It has been eight years since Cisco DeVries invented Property Assessed Clean Energy (PACE) loans. They were meant to spur the mass adoption of residential solar, but have also proven to be an effective means of financing other energy and water saving devices. If PACE weren’t classified as a tax, it would have been offered through-out America years ago. Instead, five years ago Fannie Mae and Freddie Mac urged local governments to put their PACE programs on hold and the vast majority of PACE projects have been in California. That is about to change. Cisco DeVries explains how PACE is changing.
Lux Research just released a report stating that as prices keep falling, “Big Oil” is increasingly using smarter sensors and “Big Data” to manage risks, cut costs by increasing efficiency, and increase revenues. (Access it here) I recently did a Q&A with Colleen Kennedy, Lux Research Analyst and co-author of the report, about her report and the oil industry’s Future.
Prior to 2013, there was one measurable quake a year at Fox Creek, Alberta. Then Chevron, Shell, Exxon and other major players started fracking in the surrounding hills. There has been 160 “small” quakes since then. After the first 4.4 quake this year, the Alberta Energy Regulator laid out a “traffic light system” whereby they are to be informed of any 2.0 quakes and when quakes are 4.0 or stronger companies are to cease operations. Fox Creek experienced another 4.4, which was felt 130 miles to the east in Edmonton, on June 13. Those Fracking quakes keep getting bigger.
There are an average of 5 oil, or gas, incidents a week; more than 3 million gallons are spilled in the US spilled every year. The US has more oil spills than we thought and the number doubled after production increased six years ago.
(The numbers are worse in Canada, see the bottom of the page).
On June 4 the Environmental Protection Agency (EPA) released a draft assessment on how fracking impacts America’s drinking water. Contrary to industry claims, the EPA admits there have been incidents of water contamination and water being withdrawn from areas where there was little water available. The authors stated the number of incidents was small, but also admitted they had limited information from which to draw that conclusion. I reached out for expert opinions from two experts. Neither was impressed by the EPA’s report on how fracking impact’s America’s water supply.
