News & Blog

  • 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
  • Statement by PACENation Executive Director David Gabrielson on Anti-PACE Legislation Being Introduced in Congress

    Property Assessed Clean Energy (PACE) financing empowers state and local governments to meet important public policy objectives and boost local employment at no cost to public budgets. PACE supporters are deeply concerned by the incendiary attacks leveled against this innovative and successful policy today from some on Capitol Hill.

    Observers should look beyond the inflammatory rhetoric and focus on common sense and basic facts. The PACE industry has long been committed to putting the homeowner’s best interests first and is supportive of additional strong consumer protections at the federal level to safeguard homeowners making energy-efficiency, renewable energy, water conservation, or hurricane protection improvements to their homes. But these protections must not dismantle the innovative model at the heart of PACE financing.

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    MikeStatement by PACENation Executive Director David Gabrielson on Anti-PACE Legislation Being Introduced in Congress
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