CleanFund Closes Six More Transactions, Financing Solar Energy and Other Improvements for Commercial Buildings in California
Property owners tap CleanFund’s new SolarPACE™ program for speedy access to capital
Unique solar financing structure provides immediate tax, cash flow benefits, with convenient billing and payment through property taxes
SAN FRANCISCO (September 14, 2016) — CleanFund, the leading provider of long-term financing for energy efficiency, renewable energy, water conservation and seismic improvements to commercial and multifamily properties across the U.S., announced the closing of six California transactions. Property owners used CleanFund’s new SolarPACE™ program to finance renewable energy improvements to their properties. CleanFund provided approximately $3.5 million across the six transactions.
Dividend Solar Adds Consumer Finance and Solar Industry Leaders to Executive Team amidst Launch of New Loan Options and Expansion into PACE Financing
(San Francisco: September 13, 2016) – Dividend Solar (“Dividend”) announced today that it has grown its executive team, adding several leaders with deep experience from the consumer finance and solar industries. The new additions are expected to play pivotal roles in the growth of the company, which is expanding from its base as a residential solar financing company into home energy, PACE, and commercial solar financing.
Following an announcement earlier this summer, Dividend Solar and Figtree Financing have completed their merger, including a $200 million commitment from LL Funds. Dividend currently operates in 28 states across the U.S., and is now launching its PACE financing platform which
As HERO-financed home solar installations reach 20,000, Renovate America expands offerings to help grow contractors’ business
LAS VEGAS, Sept. 12 – Renovate America’s HERO Program has now financed nearly 20,000 residential solar power installations, resulting in the creation of almost 5,000 clean-energy jobs. The figures, along with a number of new solar product offerings announced today at SPI, North America’s largest solar trade show, underscore the increasingly powerful synergies between HERO financing and rooftop solar.
Since it launched in late 2011, the HERO Program has financed more than 119 megawatts of solar generating capacity. That’s more than all the rooftop solar that had been installed as of January in the following states, combined: Alaska, North Dakota, South Dakota, Nebraska, Mississippi, Wyoming, Alabama, Oklahoma, West Virginia, Kansas, Arkansas, Idaho, Montana, South Carolina, Kentucky, Rhode Island, Indiana. Maine, Illinois and Minnesota.
Clean energy home improvement financing program now available to both residential and commercial property owners in the cities of Orlando, Satellite Beach and Doral, and cities and counties in Broward, Pasco, Pinellas, Alachua, Escambia (commercial only), Indian River, Martin and Palm Beach.
Innovative program recently received backing from the Federal Housing Administration (FHA)
FT. LAUDERDALE, Fla., and OAKLAND, Calif., Sept. 8, 2016 /PRNewswire/ — Renew Financial, a leading clean energy finance company, today announced the launch of its successful RenewPACE financing program across many of Florida’s largest cities and counties. Residential and commercial properties in major Florida areas can now benefit from RenewPACE for a wide variety of energy efficiency, renewable energy, and wind resistance initiatives. This comes on the heels of a major gesture of support for PACE from the Obama administration and the Federal Housing Administration just last month.
PLEASANT HOPE, Mo. — The Show Me PACE Clean Energy District has announced the completion of the largest agricultural PACE project in the country – a farm-to-plate hog processing facility in southwest Missouri which utilized $4 million in Property Assessed Clean Energy (PACE) financing for energy and water improvements.
The project is a unique blend of a commitment to healthy food production, sustainable farming and preservation of natural resources. The driving force of facility owner/operator Moon Ridge Foods, LLC is to produce the safest, highest-quality, best-tasting pork products possible while enhancing the lives of their workers, local communities and supplying farmers – all while being good stewards of the environment.
Moon Ridge Foods retrofitted a 75,000-sq.-ft. steel-framed facility in Pleasant Hope, Missouri to accommodate their progressive production and processing methods. PACE financing paid for HVAC upgrades, a high-efficiency boiler, a solar photovoltaic system, an energy-efficient hog harvesting system, an insulated roof upgrade, LED lighting and energy-efficient packaging equipment.
Last month, the US Department of Housing and Urban Development and its Federal Housing Administration issued long-awaited guidance that leads us on a path for broader availability of residential PACE financing throughout the United States. These two tremendously important federal agencies have, after thorough review, concluded that PACE is an entirely valid use of the local government assessment financing mechanism, used for decades by nearly 40,000 assessment districts throughout the US to fund projects that benefit property owners and meet a clear public purpose. PACENation applauds and strongly supports the guidance, and you can read our full statement here.
PACENation applauds and strongly supports guidance for residential PACE issued today by the U.S. Department of Housing and Urban Development (HUD). The guidance clearly shows the Obama Administration’s strong commitment to Property Assessed Clean Energy financing, a bipartisan initiative adopted by 18 states thus far that encourages home owners to make energy efficiency and renewable energy upgrades to their properties. To date, over 100,000 households have made their homes more valuable, healthier and comfortable using PACE. The nearly $2.25 billion spent has created 22,000 jobs, many of them in the communities that offer PACE, and will save the equivalent of 12.5 billion kWh’s over the life of the measures.
The guidance issued today by HUD’s Federal Housing Administration (FHA) sets standards that will allow qualifying homes with PACE assessments to be purchased or refinanced with mortgage products provided by FHA.
The IRS June 20, 2016 update on deductible taxes includes language that clarifies an issue which has been a source of confusion and disagreement among many in the PACE community: whether or not all or a portion of a property owner’s PACE payment may be deducted from one’s income tax. The IRS finds that subject to various restrictions, the interest portion of a PACE payment can be treated as a deduction to personal income taxes.
Renovate America and the Missouri Clean Energy District partner to give home improvement contractors new tools for their customers to finance energy-efficient upgrades
KANSAS CITY, Mo., July 5, 2016 /PRNewswire/ — Renovate America, the leading provider of residential Property Assessed Clean Energy (PACE) financing in the U.S., and the Missouri Clean Energy District (MCED) today announced a recruitment effort to register local contractors to offer new kinds of financing for Missouri homeowners to make energy-efficient and renewable energy improvements. HERO, Missouri’s new residential PACE program, will give local contractors an important new tool for growing their businesses and reaching more customers with energy-saving technologies. The program enables clean energy upgrades to be paid for over time through local property taxes, at a fixed interest rate for terms of five to 20 years, based on the useful life of the product. The name HERO stands for Home Energy Renovation Opportunity.
“Every year, one in six homeowners replaces a system that consumes energy. Three-quarters of the time they choose inefficient technology that ends up costing them more over the long term in higher energy bills,” said Joe Suggs, Vice President for Operations in Missouri for Renovate America. “HERO can solve that marketplace failure while helping homeowners save on energy bills, local contractors create clean energy jobs, and local governments reduce emissions.”
U.S. Bank Center and 375 Jackson Street buildings receive energy efficient improvements through innovative tax-based financing tool.
AUSTIN, Texas – June 22, 2016 – PRLog — Having recently closed PACE financing (Property Assessed Clean Energy) for the iconic First National Bank Building, Petros PACE Finance of Austin, Texas announced today that they have funded improvements for two additional Madison Equities properties in downtown St. Paul, Minn.: the U.S. Bank Center and the 375 Jackson Street buildings. These latest two projects reflect a doubling of the firm’s investments for Madison Equities’ properties, which now total more than $10 million.
Petros PACE Finance funded 100% of the $5.2 million required to upgrade the energy management and HVAC systems for the two commercial properties, as well as retrofit the buildings with LED lighting and occupancy sensors. These improvements are expected to reduce energy consumption and related costs by 35-40% for each building.
“With Madison Equities’ vision and the transactional expertise of Petros, we are experiencing an energy efficiency transformation in downtown St. Paul,” said Peter Klein, Vice President of Finance for the Saint Paul Port Authority, which serves as administrator for Minnesota’s PACE program. “This is exactly what the PACE program was created to do, and this is the type of investment that every building owner in Minnesota should be pursuing for their own economic benefit.”