|Submission Date||Feb. 21, 2018|
University of Pennsylvania
IN-25: Innovation B
|1.00 / 1.00||
Facilities and Real Estate Services
Name or title of the innovative policy, practice, program, or outcome:
A brief description of the innovative policy, practice, program, or outcome that outlines how credit criteria are met and any positive measurable outcomes associated with the innovation:
In March 2012, Penn issued its first 100-year bond, also called a Century Bond, for $300 million at an interest rate of 4.67%, guaranteed for 100 years. Of this, $200 million is allocated for 45 lighting and 17 heating-ventilation-air-conditioning (HVAC) energy conservation projects. Penn's Century Bond funding is specifically allocated to projects in which energy conservation and deferred maintenance converge. To enable Schools and Centers to use the funding, Penn has used a financial structure of zero interest 20-30 year loans to the Schools and Centers which will enable the funding to be used three times over the course of the 100 year bond. The Century Bond program has enabled deep and thorough system retrofits in buildings identified as the worst energy users, often for the first time. Energy conservation projects range in scale from replacing fluorescent lights with LEDs to replacing entire HVAC systems in laboratory buildings.
These projects have significant impact on campus energy use and emissions, as the more efficient systems will require much less energy to operate. Penn Facilities and Real Estate Services has estimated that the initial investments for the lighting projects will pay for themselves in eight years through the cost-reduction savings alone; for the HVAC projects, in an average of 18 years. The remaining bond funds will be invested or used as internal loans for "strategic priorities" such as non-energy related building renovations. The Century Bond's interest will be paid through energy savings, the internal loan interest, and the return on the invested funds.
By 2017, six of the ten buildings in the first round of buildings targeted for Century Bond-financed improvements have been completed. A notable example of the completed buildings is Chemistry 1973, al chemistry lab constructed in 1973. The pre-renovation lab featured over 140 constant volume chemical fume hoods and its original, 40 year old, constant volume air systems for climate control. As part of the renovation, 521 supply and exhaust Phoenix Valves and Strobic fans were installed, six air handlers were replaced, and the air system was renovated to variable air volume all while maintaining occupancy of the building. The post-renovation building reduced energy use and emissions by over 45%, and cut exhaust air flow from the building nearly in half.
Which of the following impact areas does the innovation most closely relate to? (select up to three):
A letter of affirmation from an individual with relevant expertise or a press release or publication featuring the innovation :
The website URL where information about the programs or initiatives is available:
Additional documentation to support the submission:
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