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Section 8. Financial Incentives. (A) Within 90 days after approval of initial plans, the Commission shall promulgate rules regarding the ability of a utility to earn a financial incentive, on an annual basis, for exceeding the energy efficiency performance standard under Section 2. Financial incentives are bottom-line profits for program administrators based on performance, meaning that administrators reach or exceed the savings targets established by an EERS. Although the specific details regarding incentive levels and mechanisms are not specified in this model language, performance incentives have been widely adopted across the country—twenty-one states currently have a performance incentive mechanism, and another nine states are considering establishing incentives. In the last two years, Colorado, Kentucky, Michigan, Ohio, Oklahoma, North Carolina, Texas, South Carolina, Washington and Wisconsin have put new performance incentives in place (IEE 2009). More information on specific state-level financial incentive mechanisms can be found in ACEEE’s State Energy Efficiency Policy Database (www.aceee.org/energy/state). Performance incentives are particularly important as a tool enabling utilities to overcome financial concerns related to the cost of providing energy efficiency programs. Briefly, the three major hurdles are assuring cost recovery for the programs’ direct costs, addressing the “lost revenue” disincentives of reduced customer energy use due to energy efficiency measures, and providing their shareholders with a reward for good performance in providing customers with energy efficiency programs and services (Kushler et al. 2006). There are a variety of approaches that have been used to provide financial incentives that reward utilities for successfully reaching or exceeding program goals. These include: • allowing utilities to earn a rate of return on energy efficiency investments equal to supply-side and other capital investments, • providing utilities an increased rate of return either on the energy efficiency investment specifically or overall utility investments, • providing utilities with a specific financial reward for meeting certain targets, and • providing utilities with an incentive equal to some proportion of the overall net benefits the programs produce (i.e., "shared savings"). In some states, positive financial incentives are balanced with negative financial penalties for poor performance or refusal to implement programs. See Section 10 for more information. As utilities and related organizations seek to increase the savings and associated benefits from energy efficiency programs, it is advantageous to address disincentives from energy efficiency improvements, as well as consider positive incentives for reaching or exceeding established targets for such programs (Kushler et al. 2006). As an example, in Texas a utility that exceeds 100% of its goal receives a bonus of 1% of the net benefits for every 2% that the goal has been exceeded, with a maximum of 20% of the utility’s program costs. Additionally, a utility that meets at least 120% of its goal with at least 10% of its savings achieved through Hard-to-Reach programs (which benefit customers with an annual household income at or below 200% of the federal poverty guidelines) can receive an additional bonus equal to 10% of the regular performance bonus (PUCT Substantive Rules). 19PDF Image | Energy Efficiency Resource Standards
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