The Investor Confidence Project (ICP) is pleased to announce the release of the ICP Project Development (PD) Specification. This specification document is the culmination of years of participation and input from leading industry and engineering experts.
The specification creates a clear set of guidelines and engineering best practices, from baselining through M&V, that can be applied to create standardized and verified Investor Ready Energy Efficiency™ projects. These credentialed projects allow investors to better manage project complexity and especially performance risk - aka, “how do I know the projects will really produce the savings?”
Energy efficiency investors, a category that often included multiple parties to a transaction including building owners, energy service companies, finance firms, insurance providers, and utility programs, are all exposed to performance risk. However, they often do not have the expertise necessary, available resources, or the willingness to incur the additional associated costs, to effectively evaluate all the complex technical details that comprise energy efficiency project development approaches. Regardless of the expertise and skills of the investors, transaction costs add up when multiple investors separately employ expensive and time consuming technical due diligence processes.
The Project Development Specification provides a clear roadmap for Project Developers to correctly implement each requirement based on current best practices and available resources. It then lays out a standardized methodology and evaluation criteria that third-party Quality Assurance Providers can use to evaluate and credential projects, therefore ensuring consistency and quality.
Project Development Specification for Project Developers:
The Project Developer is responsible for developing a project based on sound engineering principles and best practices, utilizing industry standard approaches for the development of each component of the project. The ICP PD Specification describes the general best practices associated with each of these elements and the resources with which each team member should be familiar. This is necessary so that the methods and results adhere to current industry standards and protocols and follow guidelines that are well established in the industry.
Project Development Specification for Quality Assurance Providers:
The ICP Project Development Specification provides a solid foundation upon which a Quality Assurance Provider can benchmark and verify compliance with the intent of each required element in the ICP Protocols. Third-party Quality Assurance can be conducted through a program or in the market by leveraging credentialed Professional Engineers. Quality assurance conducted by a Quality Assurance Provider includes an independent review of projects, especially in the areas of a project that represent the greatest level of potential uncertainty and risk. The Quality Assurance effort should be collaborative and Quality Assurance Providers are encouraged to work with Project developers to resolve issues, compromise when necessary, and to develop a financially sound investment built on strong engineering, conservative assumptions and proven best practices.
The Project Development Specification brings all of the details of an energy efficiency project into focus, providing a clear direction to the team with regards to requirements, tools, expectations, and quality management. This new resource can be found on the ICP website (EEperformance.org).
The specification creates a clear set of guidelines and engineering best practices, from baselining through M&V, that can be applied to create standardized and verified Investor Ready Energy Efficiency™ projects. These credentialed projects allow investors to better manage project complexity and especially performance risk - aka, “how do I know the projects will really produce the savings?”
Energy efficiency investors, a category that often included multiple parties to a transaction including building owners, energy service companies, finance firms, insurance providers, and utility programs, are all exposed to performance risk. However, they often do not have the expertise necessary, available resources, or the willingness to incur the additional associated costs, to effectively evaluate all the complex technical details that comprise energy efficiency project development approaches. Regardless of the expertise and skills of the investors, transaction costs add up when multiple investors separately employ expensive and time consuming technical due diligence processes.
The Project Development Specification provides a clear roadmap for Project Developers to correctly implement each requirement based on current best practices and available resources. It then lays out a standardized methodology and evaluation criteria that third-party Quality Assurance Providers can use to evaluate and credential projects, therefore ensuring consistency and quality.
Project Development Specification for Project Developers:
The Project Developer is responsible for developing a project based on sound engineering principles and best practices, utilizing industry standard approaches for the development of each component of the project. The ICP PD Specification describes the general best practices associated with each of these elements and the resources with which each team member should be familiar. This is necessary so that the methods and results adhere to current industry standards and protocols and follow guidelines that are well established in the industry.
Project Development Specification for Quality Assurance Providers:
The ICP Project Development Specification provides a solid foundation upon which a Quality Assurance Provider can benchmark and verify compliance with the intent of each required element in the ICP Protocols. Third-party Quality Assurance can be conducted through a program or in the market by leveraging credentialed Professional Engineers. Quality assurance conducted by a Quality Assurance Provider includes an independent review of projects, especially in the areas of a project that represent the greatest level of potential uncertainty and risk. The Quality Assurance effort should be collaborative and Quality Assurance Providers are encouraged to work with Project developers to resolve issues, compromise when necessary, and to develop a financially sound investment built on strong engineering, conservative assumptions and proven best practices.
The Project Development Specification brings all of the details of an energy efficiency project into focus, providing a clear direction to the team with regards to requirements, tools, expectations, and quality management. This new resource can be found on the ICP website (EEperformance.org).
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