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Clean Energy Green Corridor : Florida’s First PACE Program. Joe Spector Vice President of Operations Ygrene Energy Fund Florida joseph.spector@ygrene.us. THE BASICS OF PACE. MUNICIPALITIES CAN FINANCE ENERGY EFFICIENCY AND HURRICANE PROTECTION UPGRADES.

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Presentation Transcript
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Clean Energy Green Corridor:

Florida’s First PACE Program

Joe Spector

Vice President of Operations

Ygrene Energy Fund Florida

joseph.spector@ygrene.us

the basics of pace
THE BASICS OF PACE

MUNICIPALITIES CAN FINANCE ENERGY EFFICIENCY AND HURRICANE PROTECTION UPGRADES

REPAID BY THE PROPERTY OWNER THROUGH NON-AD VALOREM ASSESSMENT ON PROPERTY TAX BILL

NEW SPIN ON THE ASSESSMENT POWERS OF THE CITY

ENERGY EFFICIENCY AND HURRICANE PROTECTION = COMPELLING STATE INTEREST

what is pace
WHAT IS PACE?
  • VOLUNTARY
  • Simply an option for those who want it
  • All traditional forms of financing are still available
  • INDIVIDUAL
  • Zero affect on neighbors
  • Only those who choose to participate pay the assessment
  • 100% FINANCING
  • No out of pocket expense to property owner
  • Removes single largest obstacle to implement these projects
  • NON CREDIT BASED
  • Eligibility based on property values and owner equity
  • Allows many to participate that would not be eligible for traditional financing
eligible improvements
ELIGIBLE IMPROVEMENTS

ENERGY EFFICIENCY

RENEWABLE ENERGY

HURRICANE PROTECTION

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ELIGIBLE IMPROVEMENTS (examples)

Air sealing and ventilation

Air filtration

Building envelope

Bathroom, ceiling, attic, and whole-house fans

Insulation

Defect correction

Attic, floor, walls, roof, ducts

Weather stripping

Sealing

Geothermal exchange heat pumps

HVAC systems

Evaporative coolers

Natural gas storage water heater

Tankless water heater

Solar water heater system

Reflective insulation or radiant barriers

Cool roof

Windows and glass doors

Window filming

Skylights

Solar tubes

Additional building openings for natural light

Solar thermal hot-water systems

Solar thermal systems for pool heating

Emerging technologies

Lighting (fixture retrofits only)

Pool equipment

Occupancy-sensor lighting fixtures

SMART parking-lot bi-level fixture

SMART parking-garage bi-level fixtures

SMART pathway lighting

SMART wall-pack fixtures

Task ambient office lighting

Classroom lighting

Refrigerator case LED lighting

Wireless daylight-lighting controls

Duct leakage and sealing

Kitchen exhaust variable air-volume controls

Wireless HVAC controls & fault detection

Faucet aerators

Core-plumbing system

Gray-water system

Irrigation-control system

Irrigation system

Rainwater cistern

Demand initiated hot-water system

Low-flow showerhead

High-efficiency toilets

Deionization

Filter upgrades

Roof deck & foundation strength improvements

Wind-resistant shingles or other roofing

Secondary water barrier

Gable-end bracing

Roof-to-wall connection reinforcement

Storm shutters

Perimeter-opening protections

Raising building elevations

Photovoltaic Systems

Electric Car Charging Stations

what is clean energy green corridor
WHAT IS CLEAN ENERGY GREEN CORRIDOR
  • 7 MUNICIPALITIES JOINED FORCES
  • Coral Gables, Miami, Miami Shores, South Miami, Palmetto Bay, Pinecrest, & Cutler Bay
  • BENEFITS OF JOINING A PACE DISTRICT
  • Take advantage of economies of scale
  • No risk to the individual municipalities
    • District is a separate legal entity
  • SELECTED YGRENE AS THE ADMINISTRATOR
  • Fully funded, turn-key solution
  • Handles all education, marketing, training, community outreach, administration, reporting, and financing
  • Operated at zero cost to the district and zero cost to the members

ONLY ZERO RISK & ZERO COST SOLUTION TO UNLEASH THE POTENTIAL OF THE PACE PROGRAM

cegc includes residential properties
CEGC INCLUDES RESIDENTIAL PROPERTIES
  • FL LAW CLEARLY STATES THAT MORTGAGES CAN NOT BE ACCELERATED
  • “A provision in any agreement between a mortgagee or other lienholder and a property owner, or otherwise now or hereafter binding upon a property owner, which allows for acceleration of payment of the mortgage, note, or lien or other unilateral modification solely as a result of entering into a financing agreement as provided for in this section is not enforceable.”
  • FL IS A NOTIFICATION ONLY STATE
  • “Without the consent of the holders or loan servicers of any mortgage encumbering or otherwise secured by the property…. At least 30 days before entering into a financing agreement, the property owner shall provide to the holders or loan servicers of any existing mortgages encumbering or otherwise secured by the property a notice of the owner’s intent….
  • FULL DISCLOSURE TO PROPERTY OWNER
  • Rights and Responsibilities
rights responsibilities
RIGHTS & RESPONSIBILITIES

(6) In accordance with Florida law, the lien securing the obligation to pay the special assessments will be senior to all private liens, including existing mortgage(s)….. Recently, the Federal Housing Finance Agency (FHFA) issued policy guidelines that question the validity and lien status of PACE assessments. Property owners should confirm with their lender(s) that participation in the PACE program does not adversely impact their rights under any existing loan documents.

(7) ….. The FHFA appears to have instructed its GSEs not to purchase home loans when there is a senior lien such as a PACE special assessment. Therefore, in order to refinance your home loan, or for a prospective purchaser of your property to obtain a loan secured by the property, the special assessment may need to be paid off.

I CERTIFY THAT I HAVE READ AND UNDERSTAND THE ABOVE DISCLOSURE

Signature:________________________________

Address: ________________________________

Printed Name:_____________________________

Date: ______________________________

benefits to property owners
BENEFITS TO PROPERTY OWNERS

ELIMINATE UP-FRONT EXPENSE

NOT CREDIT BASED – OFF-BALANCE SHEET

LONG PAYBACK PERIODS

PAYMENTS STAY WITH PROPERTY

SOLVE SPLIT INCENTIVE ISSUE

POTENTIAL FOR REAL SAVINGS

current status
CURRENT STATUS
  • Over 300 contractors have been trained and certified
  • Contractors have run almost $2 billion in eligible projects
  • $65 million of projects in various stages of the pipeline
  • Launch event for Green Corridor on September 12 hosted by Ygrene and the Carbon War Room.
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Job creation through private investment

  • Attract new businesses and direct investment
  • Reduce carbon footprint of the city
  • Reduce energy bills for property owners
  • Increase hurricane preparedness
  • Completely voluntary for property owners
  • No Risk/No Cost to the City