News & Blog

Historic Dallas building secures $23.9M in PACE financing for energy and water efficiency through TX PACE Authority

Source: Dallas Business Journal

The Dallas developer behind proposed plans to bring a Trump-branded hotel to downtown Dallas has landed $23.9 million in Property Assessed Clean Energy finance funds — which will help update the $120 million historic building with energy-efficient systems and water reduction technology.

This loan is the largest commercial Property Assessed Clean Energy (PACE) deal in Texas and is believed to be the second largest of its kind in the country.

Alterra International, which is based in Dallas and San Francisco, decided to apply for the PACE loan for the nine-story, century-old building at 500 S. Ervay St. to help it increase the energy-efficiency of the redevelopment project, which is still underway.

Read the full article.

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MikeHistoric Dallas building secures $23.9M in PACE financing for energy and water efficiency through TX PACE Authority

100,000 Homes Improved With Renovate America’s PACE Financing

Source: Renovate America

Energy- and water-saving improvements financed through HERO have created more than 20,000 jobs, and are on track to save homeowners billions on utility bills. 

SAN DIEGO, July 10, 2017 – Renovate America, a leading U.S. provider of home-improvement financing, announced today that more than 100,000 homeowners have improved their homes with projects saving energy and water through its Property Assessed Clean Energy (PACE) financing option, HERO.

HERO, which stands for Home Energy Renovation Opportunity, empowers homeowners to make energy efficiency, water saving and renewable energy home improvements and to pay for them at a fixed interest rate over time through an additional line item on their property taxes. HERO financing payments may have tax benefits, and many property owners who use HERO to finance home improvements see immediate savings on their utility bills.

AnneMarie Provancha and husband Lamar Brown of San Diego, decided in 2015 to use HERO to finance a combination of energy and water-saving improvements to their 1960s-style ranch home, including windows, HVAC, solar, turf and an instant hot water heater.

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Mike100,000 Homes Improved With Renovate America’s PACE Financing

D.C. PACE Funds $25 Million for Efficiency and Solar at D.C. United Stadium

Source: Office of Mayor Muriel Bowser

(WASHINGTON, DC) – Today, Mayor Bowser and DC United announced a $25 million private clean energy financing deal for the installation of state-of-the-art energy and water efficiency measures, an 884 KW solar array, and stormwater retention systems at DC United’s 20,000-seat Audi Field soccer stadium. The measures are being funded through the Department of Energy and Environment’s Property Assessed Clean Energy (DC PACE) program, DC’s innovative green financing solution, which operates through a public-private partnership, allowing local lenders to fund environmentally beneficial projects at no cost to taxpayers. This deal, done through a relationship with locally-based EagleBank, marks the nation’s largest single PACE note issued to date, and the first issued for a stadium project.

“We know that cities throughout the U.S. will be leading the fight against climate change, and this deal is an example of how Washington, DC can think globally while acting locally,” said Mayor Bowser who recently signed an executive order committing DC to meet the goals of the Paris Climate Accord. “This deal will not only allow us to green Audi Field, it will also create new opportunities for local businesses and high-quality green jobs for DC residents.”

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MikeD.C. PACE Funds $25 Million for Efficiency and Solar at D.C. United Stadium

Renovate America adding income review to PACE underwriting

Source: American Banker

Building on existing underwriting policies and consumer disclosures, Renovate America will add income review to its underwriting toolbox. Read an except from the article below:

Patrick Moore, Renovate America’s newly appointed chief lending officer, told Asset Securitization Report that borrower income data will be used in underwriting both PACE loans and an unsecured program funding through local government entities and unsecured loans to finance a wider range of home improvement projects. It will help determine approvals as well as potential loan sizes. The company has been collecting income data for its unsecured lending product, Benji, since 2016.

The move is being made in anticipation of proposed state legislation in California that would mandate “good faith” underwriting standards on PACE loans, including obtaining credit reports and “in some cases, verifying income, assets, and debt obligations,” according to Senate Bill 242.

Read the full article.

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MikeRenovate America adding income review to PACE underwriting

PACENation is hiring a Director of Events

Position: Director of Events
Location: New York
Status: Full-time; Exempt  

Position Summary

PACENation is the leading research and advocacy project of New Venture Fund, promoting Property Assessed Clean Energy (PACE) financing. PACE is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades to buildings. PACENation promotes PACE by providing leadership, support, data and networking opportunities for the varied universe of PACE market stakeholders, that include private investors, property owners, local governments, elected officials, energy service providers, and more. You can learn more about PACENation at www.pacenation.org.

We are looking for a driven and enthusiastic individual to manage the Annual PACENation Summit. The Candidate may also work to produce several satellite Summits in various locations. The PACENation Summit is a 3-day event in Mid-March that takes place in Denver, CO, drawing about 500 people from across the US. The Candidate will be based in NY, but work closely with the Event Management Team, based on-site in Denver, CO.

This position also includes managing the administrative aspect of PACENation’s Membership Program, by tracking payments and overseeing several organizational details. This position reports to the Executive Director, but works collaboratively with the rest of the team, as needed.

Essential Responsibilities and Tasks

  • Update design and content for PACENation Summit Sponsorship Offerings brochure and conference agenda.
  • Manage all aspects of event sponsorship, including: recruiting new sponsors, outreach to previous sponsors, tracking payments, ensuring all sponsors are receiving appropriate benefits and ensuring sponsor satisfaction
  • Liaise with registrants to trouble shoot registration problems and ensure customer satisfaction
  • Manage all details related to Exhibitor Tables and shipping of materials
  • Create online and print content for event marketing
  • Design conference menu
  • Propose ideas to improve event quality as compared to previous events
  • Proactively handle any arising issues and troubleshoot any emerging problems on the event day
  • Develop media partnerships and agreements with PACENation’s list of media contacts
  • Conduct post event evaluations and report on outcomes
  • Manage the Project’s financials through an approved budget and review of monthly financial statements.
  • Track payments for PACENation Members, and manage organizational details of membership.
  • Any other tasks that are deemed appropriate by PACENation Executive Director

Required Experience, Knowledge, Skills and Ability

  • Ability to manage multiple projects independently, as well as collaborate on team projects.
  • Excellent time management and communication skills: active listening, written and verbal communication
  • Strong organizational, analytical, research, and project management skills
  • Proven experience with corporate or non-profit conference planning and coordination
  • Commitment to environmental sustainability
  • Proficiency with MS Office, Google Drive, Facebook, Twitter, and LinkedIn. Photoshop and InDesign a plus
  • Undergraduate degree required

How to Apply:

If you are interested in joining the team, please send your resume and cover letter to [email protected], with the subject line “Director of Events”. Please let us know why you want to help build the PACE market, and include some pictures from past events you have worked on.

New Venture Fund Careers

PACENation is a project of the New Venture Fund, a 501(c)(3) public charity that incubates new and innovative public-interest projects and grant-making programs. The New Venture Fund is committed to attracting, developing and retaining exceptional people, and to creating a work environment that is dynamic, rewarding and enables each of us to realize our potential. The New Venture Fund’s work environment is safe and open to all employees and partners, respecting the full spectrum of race, color, religious creed, sex, gender identity, sexual orientation, national origin, political affiliation, ancestry, age, disability, genetic information, veteran status, and all other classifications protected by law in the locality and/or state in which you are working.

See job posting on PACENation’s job board.

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MikePACENation is hiring a Director of Events

PACENation Statement on Los Angeles Times’ coverage of Property Assessed Clean Energy (June 4th and 5th), by reporter Andrew Khouri

The LA Times has done a well-researched piece on the work of PACE providers and government entities to strengthen one of the most successful policy ideas to deploy energy efficiency and renewable energy into American homes — strengthening our clean energy economy and residential infrastructure – and to expand access to credit for homeowners to make home improvements.  To date, over $3.7 billion in PACE financing has helped more than 150,000 homeowners make improvements to their homes, many of whom would not have been able to do so without the option of PACE financing.  This reporting comes at a time when the federal government is moving responsibility for infrastructure modernization to the private sector, and when states and cities are looking for effective options to advance clean energy.

The reporting captures broad support for PACE, as well as why the industry is working at the company, state, and federal policy levels to safeguard homeowners from misrepresentation, and to actually remove bad actors with poor consumer protection records from the PACE marketplace.  The underlying allegations in the homeowner stories highlighted have solutions in the companies’ practices as well as pending California legislation (SB 242, carried by Sen. Nancy Skinner).  A spokesperson for Governor Jerry Brown is quoted saying “The Governor continues to support PACE as a way for Californians to play their part in responding to a rapidly changing climate,” adding that he’s “open to additional opportunities to continue improving the program.”  Even the sponsor of a bill currently opposed by PACENation in the U.S House of Representatives, Rep. Brad Sherman, says in the story he’s “certainly not hostile to the PACE program,” and that “it does an awful lot of good.”

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MikePACENation Statement on Los Angeles Times’ coverage of Property Assessed Clean Energy (June 4th and 5th), by reporter Andrew Khouri

Largest-ever PACE Transaction Closed at $40 Million

 CleanFund, Petros and Renew Financial collaborate to provide critical seismic improvements to Seton Medical Center

Seton Medical Center campus, Daily City, California (PRNewsfoto/CleanFund Commercial PACE Capit)

Seton Medical Center campus, Daily City, California

DALY CITY, CA (May 23, 2017) – Today, CleanFund Commercial PACE Capital, Petros PACE Finance, and Renew Financial completed funding for $40 million of seismic upgrades to the Seton Medical Center, owned by Verity Health Systems, in Daly City, CA. This project is the largest PACE financing in history, quadrupling the previous record of $10 million on a single project.

Renew Financial administered the project through the CaliforniaFIRST PACE Program. CleanFund originated the transaction, bringing in PETROS and each provided $20 million to fund the critical safety improvements, which will allow the building to meet California’s mandatory Hospital Seismic Safety Act (SB 1953).

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MikeLargest-ever PACE Transaction Closed at $40 Million

Coalition of environmental groups urge Congress to save PACE

A coalition of supporters, organized by Brightline Defense and including Build It Green, CalSEIA, Climate Action Campaign, the Center for Sustainable Energy, Cleantech San Diego, California Energy Storage Alliance, and Vote Solar have sent a letter to congress urging action on proposed legislation that would kill PACE financing, one of America’s most effective means of financing energy-efficiency and renewable-energy property improvements.

Read an excerpt and download the letter below:

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MikeCoalition of environmental groups urge Congress to save PACE

NAR Says Benefit of Solar Panels Outweighs Extra Financing Steps

In a recent blog post, the National Association of Realtors (NAR) highlights the benefits of properties with solar panels, especially for Realtors, and encourages Realtors to learn about the options available for property transactions with PACE assessments.

PACE utilizes private capital to provide upfront financing for project costs such as the installation of solar panels or insulated windows. While every mortgage product may not be compatible with PACE, there are numerous options that are, and homeowners are encouraged to research the best solution for their needs.  With increased popularity and a little due diligence by buyers, sellers and Realtors, buying and selling a home with solar or other energy upgrades will become more and more common in our future.

Below are excerpts from the original NAR post.

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MikeNAR Says Benefit of Solar Panels Outweighs Extra Financing Steps

Council of Development Finance Agencies (CDFA) Shows Support for PACE

Read CDFA’s letter in opposition to S.838, the “PACE” Act of 2017, below:


To: Senate Committee on Banking, Housing, and Urban Affairs
From: Toby Rittner, President & CEO Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
[email protected]

Re: Opposition to S. 838, the “PACE” Act of 2017

Senators Cotton (R-AR), Rubio (R-FL), and Boozman (R-AR) have introduced a bill in the U.S. Senate that would kill one of America’s most successful forms of financing for clean energy and energy efficiency: Property Assessed Clean Energy (PACE). The bill, known as the PACE Act of 2017, would define PACE as a mortgage loan by making it subject to the Truth in Lending Act (TILA) rules that regulate mortgage lenders. The imposition of TILA regulations on PACE would:

  • Require local governments to alter the way they collect property taxes and assessments,
  • Require local governments and contractors to become licensed as mortgage brokers,
  • Impose what could be lengthy delays in funding projects.
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MikeCouncil of Development Finance Agencies (CDFA) Shows Support for PACE