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

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”

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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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