News & Blog

  • New York City Announces Legislation to Launch Commercial PACE Program

    New York, NY, September 14 – Today, Mayor Bill de Blasio announced City Council legislation to authorize a PACE financing program for building retrofits.

    A NYC PACE retrofit program can create a tremendous new market for energy efficiency and renewable energy since the City’s buildings are, on average, more than 50 years old and valued at over $1 trillion. With the Mayor’s announcement, the City will join a long list of major cities with successful PACE programs including Dallas, Denver, Detroit, Houston, Los Angeles, Miami, Salt Lake City, San Diego, San Francisco, St. Louis, and Washington, D.C.

    Jeff Tannenbaum, Chairman of the Board at PACENation, said “PACE is seeing continued strong bipartisan support because it requires no taxes or subsidies, is led at the local and state levels, has created tens of thousands of jobs, and helps property owners save money and make buildings healthier and safer.” Over the last several years, 14 Republican and 20 Democratic governors signed PACE bills into law.

    To date, more than 160,000 home and building owners have used PACE to improve their properties with investments in energy efficiency, renewable energy, and more recently hurricane resistance measures, including in Florida where 8,000 homeowners have used PACE to make their properties more resilient while saving an estimated $7 million on their insurance premiums.   PACE financing is available in Houston and throughout the state of Florida to help finance the rebuilds from Hurricanes Harvey and Irma.

    David Gabrielson, Executive Director at PACENation, said “It’s great to see that NYC will be launching a PACE program that will be a catalyst for tremendous job creation and economic activity.   I am also delighted that the Texas and Florida PACE programs can help lead the rebuild of the devastated areas and make our nation’s homes and buildings more resilient for future storm activity”.

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    MikeNew York City Announces Legislation to Launch Commercial PACE Program
  • 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. (, 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
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