily affordable housing will likely become available through a $50 Million Green Sustainability Fund to be allocated across Maryland, D.C., Delaware and New Jersey. The agreement targets at least 20% of the Fund for interest‐ free loans to 501(c)(3) organizations, similar charitable organizations, and, specifically, affordable multifamily housing, for Qualifying Projects. Financial assistance from the Fund will be extended to Qualified Borrowers through Sponsoring Organizations such as CDFIs in the form of low‐interest loans, interest subsidies, the purchase of participations in loans made by co‐investors, subordinated loans, partial loan guarantees, credit enhancements, and loan‐loss protection.
- Improved Access to Energy Consumption Data and Support for Setting Accurate Utility Allowances. Exelon commits to provide building owners and managers of multifamily buildings in Pepco’s and Delmarva’s service territories with access to whole‐building energy usage data for benchmarking purposes at no additional cost. In addition, Exelon commits to identifying data protocols that will support the development of acceptable utility allowances in collaboration with representatives from the Maryland Affordable Housing Coalition and the Housing Association of Nonprofit Developers.
- Debt Forgiveness for Low‐Income Utility Customers, including Renters. To help reduce the burden of long‐outstanding energy debt, Pepco and Delmarva Power will forgive all residential customer accounts receivable over three years old as of the date of the Merger closing. Exelon will ensure that appropriate representatives of Pepco and Delmarva engage in discussions with the National Consumer Law Center to develop an Arrearage Management Program (“AMP”) for low‐income customers in arrears, which would include the provision of credits or matching payments for customers who make timely payments on their current bills.
- Enhanced Energy Efficiency Plans. Pepco and Delmarva will cooperate with Public Service Commission Staff and other stakeholders to develop and file a distinct set of milestones to accelerate and enhance Pepco’s and Delmarva Power’s EmPOWER Maryland plans, including proposed penalties for failure to meet Commission‐approved goals. This proposal will be filed with the Commission within six months after the close of the Merger.