News & Blog

  • Connecticut Green Bank Staff Appointed to PACENation Board of Directors, Leadership Council

    EVP/CIO Bert Hunter named to PACENation board; VP Mackey Dykes to serve on Leadership Council

    Rocky Hill, CT (March 27, 2017) – The Connecticut Green Bank is proud to announce that Executive Vice President and Chief Investment Officer Bert Hunter has been named to the PACENation Board of Directors. Additionally, Vice President Commercial and Industrial Programs Mackey Dykes has been appointed to serve on the PACENation Leadership Council, an advisory committee for the organization.

    PACENation is a movement of people and organizations united in their support for Property Assessed Clean Energy (PACE) financing. PACENation works towards a future in which PACE financing is used to fund energy efficiency, renewable energy, and resiliency upgrades to homes and commercial buildings in every municipality across the United States. Currently, PACE programs are operating in 19 states, including Connecticut, which has a thriving Commercial PACE (C-PACE) program.

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    MikeConnecticut Green Bank Staff Appointed to PACENation Board of Directors, Leadership Council
  • Rhode Island Infrastructure Bank Announces Financing for First Rhode Island C-PACE Projects

    Source: RI-CPACE.

    Funding Provides Major Cost, Energy Savings for R.I. Business

    PROVIDENCE, RI – Rhode Island Infrastructure Bank (RIIB) today announced that the first two Rhode Island Commercial Property Assessed Clean Energy (RI C-PACE) projects have received financing. RI C-PACE provides financing for clean energy projects that lead to significant cost and energy savings for commercial and industrial property owners.

    Collectively, the projects will reduce annual CO2 emissions by 188.6 tons, which is equivalent to the CO2 emissions from over 452,000 miles driven by the average passenger vehicle.These first projects call for the installation of roof-mounted solar panels on two office buildings in Middletown. The properties are owned by the financial services firm, Embrace Home Loans. Combined, the projects will save the firm an estimated $226,000 in energy costs across the 20-year financing term. The total investment in the energy savings projects is $1.2 million.

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    MikeRhode Island Infrastructure Bank Announces Financing for First Rhode Island C-PACE Projects
  • Morningstar agrees: PACE is low-risk, beneficial to homeowners, and has strong oversight

    In a recent report, “Clearing the Air – Addressing Three Misconceptions of PACE,” Morningstar ABS Research clarified a few important points about PACE financing.

    Read an excerpt, then click through to see the whole report:

    Morningstar Perspective:

    As financing of energy-efficient projects through property assessments becomes more widespread, concerns and misconceptions regarding its use and oversight have become more common. Morningstar Credit Ratings, LLC explores three misconceptions we have heard from market participants regarding the residential property assessed clean energy sector. First, we note that a PACE assessment is an asset-based obligation, rather than a mortgage loan, so lien-to-value ratio, more than an individual’s credit score, is a more appropriate risk indicator.

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    MikeMorningstar agrees: PACE is low-risk, beneficial to homeowners, and has strong oversight
  • PACENation Sets New Standards for Consumer Protections

    Updated Consumer Protection Policies, released at PACENation Summit, form basis for enforceable state and local legislation

    DENVER, Feb. 16 – PACENation, the national, non-profit advocacy organization for Property Assessed Clean Energy (PACE) financing, today announced an important update to its 2016 residential PACE Consumer Protection Policies. The enhanced standards include customer supports and safeguards that go well beyond those found in any other form of home-improvement financing and are designed to facilitate the successful expansion of PACE to new states and local communities.

    Homeowners use PACE to make qualified energy and efficiency upgrades to their properties and pay for them over time with a new line item on their property taxes. To date, PACE has empowered more than 130,000 homeowners to invest over $3.4 billion in projects that make their homes more comfortable and less expensive to heat, light and cool. It is estimated that PACE projects will help lower residential utility bills by billions of dollars. Local government sponsors of PACE point to the energy and environmental goals PACE helps achieve, the more than 20-thousand jobs that PACE has created or supports in their communities, and that it has little or no impact on their public budgets.

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    MikePACENation Sets New Standards for Consumer Protections
  • WSJ Article Presents a Skewed View, Ignores the Positive Story of PACE

    Many of you no doubt saw the January 10th Journal article, “America’s Fastest-Growing Loan Category has Eerie Echoes of Subprime Crisis.” We hope you share our disappointment that the article was so unfair to PACE. It might have emphasized that to date, over 130,000 homeowners report high satisfaction using it to finance often-necessary energy-related investments in their homes. Instead of leaving the reader with the impression that PACE is a new and dangerous form of finance, it might have noted that for decades, local governments have relied on the same property tax line-item mechanism to fund improvements that benefit property owners and meet a public purpose. It could have emphasized that PACE providers are committed to serving that public purpose, and as such, take seriously their responsibility to protect consumers.

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    MikeWSJ Article Presents a Skewed View, Ignores the Positive Story of PACE
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