PACE funds energy upgrades to buildings that create jobs, make properties more valuable, and help states achieve policy goals. It’s 100% voluntary and it’s being adopted in every region of our nation.

PACE Updates

PACENation Statement on Los Angeles Times’ coverage of Property Assessed Clean Energy (June 4th and 5th), by reporter Andrew Khouri

The LA Times has done a well-researched piece on the work of PACE providers and government entities to strengthen one of the most successful policy ideas to deploy energy efficiency and renewable energy into American homes — strengthening our clean energy economy and residential infrastructure – and to expand access to credit for homeowners to make home improvements.  To date, over $3.7 billion in PACE financing has helped more than 150,000 homeowners make improvements to their homes, many of whom would not have been able to do so without the option of PACE financing.  This reporting comes at a time when the federal government is moving responsibility for infrastructure modernization to the private sector, and when states and cities are looking for effective options to advance clean energy.

The reporting captures broad support for PACE, as well as why the industry is working at the company, state, and federal policy levels to safeguard homeowners from misrepresentation, and to actually remove bad actors with poor consumer protection records from the PACE marketplace.  The underlying allegations in the homeowner stories highlighted have solutions in the companies’ practices as well as pending California legislation (SB 242, carried by Sen. Nancy Skinner).  A spokesperson for Governor Jerry Brown is quoted saying “The Governor continues to support PACE as a way for Californians to play their part in responding to a rapidly changing climate,” adding that he’s “open to additional opportunities to continue improving the program.”  Even the sponsor of a bill currently opposed by PACENation in the U.S House of Representatives, Rep. Brad Sherman, says in the story he’s “certainly not hostile to the PACE program,” and that “it does an awful lot of good.”

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MikePACENation Statement on Los Angeles Times’ coverage of Property Assessed Clean Energy (June 4th and 5th), by reporter Andrew Khouri

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

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Resources & Downloads

PACENation’s Consumer Protection Policies

PACENation’s consumer protection policies (CPP Version 2) represent the strongest protections and disclosures for homeowners investing in energy efficiency or renewable energy.

Study: PACE Makes Homes More Valuable

In the first economic study of homes with PACE upgrades, three different methodologies and three home price indices were examined and all turned up the same results; PACE is good for the resale value of homes, even after taking into account the financing costs. Published in the Journal of Structured Finance January 2016.

Whitepaper: Benefits of PACE for Commercial Real Estate Companies

For commercial real estate property owners, PACE financing can remove the typical barriers to the implementation of energy efficiency improvements. In this whitepaper, George Caraghiaur explains how to take advantage of the many benefits PACE provides to commercial real estate companies.

2009-2016 C-PACE Market Overview

From 2009-2016, the commercial PACE market provided financing for 1020 commercial projects that amounted to $340 million in total funding.

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