PACE funds energy upgrades to buildings that create jobs, make properties more valuable, and help states achieve policy goals. It’s 100% voluntary and it’s being adopted in every region of our nation.

PACE Updates

PACENation Thanks Governor Brown for Signing into Law Model PACE Legislation

Consumer Protection Framework Provides Model for Other States

PACENation applauded California Governor Jerry Brown for signing into law landmark legislation, AB 1284 and SB 242, that strengthens residential PACE financing through a comprehensive consumer protection and regulatory framework. The bills, which passed with overwhelming bi-partisan support, provide important new standards that will strengthen and improve PACE financing for homeowners across California, and can serve as a model for other states.

“We hope that policymakers in other states will look to this model PACE legislation,” said David Gabrielson, Executive Director of PACENation. “These new laws provide critical safeguards that will help PACE programs scale responsibly in communities around the country. By basing underwriting on income and ability-to-pay, requiring a comprehensive suite of consumer protections, and mandating program reporting to public agencies, PACE will better serve homeowners and local communities in saving energy and making a positive impact on the environment.

“PACENation would like to thank the coalition of environmental organizations, consumer advocates, business leaders, clean energy groups, public officials, and others who worked together to see this legislation become law,” said Gabrielson.

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MikePACENation Thanks Governor Brown for Signing into Law Model PACE Legislation

Nation’s First Rated Commercial PACE Securitization Completed by Greenworks Lending

Greenworks Lending, a national lender for commercial PACE (C-PACE) projects, announced today it has closed the nation’s first rated securitization of exclusively C-PACE assets. The $75 million issuance was arranged by Guggenheim Securities and TIAA Investments (an affiliate of Nuveen) was the lead investor. Morningstar Credit Ratings, LLC, rated the securitization.

This securitization is a first for the C-PACE market, which has financed nearly $500 million in clean energy infrastructure for over 1,000 commercial buildings across the nation. C-PACE is a local financing option approved by municipalities to promote private investment in renewable energy, energy efficiency, and water conservation for commercial properties. C-PACE works for commercial buildings of all types, including retail, office, agricultural, industrial, multifamily, and nonprofit-owned properties.

Greenworks Lending, led by Co-founders Jessica Bailey and Alexandra Cooley, has financed C-PACE projects in seven states and has grown steadily since launching in 2015.

“This is a milestone moment for the commercial PACE market, as well as for Greenworks Lending,” said Jessica Bailey, Co-founder and CEO of Greenworks Lending. “We built our company with the goal of bringing capital to building owners who want to improve their properties and reduce their energy consumption. This deal is an important step in furthering that mission, while also promoting smart solutions to climate change and spurring local economic development.”

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MikeNation’s First Rated Commercial PACE Securitization Completed by Greenworks Lending

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Resources & Downloads

PACENation’s Consumer Protection Policies

PACENation’s consumer protection policies (CPP Version 2) represent the strongest protections and disclosures for homeowners investing in energy efficiency or renewable energy.

Study: PACE Makes Homes More Valuable

In the first economic study of homes with PACE upgrades, three different methodologies and three home price indices were examined and all turned up the same results; PACE is good for the resale value of homes, even after taking into account the financing costs. Published in the Journal of Structured Finance January 2016.

Whitepaper: Benefits of PACE for Commercial Real Estate Companies

For commercial real estate property owners, PACE financing can remove the typical barriers to the implementation of energy efficiency improvements. In this whitepaper, George Caraghiaur explains how to take advantage of the many benefits PACE provides to commercial real estate companies.

2009-2016 C-PACE Market Overview

From 2009-2016, the commercial PACE market provided financing for 1020 commercial projects that amounted to $340 million in total funding.

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