News & Blog

  • WRCOG Issues Statement on Wall Street Journal PACE Article

    Read WRCOG‘s response to the Wall St. Journal below:

    Riverside, CA – August 23, 2017 – The Western Riverside Council of Governments (WRCOG) is the largest bond issuer for Property Assessed Clean Energy (PACE) financing, which provides financing to eligible property owners for energy efficiency, water conservation, and renewable energy upgrades. WRCOG serves as the government oversight agency for a series of PACE providers, including the nation’s largest, the HERO Program, as well as Samas Commercial, CaliforniaFIRST, and soon to launch PACE Funding and Spruce Finance. WRCOG’s PACE programs have helped thousands of property owners improve their homes, and have brought numerous economic and environmental benefits to Western Riverside County and the 371 jurisdictions that operate statewide under the California HERO Program.

    On August 15 the Wall Street Journal published a story on PACE (“More Borrowers are Defaulting on their ‘Green’ PACE Loans”). WRCOG’s Executive Director, Rick Bishop, issued a statement in response to the article.

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    MikeWRCOG Issues Statement on Wall Street Journal PACE Article
  • Detroit’s Whitney Mansion is Wayne County’s First PACE Project

    Lean & Green Michigan and PETROS PACE Finance announced the closing of a $863,130 energy efficiency retrofit of the historical Whitney Building in Detroit. Read an excerpt below from Detroit’s Business Journal:

    Source: DBusiness

    The Whitney, a historical restaurant in Detroit for more than three decades, today announced participation in the Commercial Property Assessed Clean Energy (C-PACE) program. With the goal of increasing energy efficiency and improving the guest experience, The Whitney will invest more than $850,000 in new HVAC systems, lighting, windows, kitchen equipment, and building controls to replace systems that date back to 1986.

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    MikeDetroit’s Whitney Mansion is Wayne County’s First PACE Project
  • 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.

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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
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