News & Blog

  • PACENation responds to the August 15, 2017 Wall Street Journal story, “More Borrowers Are Defaulting on Their ‘Green’ PACE Loans”

    Residential PACE has been the best financing solution for the roughly 160,000 homeowners who have used it for energy, water, and safety related projects that they wanted or needed to make; projects that made their homes more comfortable, healthier, safer, less expensive to heat and cool, and more valuable. State and local government partners also appreciate the tens of thousands of local jobs that R-PACE has helped create and sustain. PACE financing for commercial, industrial, agricultural and non-profit owned properties is now available widely throughout the United States, a success story the Journal has ignored.

    There is a great story to tell. But instead, the Wall Street Journal, yesterday, ran another in a series of misleading stories about PACE. Yesterday’s, again, includes many ill drawn conclusions and seems to reflect the author’s clear bias for sensationalism.

    There is simply no evidence to suggest that PACE is a looming crisis for the banking industry or homeowners.  None.  Zero. There is no data to suggest that PACE homes are delinquent or likely to default at rates higher than those for the broader housing market in PACE served communities. With more than 60,000 new homes using PACE over the previous year, it is not surprising that the number of defaults has increased. But there is absolutely no indication that the PACE assessment has been the direct cause of the delinquencies or defaults in any but the tiny number of anecdotal cases that the Journal has reported on.

    Learning from these bad outcomes, PACE programs are working hard to eliminate them to every extent possible, and PACENation’s Consumer Protection Policies go well beyond those available to homeowners who use other methods of paying. The Journal notes, for example, that PACE defaults are well below those for credit cards. Most home delinquencies (some of which are cured) and defaults are caused by a loss of job, a catastrophic household financial event, or in the height of the financial crisis, homeowners simply walking away from properties.

    PACE providers have proven a willingness to work with homeowners who are in distress. Since 2014, mortgage lenders have foreclosed on thousands of homes in communities served by PACE.  PACE programs have foreclosed on none. Zero. PACE is under attack by mortgage lenders and realtor groups who cannot accept that energy efficiency, renewable energy, water conservation, and certain resiliency measures are valid state and local government policy concerns. PACENation and our members are intently focused on adhering to the strongest consumer protections with a clear goal: every homeowner should have a perfect outcome. But we cannot let failure to achieve perfection in the eyes of a Wall Street Journal reporter result in the loss of the overwhelming good PACE creates for homeowners, local businesses, and our government partners.

    david signature
    David Gabrielson
    Executive Director, PACENation

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    MikePACENation responds to the August 15, 2017 Wall Street Journal story, “More Borrowers Are Defaulting on Their ‘Green’ PACE Loans”
  • CleanFund launches in Colorado, bringing a new source of direct capital for commercial clean energy projects across the state

    Source: CleanFund.

    SAN FRANCISCO, CA — CleanFund Commercial PACE Capital, Inc. (www.CleanFund.com), the leading direct provider of commercial Property Assessed Clean Energy (“C-PACE”) financing, announced today that they have completed their first transaction in Colorado, opening up a new source of capital to finance energy efficiency, solar energy and many other building improvements throughout the state.

    CleanFund provides capital to finance up to 100% of project’s cost using the C-PACE framework, which has been adopted in 33 states and the District of Columbia. This allows property owners to repay investments for qualified building upgrades and new construction as a line item on their regular property tax bills.

    In Colorado, much of the demand for sustainable buildings comes from building owners and their tenants. Developers know that “green buildings” drive higher rents and economic growth; however, the traditional lending market has been unable to keep pace with these demands. CleanFund’s PACEDirect™ financing product now available in Colorado enables local owners and developers to have access to fixed rate, long-term, non-recourse capital that can transfer to the new owners when the building is sold.

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    MikeCleanFund launches in Colorado, bringing a new source of direct capital for commercial clean energy projects across the state
  • PACE Funding Group, LLC. Announces a New Partnership with the Western Riverside Council of Governments (WRCOG) Expanding its Footprint into Fourteen Cities in Western Riverside County

    Source: PACE Funding.

    LOS GATOS, Calif.Aug. 15, 2017 /PRNewswire/ — On Monday, August 7, 2017, the Executive Committee of the Western Riverside Council of Governments (WRCOG) approved a partnership with PACE Funding Group, LLC., a leading provider of residential Property Assessed Clean Energy (PACE) financing in the State of California.  This partnership will offer more financing options and greater choice to the residents of western Riverside County as they consider their energy efficient home improvement needs.

    With WRCOG as a partner, PACE Funding Group, LLC. will be able to offer financing to homeowners in 14 Riverside County Cities: BanningCalimesaCanyon LakeCorona, Eastvale, Hemet, Jurupa Valley, Lake ElsinoreMenifeeMurrietaNorcoPerrisTemecula and Wildomar, comprising more than 300,000 homes.

    “PACE Funding’s entry into western Riverside County means more competition for our residents’ business, which results in better service and increased options for homeowners,” said Deborah Franklin, Chair of the WRCOG Executive Committee.  “We look forward to working with PACE Funding to help our homeowners finance their important, energy efficient home improvements and drive additional local economic activity.”

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    MikePACE Funding Group, LLC. Announces a New Partnership with the Western Riverside Council of Governments (WRCOG) Expanding its Footprint into Fourteen Cities in Western Riverside County
  • Join PACENation at the 1st Annual Investor’s Conference on Green Bonds in London

    1st Annual Investors’ Conference on Green Bonds
    30 October 2017
    London, UK

    PACENation is proud to be an Association Supporter of IMN’s inaugural Investors’ Conference on Green Bonds, taking place 30 October in London. Unlike any other green bond conference, this event will herald the first in-depth conversation about the intersection of securitisation and environmentally sustainable finance.

    PACENation Members Receive 15% Discount to Attend!
    Register here with code PACE15

    This inaugural event will feature high level discussions about investment opportunities in bonds carrying the green label and the challenges issuers may face in obtaining it. Attendees will develop a more crystallized idea of what a green bond is, its yield potential, and the benefits of issuing a green bond. We will also introduce the U.S. concept of Property Assessed Clean Energy (PACE) financing and its potential application in Europe. For the first time, this event will ultimately bridge together the sustainable finance community with IMN’s long standing ABS investor base.

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    MikeJoin PACENation at the 1st Annual Investor’s Conference on Green Bonds in London
  • Utah Relaunches Statewide Commercial PACE Program, Chooses Sustainable Real Estate Solutions as Program Administrator

    Brian McCarter, chief executive officer of Sustainable Real Estate Solutions, announced today that the company will serve as program administrator for Utah’s updated commercial property assessed clean energy (C-PACE) program. The Utah Governor’s Office of Energy Development (OED), which manages the program, selected SRS after conducting a competitive search process for a third-party firm to provide program administration services.

    Utah launched its statewide C-PACE program in 2015 after passing legislation enabling commercial PACE in March 2013. Senate Bill 221 authorized local governments to adopt C-PACE financing programs, which offered commercial and industrial property owners a unique mechanism to finance energy efficiency, renewable energy, and water efficiency improvements to their buildings.

    Senate Bill 273, enacted in March 2017, amends the earlier legislation by expanding the scope of eligible projects, establishing a statewide C-PACE District, and more clearly defining the process of developing and closing projects.

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    MikeUtah Relaunches Statewide Commercial PACE Program, Chooses Sustainable Real Estate Solutions as Program Administrator
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