Full Text
Date: To: From: Subject: AGENDA BILL Agenda Item No. 7(8) October 16, 2012 El Cerrito City Council Mary Dodge, Administrative Services Director/City Treasurer Solar Equipment Lease Purchase Financing ACTION REQUESTED Adopt a resolution authorizing the City Manager to enter into the required agreements with Green Campus Partner (GCP) for Solar Equipment Lease Purchase Financing for the installation of a Solar Photovoltaic System on six City facilities. BACKGROUND As discussed in Agenda Item No. 7(A), Selection of Design Build for Solar installations, through grant funding from the EPA's Climate Showcase Communities program, the, City completed a municipal solar feasibility study in April 2011 and released a solicitation for proposals to install solar on municipal facilities. Based on the results of the solicitation process, City staff, with input from solar consultants developed a cost- effective portfolio of six municipal solar projects that would provide a positive annual cash flow when financed at the current low interest rates. In order to proceed with the solar photovoltaic (PV) program an equipment lease is needed to fund the project. After the amount needed for implementation of the project was determined, the firm of Brandis Tallman, LLC was contacted to assist in the solicitation of bids from qualified financial institutions. The final financing amount of $1,595,300 includes costs of issuance of approximately $8,300 and $1,587,000 for project implementation. ANALYSIS For a variety of reasons six of the seven banks contacted declined to bid, however the bid that was received was at a rate and term that exceeded the minimum requirement for the project to achieve savings as calculated in the feasibility study. The firm of Green Campus Partners (GPS) presented the attached bid to finance the project at a rate of either 2.75% for the 15 year option or 2.60% at the 10 year option. After reviewing the data, staff recommends spreading the costs over the 15 year period in order to maximize the positive cash flow. The complex cash flow analysis shown below was designed by Real Goods Solar and reviewed by Optony, Inc. and City staff~ the company recommended by staff for the contract award. The estimated debt service amounts, as provided by Brandis Tallman, have been incorporated into the schedule to substantiate the annual cash flow. As shown on the schedule there is a negative cash flow for years 6 through 8 as the offsetting credits are completed and then one in year 15, the final year of the financing. These minor cash reductions are greatly offset by a cumulative cash flow of $180,266 by year 14. ---PAGE BREAK--- Agenda Item No. 7(8) 0.67004866 [PHONE REDACTED] $119,529.64 2011 utility costs for all 6 facility 5.20% 84% renewable offset of utility costs Real Goods Solar, Commercial Division 27 Simms Street, San Rafael CA, 94901 Main: [PHONE REDACTED] Fax: [PHONE REDACTED] System Degradation, %/yr PG&E Rate Escalator Percent Down Payment Down Payment Loan Principle Loan APR Loan Term,yrs Total Rebate Amount 0.50% 4.75% 0% $0 $1,595,300 kw kwh $4,456.79 $3.28 Total Revenues: t ent Snapshot $5,852,472 ($2,028,880) $3,823,592 13,511,487 www.ReaiGoodsSolar.com System Net Down Payment $0 Inverter Replacement ($71,202) ($71,202) 2.75% 15 $210 866 I Total Expenses Total Profit kWhs over 30 years Annual PV Federal Tax CSI PBI Interest Tax Net System Utility Savings Total Annual Generated Credit+ Payments, O&M Loan Principal Loan Interest Deduction Expenses (After Tax) Cash Flow kWhs MACRS $0.088/kWh Payments Payments 0 $0 483,881 $49,715 ($3,292) ($87,237) ($43,275) $0 ($84,089) $99,888 $15,799 481,462 $40,591 ($3,415) ($89,652) ($40,860) $0 ($93,336) $104,110 $10,773 479,054 $40,388 ($3,544) ($92,135) ($38,377) $0 ($93,667) $108,509 $14,842 476,659 $40,186 ($3,676) ($94,686) ($35,826) $0 ($94,002) $113,095 $19,093 474,276 $39,985 ($3,814) ($97,308) ($33,204) $0 ($94,341) $117,875 $23,534 471,904 $0 ($3,957) ($100,002) ($30,510) $0 ($134,469) $122,857 ($11,612) 469,545 $0 ($4,106) ($102,771) ($27,741) $0 ($134,618) $128,049 ($6,569) 467,197 $0 ($4,260) ($105,616) ($24,895) $0 ($134,772) $133,461 ($1.311) 464,861 $0 ($4,419) ($108,541) ($21,971) $0 ($134,931) $139,101 $4,170 462,537 $0 ($4,585) ($111,546) ($18,966) $0 ($135,097) $144,980 $9,883 460,224 $0 ($4,757) ($114,635) ($15,877) $0 ($135,269) $151,107 $15,838 457,923 $0 ($4,935) ($117,809) ($12,703) $0 ($135,447) $157,493 $22,046 455,633 $0 ($5,121) ($121,071) ($9,441) $0 ($135,632) $164,149 $28,517 453,355 $0 ($5,313) ($124,423) ($6,088) $0 ($135,824) $171,087 $35,262 451,088 $0 ($5,512) ($127,869) ($2,643) $0 ($207,226) $178,317 ($28,909) 448,833 $0 ($5,718) $0 $0 $0 ($5,718) $185,853 $180,135 446,589 $0 ($5,933) $0 $0 $0 ($5,933) $193,708 $187,775 444,356 $0 ($6,155) $0 $0 $0 ($6,.1.55) $201,894 $195,739 442,134 $0 ($6,386) $0 $0 $0 ($6,386) $210,427 $204,041 439,923 $0 ($6,626) $0 $0 $0 ($6,626) $219,320 $212,694 437,724 $0 ($6,874) $0 $0 $0 ($6,874) $228,589 $221,715 435,535 $0 ($7,132) $0 $0 $0 ($7,132) $238,250 $231,118 433,358 $0 ($7,399) $0 $0 $0 ($7,399) $248,319 $240,919 431,191 $0 ($7,677) $0 $0 $0 ($7,677) $258,813 $251,137 429,035 $0 ($7,965) $0 $0 $0 ($7,965) $269,752 $261,787 426,890 $0 ($8,263) $0 $0 $0 ($8,263) $281,152 $272,888 424,755 $0 ($8,573) $0 $0 $0 ($8,573) $293,034 $284,461 422,631 $0 ($8,895) $0 $0 $0 ($8,895) $305,419 $296,524 420,518 $0 ($9,228) $0 $0 $0 ($9,228) $318,326 $309,098 418,416 $0 ($9,574) $0 $0 $0 ($9,574) $331,780 $322,205 13,511,487 $0 $210,866 ($177,107) ($1,595,300) ($362,3T7) $0 ($1,995,121) $5,818,713 $3,823,592 FINANCIAL CONSIDERATION The value of installing solar photovoltaic equipment at six sites in the city is only part of the consideration for doing a project of this type. While providing a $3,823,592 net savings over the 30 year period makes this lease a fiscally sound issue, promoting the use of solar energy and acting as a leader for the community in the reduction of greenhouse gas emissions is also of significant importance. Although the timeliness of the project made it impossible to get the final numbers to the Financial Advisory Board (F AB) in advance, a draft of this report was discussed with Page 2 Cumulative Cash Flow $0 $15,799 $26,573 $41,415 $60,508 $84,042 $72,430 $65,861 $64,551 $68,720 $78,603 $94,441 $116,487 $145,004 $180,266 $151,357 $331,492 $519,267 $715,006 $919,046 $1,131,741 $1,353,456 $1,584,574 $1,825,493 $2,076,630 $2,338,416 $2,611,305 $2,895,766 $3,192,289 $3,501,387 $3,823,592 $3,823,592 Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 ---PAGE BREAK--- Agenda Item No. 7(8) them at their regular meeting on October 9, 2012. The consensus of the FAB is that all debt includes some element of risk and that the estimates identified in the staff report appear to substantiate the validity of the project. The F AB recommended that the project go forward including the issuance of the Solar Equipment Lease as recommended in an amount not to exceed $1,595,300. The discussion on the item included the procurement process (which was consistent with the Public Contracts Code), the structure of risk being more on the side of the City, cash savings being on a basis with rebates and debt being annually and semi- annually, the possibility of movement of the Public Safety building equipment if the building is replaced and whether the CPUC will change requirements and pricing in the future. The F AB' s expertise and analysis is appreciated in reviewing the assumptions and presentation material for this transaction. Regarding project development and the bid process, staff explained that there had been multiple presentations to Council on various aspects of this project. LEGAL CONSIDERATIONS Legal documents are being drafted by municipal bond attorneys at Meyers Nave. Standard opinions of counsel respecting the validity and tax -exempt nature of the obligations will be provided to the City as part of the closing. Reviewed by: Scott Hanin, City Manager Attachments: 1. Solar Photovoltaic Equipment Lease Purchase Financing Resolution 2. Green Campus Partners Proposal Page 3 ---PAGE BREAK--- RESOLUTION 2012-XX Agenda Item No. 7(B) Attachment 1 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL CERRITO AUTHORIZING THE EXECUTION OF A LEASE PURCHASE AGREEMENT BY AND BETWEEN THE CITY OF EL CERRITO AND GREEN CAMPUS PARTNERS, LLC FOR THE PURPOSE OF PURCHASING SOLAR EQUIPMENT TO PROVIDE FOR ENERGY COST SAVINGS FOR THE CITY WHEREAS, the City of El Cerrito (the "City") is a municipal corporation duly organized under the laws of the State of California; and WHEREAS, the City desires to provide for energy cost savings through the acquisition and installation of solar equipment (the "Equipment") to be located at six facilities throughout the City; and WHEREAS, the City issued a request for proposals dated September 26, 2012 for the purchase of the Equipment and costs of issuance, and received one proposal from Green Campus Partners, LLC ("Green Campus") in the amount of $1 ,595,300; and WHEREAS, the City desires to enter into a lease purchase agreement (the "Agreement") and an escrow agreement (the "Escrow Agreement") with Green Campus, each substantially in the form on file with the City Clerk, for the purchase of the Equipment and cost of issuance, in an amount not to exceed $1,595,300 at an interest rate not to exceed 2.75% for 15 years; and WHEREAS, over the life of the 15 year Agreement, the City anticipates energy savings of approximately, $2,034,077, which are desirable to, and in the best interest of, the City. NOW THEREFOR~, BE IT RESOLVED, that the City Council of the City of El Cerrito does hereby resolve as follows: Section 1. reference. The foregoing recitals are true and correct and are hereby incorporated by Section 2. The Agreement and the Escrow Agreement are hereby approved, substantially in the form on file with the City Clerk. Section 3. The City Manager (or his designee) is hereby authorized and directed, on behalf of the City, to execute the Agreement, including but not limited to all exhibits attached to and required under the Agreement, substantially in the form on file with the City Clerk with such changes that are approved by the City Attorney, and to make all approvals and take all actions necessary or appropriate to carry out and implement the terms of the Agreement and to administer the City's obligations, responsibilities and duties to be performed under the Agreement. Section 4. The City Manager (or his designee) is hereby authorized and directed, on behalf of the City, to execute the Escrow Agreement, substantially in the form on file with the City Clerk with such changes that are approved by the City Attorney, and to make all approvals and take ---PAGE BREAK--- Agenda Item No. 7(B) Attachment 1 all actions necessary or appropriate to carry out and implement the terms of the Escrow Agreement and to administer the City's obligations, responsibilities and duties to be performed under the Escrow Agreement. Section 5. This Resolution will take effect immediately upon its adoption. I CERTIFY that at a regular meeting on October_, 2012 the City Council passed this resolution by the following vote: AYES: COUNCILMEMBERS: NOES: COUNCILMEMBERS: ABSTAIN: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: IN WITNESS of this action, I sign this document and affix the corporate seal of the City of El Cerrito on October_, 2012. Cheryl Morse, City Clerk Approved: William C. Jones, III, Mayor 1979599.1 ---PAGE BREAK--- October 8, 2012 Nicki Tallman Brandis Tallman LLC 22 Battery Street Suite 500 GCP GREEN CAMPUS PARTNERS San Francisco, CA 94111 Neal E. Skiver Agenda Item No. 7(8) Attachment 2 Senior Vice President Green Campus Partners, LLC 215 lincoln Avenue Santa Fe, NM 87501 {732) 917-2311 office (505) 690-3335 mobile [EMAIL REDACTED] RE: Equipment Lease Purchase Financing Proposal for the City of El Cerrito Dear Nicki: Green Campus Partners, LLC is pleased to present the following Summary of Terms and Conditions dated October 8, 2012 (collectively, the 11Financing Proposal"), to the City of El Cerrito. SUMMARY OF TERMS AND CONDITIONS DATE: October 8, 2012 LESSEE: City of El Cerrito PLACEMENT AGENT: Brandis Tallman LLC LESSOR: Green Campus Partners, LLC, and/or its assigns ESCROW AGENT: To Be Determined CONTRACTOR: RGS Energy PURPOSE: The purpose of this transaction is to provide tax-exempt equipment lease purchase financing for 6 solar photovoltaic electricity generation systems (collectively, the /{Equipment'') to be installed by the Contractor. STRUCTURE: This transaction will be structured as an Equipment lease Purchase Agreement (the 11Agreement'') between the lessee and the lessor. The lessor is offering the Lessee the choice of 10 year or 15 year financing term options. PAYMENT OBLIGATION: The obligation to make Rental Payments under the Agreement will be an abatement lease obligation of the lessee payable from any lawfully available ---PAGE BREAK--- ESCROW: DISBURSEMENT MECHANISM: funds. Regardless of the status of installation or performance of the Equipment, the Lessee's obligation to make payments commence on that certain date as set forth in the Agreement. Legal title to the Equipment will be vested in the Lessee. The Agreement will be a net financial contract of the Lessee, and all expenses (including, but not limited to, insurance, maintenance, taxes and administrative costs) will be the responsibility of the Lessee. At closing, proceeds from the Agreement will be deposited into an Acquisition Fund established pursuant to an Escrow Agreement (the 11Escrow") by and among the Lessee, the Lessor and the Escrow Agent. The Escrow Agent will be selected by the Lessee, subject to the Lessor's approval. The Lessor has a relationship with Deutsche Bank National Trust Company, under which escrow services for these types of transactions are provided at a cost of $1,000 (which can be included in the Financed Amount, if desired). During the installation period, the Lessee will requisition funds from the Escrow Fund in the manner outlined in the Agreement and the Escrow. Funds will be disbursed only upon the written approval of the Lessee that each distinct portion of the Equipment has been delivered, installed, functioning and accepted by the Lessee. The Lessee will direct the investments in the Escrow Fund and all interest earnings will accrue to the Lessee's benefit. SECURITY INTEREST: The Lessor will retain a security interest in the Equipment, evidenced by filing of a UCC-1 Financing Statement (personal property) with respect to the Equipment with such office as is required by Article 9 of the Uniform Commercial Code and recording a UCC-1 Financing Statement (fixture filing) in such office as is required by Article 9 of the Uniform Commercial Code, and in all cases treating governmental transfers by the Lessee as subject to such Article 9. Prior to closing, the Lessee will be required to provide legal descriptions (as applicable) for the property locations at which the Equipment will be installed in order to enable the Lessor to record the fixture filings in the appropriate recording offices. RENTAL INTERRUPTION INSURANCE: BANK QUALIFIED: TERM: The Lessee will be required to maintain rental interruption insurance at all times to mitigate the risk of the Equipment not being available for use due to damage or destruction. Such insurance will provide for payments in an amount not less than the aggregate lease payment amount for 24 months. The Lessee will designate the Agreement as a Qualified Tax Exempt Obligation pursuant to Section 265(b)(3) of the IRS Code. The Lessee's option of 10 or 15 years FINANCED AMOUNT: $1,595,300 (estimated) CLOSING DATE: November 30, 2012 (estimated) ---PAGE BREAK--- INTEREST RATE: PAYMENTS: PREPAYMENT: CLOSING COSTS: DOCUMENTS: PERFORMANCE BONDS: ASSIGNMENT: CREDIT APPROVAL: FINANCING PROPOSAL EXPIRATION: 10 Year Term Option 2.60% 15 Year Term Option 2.75% Interest Rate Adjustment: The Interest Rate above is based upon the 10-Year U.S. Treasury Swap Interest Rate (the {/Index'') as reported on the October 2, 2012 Federal Reserve H.15 Daily Update of 1.70% and is locked through November 4, 2012. Thereafter, the final interest rate will subject to adjustment until approximately 15 business days prior to the Commencement (the {/Interest Rate Set Date"), based on the following formula: 10 Year Term Option= (the Index on the Interest Rate Set Date) * .65 + 1.50% 15 Year Term Option= (the Index on the Interest Rate Set Date) * .65 + 1.65% The Lessee will make level semi-annual principal and interest over the Term as selected by the Lessee. The Lessee will have the option to prepay its obligations under the Agreement in whole on any payment date upon payment of the then-current Purchase Price (which includes a prepayment premium of The Lessor is not charging an origination fee. The Lessee will be responsible for paying its costs related to review/negotiation of documents, delivery of a legal opinion satisfactory to the Lessor (bond counsel tax opinion is not required), costs related to the Escrow and CDIAC fees. All documentation will be provided by the Lessor and will include all documents, certificates and opinions as are reasonably necessary to evidence and carry out the transaction. All documents must be acceptable to all parties. The Lessor requires to be listed as dual obligee on the payment and performance bonds provided by the Contractor. No draws from Escrow will be permitted until such bonds are in place. The Lessor will agree that the Agreement will not be re-offered publicly. The Lessor reserves the right to assign, sell or otherwise transfer the Agreement (or interests therein) to an institution that the Lessor reasonably believes is either a Qualified Institutional Buyer, an Institutional Accredited Investor or to a trust, partnership, custodial arrangement or similar entity, interests in which are offered and sold in a private placement or limited offering only to Qualified Institutional Buyers or Institutional Accredited Investors within the meaning of the applicable federal securities law. The transaction is subject to final credit approval by the Lessor. Unless accepted by the Lessee or extended in writing by the Lessor (at its sole discretion), this Financing Proposal will expire on October 19, 2012. Once accepted, this Financing Proposal will expire if the transaction has not funded by December 31, 2012. ---PAGE BREAK--- Capitalized terms used but not defined herein will have the meaning given such terms in the transaction documents (i.e. the Agreement, Escrow, etc.). Upon receipt of the signed Financing Proposal, the Lessor will endeavor to provide you with a timely commitment, and will use good faith efforts to negotiate and finance the Agreement based on the terms & conditions provided herein. It is a pleasure to offer this Financing Proposal to the City of El Cerrito and we look forward to your review and response. Very truly yours, Neal E. Skiver Senior Vice President Agreed to and Accepted by: City of El Cerrito (Name) (Date) 10 Year Term Option 15 Year Term Option ---PAGE BREAK--- Index Current Use System Size, kWdc Pre ‐Solar Rate Schedule Post‐Solar Rate Schedule Annual Usage (kWh) Annual PV kWhs Year 1 Utility Savings System Price ELC01 All 356.01 E19SV A6 722,158 483,881 $99,888 $1,586,662 $119,529.64 2011 utility costs for all 6 facility System Degradation, %/yr 0.50% 84% renewable offset of utility costs PG&E Rate Escalator 4.75% Percent Down Payment 0% Down Payment $0 Total Revenues: Loan Principle $1 595 300 Total Expenses 27 Simms Street, San Rafael CA, 94901 Investment Snapshot Main: 415 456‐2800 Fax: 415‐456‐2855 $5,852,472 www.RealGoodsSolar.com 028 880) Real Goods Solar, Commercial Division Prepared For SMALL CITIES CLIMATE ACTION PARTNERSHIP SOLAR PHOTOVOLTAIC Loan Principle $1,595,300 Total Expenses Loan APR 2.75% Total Profit Loan Term, yrs 15 kWhs over 30 years Total Rebate Amount $210,866 System Net Down Payment Annual PV Generated kWhs Federal Tax Credit + MACRS CSI PBI Payments, $0.088/kWh O&M Loan Principal Payments Loan Interest Payments Interest Tax Deduction Net System Expenses Utility Savings (After Tax) Total Annual Cash Flow Cumulative Cash Flow Year $0 0 $0 $0 0 483,881 $49,715 ($3,292) ($87,237) ($43,275) $0 ($84,089) $99,888 $15,799 $15,799 1 481,462 $40,591 ($3,415) ($89,652) ($40,860) $0 ($93,336) $104,110 $10,773 $26,573 2 479 054 $40 388 544) ($92 135) ($38 377) $0 ($93 667) $108 509 $14 842 $41 415 3 $3,823,592 13,511,487 ($2,028,880) 479,054 $40,388 ($3,544) ($92,135) ($38,377) $0 ($93,667) $108,509 $14,842 $41,415 3 476,659 $40,186 ($3,676) ($94,686) ($35,826) $0 ($94,002) $113,095 $19,093 $60,508 4 474,276 $39,985 ($3,814) ($97,308) ($33,204) $0 ($94,341) $117,875 $23,534 $84,042 5 471,904 $0 ($3,957) ($100,002) ($30,510) $0 ($134,469) $122,857 ($11,612) $72,430 6 469,545 $0 ($4,106) ($102,771) ($27,741) $0 ($134,618) $128,049 ($6,569) $65,861 7 467,197 $0 ($4,260) ($105,616) ($24,895) $0 ($134,772) $133,461 ($1,311) $64,551 8 464,861 $0 ($4,419) ($108,541) ($21,971) $0 ($134,931) $139,101 $4,170 $68,720 9 462,537 $0 ($4,585) ($111,546) ($18,966) $0 ($135,097) $144,980 $9,883 $78,603 10 460,224 $0 ($4,757) ($114,635) ($15,877) $0 ($135,269) $151,107 $15,838 $94,441 11 457 923 $0 935) ($117 809) ($12 703) $0 ($135 447) $157 493 $22 046 $116 487 12 457,923 $0 ($4,935) ($117,809) ($12,703) $0 ($135,447) $157,493 $22,046 $116,487 12 455,633 $0 ($5,121) ($121,071) ($9,441) $0 ($135,632) $164,149 $28,517 $145,004 13 453,355 $0 ($5,313) ($124,423) ($6,088) $0 ($135,824) $171,087 $35,262 $180,266 14 ($71,202) 451,088 $0 ($5,512) ($127,869) ($2,643) $0 ($207,226) $178,317 ($28,909) $151,357 15 448,833 $0 ($5,718) $0 $0 $0 ($5,718) $185,853 $180,135 $331,492 16 446,589 $0 ($5,933) $0 $0 $0 ($5,933) $193,708 $187,775 $519,267 17 444,356 $0 ($6,155) $0 $0 $0 ($6,155) $201,894 $195,739 $715,006 18 442,134 $0 ($6,386) $0 $0 $0 ($6,386) $210,427 $204,041 $919,046 19 439,923 $0 ($6,626) $0 $0 $0 ($6,626) $219,320 $212,694 $1,131,741 20 437,724 $0 ($6,874) $0 $0 $0 ($6,874) $228,589 $221,715 $1,353,456 21 Inverter Replacement 437,724 $0 ($6,874) $0 $0 $0 ($6,874) $228,589 $221,715 $1,353,456 21 435,535 $0 ($7,132) $0 $0 $0 ($7,132) $238,250 $231,118 $1,584,574 22 433,358 $0 ($7,399) $0 $0 $0 ($7,399) $248,319 $240,919 $1,825,493 23 431,191 $0 ($7,677) $0 $0 $0 ($7,677) $258,813 $251,137 $2,076,630 24 429,035 $0 ($7,965) $0 $0 $0 ($7,965) $269,752 $261,787 $2,338,416 25 426,890 $0 ($8,263) $0 $0 $0 ($8,263) $281,152 $272,888 $2,611,305 26 424,755 $0 ($8,573) $0 $0 $0 ($8,573) $293,034 $284,461 $2,895,766 27 422,631 $0 ($8,895) $0 $0 $0 ($8,895) $305,419 $296,524 $3,192,289 28 420,518 $0 ($9,228) $0 $0 $0 ($9,228) $318,326 $309,098 $3,501,387 29 418,416 $0 ($9,574) $0 $0 $0 ($9,574) $331,780 $322,205 $3,823,592 30 , $ , ) $ $ $ , ) $ , $ , $ , , ($71,202) 13,511,487 $0 $210,866 ($177,107) ($1,595,300) ($362,377) $0 ($1,995,121) $5,818,713 $3,823,592 $3,823,592 $100 000 $150,000 $200,000 $250,000 $300,000 $350,000 Solar Annual Investment Cash Flows 00,000 00,000 00,000 ($50,000) $0 $50,000 $100,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 00 000 00,000 00,000 00,000 Total Expenses, ($2,028,880) The above data are estimations not guarantees based on reasonable system performance and stated assumptions $0 00,000 00,000 00,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Total Revenues:, $5,852,472 The above data are estimations, not guarantees, based on reasonable system performance and stated assumptions. Real Goods Solar, Inc I 27 Simms Street, San Rafael CA, 94901 I 415‐456‐2800 I www.realgoods.com Agenda Item No. 7(B)