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PROOF: Nationwide FORCED New Green Energy Retrofitting Requirements with Rockefeller/Rothschild Financing . . .
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| 8. | Authorize Figtree Financing to participate in the Sonoma County Property Assessed Clean Energy (PACE) Financing Marketplace as an additional PACE provider by: (A) Authorizing the Director of General Services to execute Agreements for Collaborative Services between the County and Figtree Financing to provide PACE financing options to property owners in the County; and (B) Adopting the required Resolution allowing residents in the unincorporated areas of Sonoma County to participate in the Figtree PACE financing products and approving the amendment to a certain joint powers agreement related thereto. |
In February 2013, PACENow, the Institute for Building Efficiency, and the Urban Land Institute provided a first look at the structure of PACE programs in “Setting the PACE: Financing Commercial Retrofits.”3 Since then, many projects have been completed and more PACE programs have been launched. There are now over 250 completed commercial PACE projects worth more than $75 million. In this updated report – based on more than 30 interviews with market leaders including program administrators, financing entities, contractors, building owners, and project developers – we analyze the market’s direction, successes and challenges.
How has the market evolved and developed? What program financing and administration models have gained traction? What drives project completion? And what are some of the emerging best practices? This paper answers those questions by focusing on four leading PACE programs:
C-PACE (Connecticut)
Figtree PACE (California)
Los Angeles County Commercial PACE program
Toledo-Lucas Port Authority program/ BetterBuildings Northwest Ohio
PACE is an adaptation of a common financing technique used for decades throughout the United States: local governments provide financing that is repaid with a property tax based assessment for improvements that benefit property owners and also meet a public purpose.4 Using PACE, cities and counties promote energy efficiency upgrades, on-site renewable energy projects, and in some places, water conservation and resiliency measures. PACE can be used to finance 100 percent of a project’s costs with a repayment term matching the useful life of the implemented measures. To date, nearly 500 municipalities in the United States participate in PACE programs. Some of the program design attributes include:
PACE financing can be used for any commercial, industrial or agricultural property, and may be available to non-profit and government facilities as well.
PACE projects must save or produce energy and be permanently affixed to the property.5
PACE is entirely voluntary. Benchmarking, energy audits and evaluations can be part of a set of services and analysis offered through PACE. In communities that adopt PACE, assessments are paid only by participating owners, and only for their own projects, so no additional taxpayers are involved.
Property taxes and assessments have a senior claim on property. If a property goes into foreclosure, only PACE assessments in arrears will be repaid from sale proceeds, along with other property taxes and assessments.
4 Please see Appendix 1
to learn more about the history of PACE since 2008 onward.
5 Water conservation and resiliency measures are eligible for PACE financing in some states as well.
David Gabrielson, Executive Director of PACENow, notes: “PACE is a proven and effective financing solution for just about every building type, including multifamily. We applaud the Obama Administration, Governor Brown, and the MacArthur Foundation for their leadership in promoting broader PACE use for HUD supported properties through this path-breaking Pilot initiative. PACE is being adopted throughout the U.S. and is helping to drive economic activity, create jobs, revitalize our buildings, and protect our environment.”
PACE makes it easier for property owners to finance energy efficiency and renewable energy projects that make buildings more valuable and sustainable. It can be used, voluntarily, to finance 100% of a broad array of energy reducing projects, or solar installations, and long-term payback of up to 20 years means most projects save money immediately for property owners and tenants.
According to the White House: “In the United States, about a quarter of households live in multifamily housing units, including more than 3 million units in California alone.
Improving the energy efficiency of these buildings nationwide by 20 percent would save nearly $7 billion in energy costs each year and cut 350 million tons of carbon pollution in a decade.” PACE can help make existing multifamily buildings more affordable to renters with low incomes and, as a result, save money for consumers and taxpayers.
About PACENow:
PACENow is a non-profit foundation funded advocate for Property Assessed Clean Energy (PACE) financing. PACENow’s mission is to promote improved energy efficiency in buildings and use of PACE. Our strategy is to be a trusted source for information and resources to a growing coalition of PACE stakeholders that includes local governments, businesses, industry service providers, labor and trade organizations, environmental groups and private individuals nationwide.
Energy efficiency retrofits represent a spectacular investment opportunity. A $279 billion investment in commercial, residential, and institutional segments could save $1 trillion over a decade, according to the Rockefeller Foundation study. Moreover, the ACEEE’s estimates show that energy efficiency improvements tend to result in the average return on investment of 22 percent. PACE financing is a robust and flexible tool that can be used to make our nation’s buildings more energy efficient.
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