The Environmental Defense Fund and Citi teamed up to host an energy conference, “Innovations in Energy Efficiency and Distributed Generation Finance II,” earlier this week. The event will bring together experts from around the country to explore innovative ways to fund energy efficiency projects in California.

“California continues to take bold steps toward clean energy and provide the private sector with clear opportunities to invest in energy efficiency and renewables, a critical part to growing our nation’s economy,” said former Governor Bill Ritter during his keynote presentation. “A key part of achieving our clean energy potential, and creating jobs in America, is ensuring access to quality financing for homes and businesses that want to participate in the new energy economy.”

Ritters is currently the director of the Center for the New Energy Economy at Colorado State University. The Center’s mission is to incorporate best practices from around the world to help guide the country to a more secure, sustainable and affordable energy future.

California State Sen. de León focused on SB 37, a key bill he currently authors that would establish a first-in-the nation On-Bill Repayment (OBR) program allowing consumers a creative way to save money and energy by financing energy efficiency retrofits and renewable energy projects through their utility bills. “We need to continue with the bold action that has made California a leader in energy efficiency,” Sen. De León said. “This is a priority because it helps build an economy that is forward thinking.”

Using data from a 2009 McKinsey study, EDF estimates that there are at least $40 billion of investment opportunities for energy efficiency projects in commercial buildings in the U.S. alone that will provide annual returns in excess of 20 percent. Yet despite this attractive potential, few of these projects are being funded. Today’s conference was designed to facilitate discussion of current and emerging innovative solutions, new partnerships, lessons from recent transactions and remaining obstacles to developing and scaling the market.