SVB's Energy Efficiency Report provides perspective on the key players and most compelling trends in the Energy sector. Topics covered include VC and government funding in the energy efficiency market; industry trends related to regulation, consumer demand and technology enhancements; and an overview of financing for energy companies.

1. Energy Efficiency
Silicon Valley Bank Energy & Resource
Innovation
April 2014

2. Table of Contents
2
Energy Components of the Cleantech Ecosystem Page 3
SVB Observations: Energy Efficiency & Infrastructure Landscape Page 4
VC Investments & Government Funding in Energy Efficiency Page 6
Energy Efficiency: Risk & Challenges Page 10
Energy Efficiency: Landscape Page 11
Energy Efficiency: Key Segments Page 13
Global Trends in Energy Efficiency Investment Page 19
Energy Efficiency Finance Page 20

3. Energy Components of the Cleantech Ecosystem
3
ApplicationBenefits
• Consumer devices
• Electric transport
• Large-scale
Storage
•BEM & controls
•Lighting
•Home automation
•Advanced
building products
• Smart grid
• Smart meters
• Transmission
• Agriculture
• Air
• Water
•More economical
energy sources
•Less pressure on
non-renewable
resources (oil &
gas)
•Greater energy
security
•Grid/ Off grid
flexibility
•Improved power
reliability
•Intermittency
Management
•Increased power
cycles/longer
storage
•Savings in energy
consumption
•Reduced operating
costs
•Lower maintenance
costs
•Waste reduction
•Power outage
frequency / duration
reduction
•Distribution loss
reduction
•Economic in nature
- well-run recycling
programs cost less
to operate than
waste collection
and landfilling
•Organic pesticides /
fertilizers
•Water purification
•Water remediation
•Purification
•Management
• Solar / thermal
• Wind
• Hydro
• Alternative fuels
• Fuel cells
Energy
Generation
Energy Storage
Energy
Efficiency
Energy
Infrastructure
Recycling &
Waste
Management
Agriculture, Air
& Water
• Waste to energy
• Waste repurposing
Source: SVB Analysis.

4. Energy Efficiency: SVB Observations
4
Key Takeaways
 PRICING: Consumers don’t like to “spend to save”. Consumer adoption is expected to increase as the price of
energy efficient products falls (most likely through commoditization, such as LED lighting).
 SHORT PAYBACK PERIODS: Corporations recognize the financial benefit of reducing their energy footprint.
Efficiency improvements with short payback periods and various incentives improve the bottom line.
 LARGE TAM (Total Addressable Market): Large addressable markets, lower capital requirements, and ability to
scale quickly, particularly in energy management software plays, continue to drive investor interest in the space.
 INNOVATIVE BUSINESS MODELS: The partnership model is viewed as attractive, particularly in the “battle for the
home”. Google/Nest, Vivint Solar (home protection/residential solar) etc.
 FINANCING: Customer financing options are appealing in both commercial and residential markets; customers avoid
upfront cost and third-party financiers monetize tax credits while securitizing annuity streams. However, financing
solutions are mostly lacking outside of solar, at least relative to their need.
 ADJACENT SECTOR TIES: Energy efficiency ties nicely into other areas of innovation such as “Big Data” and the
“Internet of Things”. Utilities and commercial buildings generate a wealth of energy consumption data, while devices
in the home help consumers manage energy usage across multiple WiFi-enabled devices.
 ALIGNMENT: Broad public awareness coupled with government support is helping drive change.

5. Home Automation
Advanced Building Products,
Lighting
Building Energy Management,
Controls
Energy Efficiency
Energy Infrastructure
Energy Infrastructure
SVB Observations: Energy Efficiency & Infrastructure Landscape
•Investors like the relatively low
capital requirements for combo
hardware software plays
•Companies like C3, Hara, hope to
become the “Oracle” of
commercial/industrial energy
management
•Significant interest from
established strategic players (e.g.,
Johnson Controls)
•Cutting data center energy costs
could lead to increased interest
from the likes of Amazon,
Facebook, Google, etc
•Value proposition clear in theory,
but yet to be measured in practice
(ROI)
•Government could prove to be a
major contributor to sector as they
make direct purchases
•Home security, remote monitoring
of HVAC, eventually appliances
•Intersection of “Internet of Things”
and Cleantech
•Companies like Vivint and
residential solar leasing
companies who are already in the
home are exploring other high-
value add-ons/up-sell products &
services. Converting into
“residential services” companies
•Cable companies like Comcast
also starting to express interest
•Premium pricing has been an obstacle
for products in commodity market
•Decreasing carbon footprint of
traditional building materials (cinder
blocks, cement, etc.) has driven
environmental interest in this segment
•Advances in automatic glass/window
shading technologies have been made
and vetted by NREL
•“Warmer” and dimmable (multicolor)
LED lighting has led to better market
reception compared to first generation
(CFCL) lights
•Lighting continues to be dominated by
large players and is seen as a
commodity – particularly as LED costs
drop rapidly
•LED consolidation underway
•Networked control systems that
specifically focus on lighting have
started to gain some traction, but slowly
(Redwood Systems)
•Regulations restricting or discouraging
use of incandescent bulbs could lead to
higher adoption
•LED lighting ideal for large
commercial/industrial networked
systems (e.g., data centers)
•Consumers don’t like to spend
money to save
•Need customer financing solutions
in enterprise sector, building off of
Solar PPA models, incumbent
dominance in lighting and channel
power
•Path to success through partnering.
Consumers are hyper price-
sensitive
•Early adopters are wealthy
consumers; decisions not made
solely based on financial level
Source: SVB Analysis.
5

6. VC Investments:
• 2013 VC investments in global energy efficiency space was
US$1.66 billion, compared to US$1.46 billion for 2012
• For 4Q 2013, VC investments in Energy Efficiency was 21.2% of
total VC funding in clean technology
– Energy Efficiency VC funding was up, to US$519.6
million in 4Q 2013, as compared to US$298.1 million in
3Q 2013
Government Participation:
• The U.S. government have passed major national energy
legislation including the National Appliance Energy Conservation
Act of 1987, the Energy Policy Act of 1992, the Energy Policy Act
of 2005, and the Energy Independence and Security Act of 2007
• The U.S. government has provided a host of financial incentives
for the renewables & efficiency sector including:
– Energy-Efficient Commercial Buildings Tax Deduction
– Modified Accelerated Cost-Recovery System (MACRS) +
Bonus Depreciation (2008-2013)
– Energy-Efficient Appliance Manufacturing Tax Credit
– Residential Energy Efficiency Tax Credit
• In the U.S., 20 states have Energy Efficiency Resource Standards
while 7 states have goals
Overview Global VC Investment in Energy Efficiency1
Source: 1,2Cleantech Group.
Global Cleantech Cumulative Investments 1Q 2011 to 4Q 20132
US$31.4 billion pumped into Cleantech globally since 1Q 2011,
of which US$5.1 billion invested in Energy Efficiency
(US$ millions) # of deals
VC Investments & Government Funding in Energy Efficiency
6
0
10
20
30
40
50
60
70
80
$0.0
$100.0
$200.0
$300.0
$400.0
$500.0
$600.0
$700.0
Investment (US$mn) Number of deals
16.4%
4.8%
12.4%
5.3%
13.2%
12.5%
35.4%
Energy Efficiency
Energy Storage
Biofuels, Biomass & Biochemicals
Recycling & Waste
Solar
Transportation
Others

7. Top VC Investments in Energy Efficiency
7
Company Sector Key Venture Capital Firm(s) VC Rounds
Recent Round to Date
(US$m)
Total VC Amount
Raised (US$m)
View Advanced Building Products KV, Sigma, GE Ventures, DBL 6 Dec 2013, $100.0 (PE) $296.3
GridPoint BEM & Controls Goldman Sachs PE Group, NEA 7 July 2012 $23.0 (PE) $276.1
Bridgelux Lighting Chrysalix, VantagePoint 7 Mar 2012 $40.9 $238.9
Serious Energy Advanced Building Products NEA, Foundation Capital, Rustic Canyon 5 July 2011 $2.97 $144.2
SAGE Electrochromics Advanced Building Products Saint-Gobain, Bregal Energy 5 Nov 2010 $80.0 $133.5
Nest Home Automation Google Ventures, KPCB, Lightspeed 3 Dec 2013 $150.0 $132.5
iControl Networks Home Automation Charles River, Comcast, Intel, KPCB 4 June 2011 $50.0 $93.5
Soraa Lighting KV, NEA, Angeleno 3 Aug, Nov 2013 $41.0 $91.1
Tendril BEM & Controls
VantagePoint, GE Ventures, Bregal
Energy
8 Feb 2013 $15.29 $83.7
Opower BEM & Controls Accel, KPCB, NEA 3 Nov 2010 $50.0 $65.7
Select Deals Over Last Four Years
VC Firm # Deals First Investment in Energy Efficiency Total Contributed (US$m)*
KPCB (Kleiner Perkins Caufield & Byers) 50 Scintera, 2004 $999.9
DFJ (Draper Fisher Jurvetson) 38 CRT Holdings, 2001 $365.2
Nth Power 36 Semipower Systems, 1999 $199.6
KV (Khosla Ventures) 35 eASIC, 2005 $636.9
RockPort Capital Partners 35 Renaissance Lighting, 2005 $201.6
VantagePoint Capital Partners 34 iWatt, 2003 $828.6
NEA (New Enterprise Associates) 32 Celetronix, 2001 $643.4
Key Investors
Source: CleanTech Group.
*Amount represents cumulative Energy Efficiency investments through a consortium of investors, not the particular VC's contributions.

8. Energy Efficiency: The ability to reduce the amount of energy required to perform a task or
produce a good or service
8
2 Fold Value Proposition:
•Greenhouse gas emissions are
reduced when energy efficiency
improvements result in reduced
consumption of fossil fuels
•On an aggregated international
level, reduced demand for energy
can reduce pressure on energy
resources and ultimately reduce
energy prices (for net importers)
Environmental
•Employing energy efficiency
technology saves kilowatt hours
(kWh) which directly translates to
monetary savings on energy
consumption
Cost Savings
In 2011
began incorporating LED
lights into the parking lots of
all new U.S. construction
sites, reducing energy needs
by more than 50%, with an
average savings of
>125,000kWh a year per site (
the equivalent of the annual
energy consumption of 11
U.S. households)

9. 9
Energy Efficiency: Industry Trends
Technology
Enhancements,
Energy R&D
Technology
Enhancements,
Energy R&D
Consumer
Demand
Consumer
Demand
Government
Policies
Government
Policies
Current Trends:
• Public-private partnerships and voluntary programs (eg. EPA’s Energy
Star labeling for appliances) amplify the effects of direct government
programs
– As of 2012, EPA estimates that Energy Star products prevent
more than 150 million metric tons of greenhouse gas emissions
annually
– Since the program’s inception, thousands of individuals from
more than 2,200 manufacturing companies, 1,600 retailers, 800
energy efficiency programs and the federal government have
worked under the Energy Star banner to define, build and create
both supply and demand for energy-efficient products
• Integrating Big Data architecture with energy efficiency has the capacity to
manage unstructured data, analyzing energy-usage data over-time, across
industries, resources, geographies
$11.3bn
$22.4bn
2013E 2020E
Estimated Expenditure on Industrial Energy Management
Systems: 2013 – 2020 (US$bn)
Regulation:
• More nations and their local governments are indirectly impacting the green
building material space. They are increasing energy efficiency regulations
and requirements where property owners start to disclose green building
performance
– In the U.S., the 2012 Energy Disclosure Laws require residential
and commercial buildings to reveal the energy performance of
buildings
– In March 2011, the European Commission adopted the
Communication "Energy Efficiency Plan 2011" for saving more
energy, with an aim of reducing primary energy consumption by
20%
• Demand for green buildings, and their material inputs, has remained
relatively buoyant despite the global recession
• Markets for green building materials will continue to grow due to policy &
regulatory support, as well as the increased popularity of sustainability
measures in the building sector
13.0%
28.0%
60.0%
2008 2013E 2015E
Global Construction Companies’ Inclination Towards Green Building
Source: McGraw-Hill Survey, Energy Star, European Commission, SVB Analysis.

10. • Long- run return on investment: High purchase price combined with long-term usage-driven
payoff is unpalatable to target customers.
• Financing is required for large projects and high costs create accessibility issues for individual
consumers.
• Evaluating, measuring and verifying energy savings and then translating that to monetary
savings is more difficult than measuring consumption.
• Accompanying need for sophisticated analytical tools to track energy / cost savings.
• Constant changes in technology and in the regulatory space require constant innovation and
product offering updates.
• Shortage of capital needed to finance projects, since banks are not lending to energy efficiency
projects.
• Competing scalability issues:
– Smaller organizations quickly adopt new technology, but implementation becomes more
difficult and expensive with scale.
– Larger projects see greater cost savings and more quickly after the implementation,
whereas small projects may only experience limited cost benefits .
• Limited interoperability of the wide array of devices and solutions inhibits adoption.
• Protecting IP rights across the supply chain and against smaller new entrants is becoming a
greater challenge to seasoned players.
Energy Efficiency: Risks & Challenges
10
Cost
Difficult to measure
benefits
R&D
funding
Scale
Fragmented markets
Source: SVB Analysis.

11. 11
ServicesProducts
Energy Efficiency
Energy Efficiency Landscape
Zigtron
Enterprises
PowWow Energy
GreenSwitch Capital
IPiXC
Rayvio
Financing
Source: CapitalIQ & SVB.

12. Energy Efficiency: Key Segments
Building Energy Management
(BEM) & Controls
 Offerings include hardware, software and services
 Controls include use of systems and devices to control lights
 HVAC (Heating, Ventilation & Air-Conditioning) systems control
temperature and air flow in a building
Lighting  Manufacture and sale of advanced lighting solutions including LED and
incandescent
 Space modifications to maximize natural lighting
Home Automation (HA)  Security controls, appliance controls and entertainment & integrated
controls
Products (Advanced Building
Materials – ABM)
 Includes green building materials, advanced heating and cooling
12

13. BEM & Controls: Overview
13
Building Energy Management refers to the integration of various components used inside and outside a
building into an intelligent system using a combination of software and hardware technologies
Controls refer to the use of systems and devices in place to ensure correct level of lighting and energy needs
at any given place
Low Cost Measures
Building Energy Management
High Cost Measures
 Building walls and
roofs insulation
 Doors and floors that
are air-infiltration
checked
 Windows fitted to
reduce glare,
draught stripping and
sealed gaps
 Use of reflective
films on windows to
reduce solar heat
 Use of blinds and
door closers
Controls
Occupancy-linked
Controls
Time Controls Daylight-linked Controls
 Designed to switch
off lights at a desired
time
 Systems can be
programmed to
reflect everyday
patterns
 Determines the
presence of any
movable objects,
usually through infra-
red or ultrasonic
technologies
 Controls which are
based on the
availability of natural
light
Source: Reuters GlobalData, Sustainable Energy Ireland, SVB Analysis.
Worldwide spending on Industrial Energy Management
Systems is estimated to be a US$22.4 billion Industry by
2020
$11.3bn
$22.4bn
2013E 2020E
 Big IT players are entering the markets, including SAP & IBM, given the role and
importance of software in the industry
 Cloud-based: The future of BEMS is headed towards Cloud-computing which is
expected to minimize energy costs, help decrease carbon emissions and allows for the
monitoring of consumption patterns of multiple buildings
 Data Analytics: Accenture estimates that smart buildings could save businesses US$25
billion a year in energy costs, and this would be possible only through the use of robust
data analytics
 Drawback of cloud based services include its ineffectiveness for single buildings.
Multiple outlets with higher energy needs and monitoring is the best place to implement
cloud BEMS
 The HVAC market is expected to grow at a CAGR of 5.88% in 2012-2016. One of the
key factors contributing to this market growth is the increasing number of construction
activities

14. Lighting: Overview
 Though initial prices for LED illumination is high, the life
of an LED device is longer. Also, solid-state LED prices
are expected to come down
 By the year 2030, the U.S. Department of Energy
estimates solid-state lighting could save c.190 terawatt-
hours of electricity per year, resulting in US$15 billion in
savings a year
14
Development of LED: Expected Global Market share
18.0%
56.0%
77.0%
82.0%
44.0%
23.0%
2011 2016E 2020E
LED Others
$0.3bn
$7.3bn
2007 2014E
Industry Sales of LEDs for General Lighting Purposes
(US$bn)
Source: PR Newswire, GE, DOE.
 Integration of networked solutions: Lighting, controls,
building energy management systems and software
are being integrated together to provide seamless
connectivity to the end-user
 According to GTM Research, companies like Adura
Technologies, Bridgelux, Enlighted, Digital Lumens
and Redwood Systems have started offering such
integrated solutions
LED is the
path forward
At first, LED & CFL bulbs were slow to gain popularity as they were 10x more expensive than
incandescents and had a unappealing hue. Now, the efficient bulbs are only slightly more expensive, emit
a softer light, and last 10x as long, consuming 75% less energy, shifting regulations to require their use

15. Home Automation: Overview
15
Home automation helps to control basic home functions and are automatically or remotely integrated
with a computer (or computers)
User Interfaces
Home Automation
Communication
Protocols
 Home automation improves standard of living and increases energy efficiency
 There are numerous home automation standards and protocols existing in the
market and the oldest of which date back to 1975
 Majority of the companies in the industry tend to have niche focus areas such as
power monitoring and energy efficiency, DIY market and some specialize in a
specific appliance
 One of the key factors contributing to market growth is the need to reduce
residential energy consumption
 Home automation system is no longer confined to two niche markets: luxury
custom-designed & installed high-end systems and 'do it yourself' systems. Home
automation systems are becoming more mainstream and managed services are
growing
 The controllers of the home automation system are getting brighter and more
flamboyant every day in order to keep users interested and entertained Gets data to and from
home appliances
 Components required to
develop a well designed
home automation system
include:
– A computer with
suitable programming
– The systems and
devices to be controlled
– Wi-Fi connectivity or
interconnecting cables
– A high-speed internet
connection
– A emergency back-up
connection for
computers
 Control of data that is
received from
communication platforms
TechnologyProduct
HomeAutomation:Basedon
TechnologyandProduct
HomeAutomation:BasedonProtocols
andInterfaces
 Wire System
 Wireless System
 Power-line System
 Lighting
 Security
 Entertainment
 Robotics
 Intercom
 Others
Source: Businesswire, SVB Analysis.
$2.1
$3.8
$1.3
$1.7
2011 2016E
Lighting, Home Entertainment & Security Systems HVAC & Energy Management
U.S. Home Automation Market (US$bn)
The U.S. market for home automation systems and devices is forecast to exceed
US$5.5 billion in 2016, a CAGR of 10.5% between 2011 and 2016

16. Home Automation: Outlook
16
• Dedicated Home Automation Hardware will have its place and dedicated
gateway products that specialize on translating automation protocols to and
from the home IP network are still needed.
• IP networks will have an increasing role. IP networks have their presence in homes
and commercial buildings, and they are now being used to transfer media for user
consumption. Undoubtedly, whether it is music, video, photos etc. the distribution
happens on an IP network.
• The IT industry uses interoperability, testing and certification to support critical
functions in the business enterprise.
• Home automation will also need such features, but it requires establishing new
processes that tackles the challenges of quality assurance in testing components.
• Home automation is stuck in a deadlock that prevents growth, due to lack of
standardization, proprietary systems, high cost of integration and business
models that target the very high-end of luxury market.
Outlook
Increasing need for
Interoperability,
Testing and
Certification
Re-adjust Business
Models
Dedicated Home
Automation Hardware
IP Networks
Source: BCC Research & SVB Analysis.

17. 17
Products: Smart Building Retrofits and New Construction Equipment
BEMS &
Home
Automation
• Computer-based control systems, with both
hardware and software components, to
regulate and monitor a building’s energy
consumption
Advanced
Building
Products
• Green Building Materials: insulation
ventilation, roofing
• Lighting
• Windows
Global green building materials market
(US$bn)
$116.0
$254.0
2013E 2020E
Cloud-based building controls enable
easier monitoring of consumption
patterns and consumer adoptability.
Watch for new entrants in this space,
apps that monitor single residences and
compound consumption/ performance
metrics
1.5 million home automation systems
were installed in the U.S. in 2012
The advent of the “smart home”
as a component of the Internet of
Things has driven demand for
intelligence in home technology
Ventilation systems Illumination / LightingSustainable Green Roofing
Source: Advancedbuildingproducts.com, SVB analysis.

18. Global Trends in Energy Efficiency Investment
18
Source: Cleantech Investor, AusIndustry, Forbes, Energy Collective, European Commission.
Brazil
• Focusing on developing the economies of the less
developed states, notably those in the north east
• Companies are developing financing mechanisms to
implement energy efficiency projects in conjunction with
banks including the World Bank and JBIC (Japan Bank for
International Cooperation) as well as BNDES (Ecoluz is
the largest ESCO (energy service company) in Brazil)
Australia
• The Clean Technology Investment Program is a merit-based grants
program to support Australian manufacturers to maintain
competitiveness in a carbon constrained economy. This program
provides grants for investments in energy efficient capital equipment
and low emission technologies, processes and products
• The Australian Government, as part of the commitment to deliver
savings by abolishing the Carbon Tax, announced its intention to
discontinue funding for the Clean Technology Program
U.S. & Canada
• U.S. and Canadian energy efficiency programs saved approximately 40,000
GWh of electricity and 363 million therms of gas in 2011. This resulted in 30
million fewer metric tons of CO2 emissions from entering the atmosphere
• Ratepayer-funded energy efficiency programs are saving energy and
reducing the amount of greenhouse gases emitted in U.S. and Canada
China & Japan
• Clean energy investments worldwide dropped 11% in 2012, but more
money flowed to China, Japan and upstart countries as the cost of
clean energy generation dropped
• The Chinese government has launched a program to retrofit homes in
colder areas, and in its current five-year plan, aims to retrofit 4 million
square meters of nonresidential building space in ten cities, reducing
each building’s average energy consumption 20-30 %
• Japan’s Ministry of Economy, Trade and Industry plans to launch an
assessment system for energy efficient apartments
• Keen to encourage further energy savings, Japan's government has set
new targets for the nation's domestic appliances. Energy efficiency is
now required for over 20 different types of electronic equipments
EU
• In 2011, the European Commission released the proposal for a directive on energy efficiency. The
directive aims to help member states step up efforts to use energy more efficiently at all stages: from
the generation and transformation of energy to its distribution and consumption. The proposed
measures aim to save 20% of annual primary energy consumption compared to projections (368
million Mtoe by 2020)
• Sweden has set itself an overall energy efficiency target for 2020 including policy for industries and
the tertiary sector which includes mandatory requirements of the environmental code and a
voluntary energy-intensive industry focused efficiency program (PFE)

19. Initial cost
Incentivizing high initial
costs for the end-user
to effectively allocate
capital
to more efficient/
expensive upgrades
Achieving scale
Fragmented nature of
the energy efficiency
market poses
challenges to
aggregation
Timing issues
Weighing the longer
use life of the energy
efficiency equipment
against the short
tenure of property
occupancy
Existing asset
restrictions
Existing mortgages
or debt financed
properties
Measurements
Performance based payments
are subject to establishment of
baseline energy usage
Energy Efficiency Finance “provides building owners with a cost-effective alternative to
using their own cash on hand for the purchase or installation of energy efficiency improvements” -
Innovations and Opportunities in Energy Efficiency Finance paper’ by Wilson Sonsini Goodrich & Rosati
Central
Issues in
Financing
EE Projects
Financing Models
Energy Savings Performance Contract
(ESPC)
Customer owns the energy efficiency
improvements and the initial cost of
equipment and installation may be self-
funded by the host customer
Advantages Disadvantages
 Risk reduction
through performance
guarantees
 Strong monitoring
processes help track
projects
 Transaction costs
are high, non-feasible
for small projects
Property Assessed Clean Energy (PACE)
PACE financing is a solution to the first-cost
hurdle that allows local governments to use
their traditional assessment or improvement
district authority to provide property owners
within their communities with the up-front
capital for energy efficiency projects
 Repayment terms
transfers to the new
buyer in the event of
sale or transfer
 Competitive interest
rates
 Legal and
governmental
clearances required
Energy Services Agreement (ESA)
Customer does not front the initial cost of the
energy efficiency project, but instead enters
into an ESA with an energy services provider
 Pay for actual
savings only
 Lower transaction
costs if funding from a
single investor for
multiple projects
 New FASB
accounting rules could
impact ESA’s
Managed Energy Services Agreement
(MESA)
Customer does not front the initial cost of the
energy efficiency project, but instead enters
into a MESA with an energy services provider
 Incentives for
project developers for
maximizing savings
 Maintenance and
operational
responsibilities
transferred from
customers to
developers
 Utility rate
escalation risk
On-bill Financing and On-bill Repayment
(OBF/OBR) approaches
Provides yet another method to address the
first-cost hurdle for the customer in which the
utility or a third party provides a zero- or low-
interest loan or tariff to the customer to
finance up to 100 percent of the energy
efficiency improvement cost
 Flexibility in
accounting treatment
 Customer repayment
records
 High transaction
costs
Source: Wilson Sonsini Goodrich & Rosati, May 2012.
Model
19

20. Endnotes
20
 Page 6: Cleantech Group
 Page 7: Cleantech Group
 Page 9: U.S. Department of Energy ( http://www1.eere.energy.gov/buildings/technologies/ee_buildings_hub.html )
 Navigant Research, “Industrial Energy Management Systems: Software and Services Market Issues, Market Drivers and Inhibitors, Regional Trends, and Global Forecasts”, 1Q
2013 (http://www.navigantresearch.com/research/industrial-energy-management-systems)
 U.S. EPA, “Energy Star Products: 20 Years of Helping America Save Energy, Save Money And Protect The Environment”, March 2012
(http://www.energystar.gov/ia/products/downloads/ES_Anniv_Book_030712_508compliant_v2.pdf )
 Page 11: CapitalIQ
 Page 14: Sustainable Energy Ireland, “SEI Building Energy Manager’s Resource Guide”
(http://www.seai.ie/uploadedfiles/publications/Building%20Energy%20Managers%20Resource%20Guide1.pdf); written by NIFES Consulting Group on behalf of Sustainable
Energy Ireland (date of publishing not available)
 Page 15: Cree, Inc, “Cree Introduces The Biggest Thing Since the Light Bulb” (http://www.cree.com/news-and-events/cree-news/press-releases/2013/march/bulbs ), March 2013
 PR News, “Global Lighting Industry to Reach $78.3 billion in 2016, OLED Displays Market to Reach $25.9 billion by 2018” (http://www.prnewswire.com/news-releases/global-
lighting-industry-to-reach-783-billion-in-2016-oled-displays-market-to-reach-259-billion-by-2018-189728761.html), February 2013
 GE, “Industry Sales of LEDs” (http://www.gelightingsolutions.com/lighting-news-release-archives/ges-view-a-transforming-global-lighting-industry )
 OSRAM , “The Global Lighting industry: Tradition, Transition & Transformation”, Christian Schraft, May 2012
(http://www.institutebe.com/InstituteBE/media/Library/Resources/Existing%20Building%20Retrofits/LED-Transformation-Presentation.pdf)
 Page 16: Businesswire, “My Intelligent Home – What is Home Automation?” (http://www.myintelligent-home.com/?page_id=86 )
 Shaun Salzberg, “Background and Current Industry Landscape” (http://shaunsalzberg.com/medialab/homemaestro )
 Page 17: BCC Research, “The U.S. Market for Home Automation and Security Technologies”, Slide 16 (http://www.bccresearch.com/market-research/instrumentation-and-
sensors/home-automation-technology-products-ias031b.html), August 2011.
 Page 18: Advancedbuildingproducts.com;
 ABI Research, “1.5 Million Home Automation Systems Installed in the US This Year” (https://www.abiresearch.com/press/15-million-home-automation-systems-installed-in-th) -
Web article, the information about ‘1.5 million home automation systems installed in the U.S.’, November 2012
 Page 19: Cleantech Group,
 AusIndustry, “Clean Technology Investment Program” (http://www.ausindustry.gov.au/programs/cleantechnology/cleantechnologyinvestment/Pages/default.aspx)
 The Energy Collective, “China to Ramp Up Energy Efficiency Retrofits” (http://theenergycollective.com/peterlehner/227836/china-increasing-energy-efficiency-retrofits), Posted by
Peter Lehner, May 2013
 Forbes, “China: The Epicenter Of Clean Energy Investments” (http://www.forbes.com/sites/uciliawang/2013/04/17/china-japan-lure-big-clean-energy-investments/), Posted by
Ucilia Wang, April 2013
 European Commission
 EcoSeed, “Japan to launch energy efficiency assessment system for apartments” (http://www.ecoseed.org/low-carbon/energy-efficiency/16954-japan-to-launch-energy-efficiency-
assessment-system-for-apartments), August 2013
 Page 20: Wilson Sonsini Goodrich & Rosati, NY, “Innovations and Opportunities in Energy Efficiency Finance”, May 2012 (http://www.wsgr.com/publications/PDFSearch/WSGR-
EE-Finance-White-Paper.pdf ). Contributors include Charlotte Kim (Partner), Robert O’Connor (Partner), Kendall Bodden (Associate), Sara Hochman (Senior Advisor,
Government Relations), Wendra Liang (Associate), Sheridan Pauker (Associate), Scott Zimmermann (Associate)

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