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Solar Bonds - First Green Bonds      In addition to creating CCA, Local Power founder Paul Fenn wrote the world's first "green bond" or "climate bond" authority in San Francisco in 2001, to complement San Francisco's Community Choice Aggregation of grid power procurement, for the finance, installation and maintenance of local renewables and energy efficiency measures on homes and businesses in 2001, known as "H Bonds" or Solar Bonds. Local Power Co-founder Julia Peters ran the citywide campaign, which won 55% approval from voters, who amended San Francisco's charter (Proposition H, City Charter Section 9.107.8) to read that "no voter approval shall be required with respect to revenue bonds issued to finance or refinance the acquisition, construction, installation, equipping, improvement or rehabilitation of equipment or facilities for renewable energy and energy conservation." In 2004 and 2007 San Francisco adopted a CCA ordinance and CCA Draft Implementation Plan, and H Bond Action Plan for a service to "meet or beat" the utility rate while using the solar bond authority to finance and build 360 MW of local renewables and energy effficiency measures. Since then, Green Bonds have played a major role in Local Power's development of the CCA business model, and at the same time have become a $200B industry worldwide, transforming renewable energy even apart from CCA -- in addition to the $5B in Solar Bonds that California CCAs have issued in recent years in addition to leveraging $14B in private investment, a combined $19B in new local and regional renewables, totaling 11 Gigawatts, or 1% of the combined domestic US renewable and non-renewable electricity generation supply. |
