PEABODY, Mass. –Energi, a Massachusetts based Industrial Reinsurance Company, is pleased to announce that they have joined Lean & Green Michigan™. The public and private partnership is one of America’s first statewide PACE initiatives and a marketplace for energy efficiency and renewable energy financing. This initiative is a collaborative effort that is led by Andy Levin of Levin Energy Partners and the law firm Miller Canfield.
Southfield, Michigan earlier this month became the first jurisdiction to join Lean & Green Michigan™. This joint venture has in turn, enabled property owners to take on a voluntary tax assessment in order to finance energy efficiency or renewable energy projects. Advantages of this program include no down payment, payback periods that are longer than traditional bank loans, and for additional protection, many of the projects facilitated by Lean & Green Michigan will require performance guarantees.
“Lean and Green Michigan ™ effectively helps to create jobs, save companies money, increase property values, and drive economic development. By helping counties and cities collaborate in the state of Michigan, the universally understandable approach to increase energy efficiency and renewable energy projects will drive a shared services, economic gardening agenda for Michigan.” Andy Levin, President Lean & Green Michigan
Energi, through its Energy Savings Warranty (ESW) Program, allows for contractors to backstop the performance guarantees they must make in order to perform PACE projects through Lean & Green Michigan. This warranty program allows contractors to transfer the risks of the performance guarantee, to the insurer.
“Energi is strongly supportive of incentives that aim to create standardization and streamline approval for PACE initiatives and retrofit projects, such as the Lean & Green Michigan™ state-wide program and the PACE Commercial Consortium. We believe that these efforts will effectively drive market traction and allow the energy efficiency industry to reach a larger scale.” Brian McCarthy, CEO Energi.
Energi is an Industrial Reinsurance Company that provides specialized risk management and insurance programs to targeted sectors of the North American Energy industry. Energi is a leading developer and underwriter of innovative insurance products to deliver critical protections for alternative energy and energy efficiency warranties. These covers mitigate the performance risk inherent in energy efficiency retrofits, commercial solar projects, and alternative energy product manufacturing.