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Property Assessed Clean Energy (PACE) Financing. What is PACE. Energy Efficiency and Renewable Energy Financing Private sector buildings Put in place by localities- by ordinance Requires State enabling legislation PACE loan is treated like a tax assessment Started in 2009 in CA

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Presentation Transcript
what is pace
What is PACE
  • Energy Efficiency and Renewable Energy Financing
  • Private sector buildings
  • Put in place by localities- by ordinance
  • Requires State enabling legislation
  • PACE loan is treated like a tax assessment
  • Started in 2009 in CA
  • PACE laws in 31 states and DC
why use pace
Why Use PACE
  • 100% funding – No upfront costs
  • Funding for up to 20 years
  • Immediate positive cashflow
  • No payoff on sale – PACE transfers to new owner
  • Possible off-balance-sheet treatment
  • Ability to pass payments through to tenants
pace in virginia
PACE in Virginia
  • Law enacted in 2009- but flawed
    • Lacks priority lien status
  • PACE Loan requires a lien status equal to tax lien-
    • Treated as voluntary special assessment
  • Virginia PACE Coalition to fix the law
    • Lien status issue
    • Lender consent
virginia pace coalition
Virginia PACE Coalition
  • Trane
  • Boland
  • Siemens
  • ABM
  • CREE
  • Hannon Armstrong
  • S&S Sales
  • HCYU
  • Alt-Energy
  • Urban Ingenuity
  • Renewable Funding
  • Abacus Property Solutions
  • Community Housing Partners
  • Local Energy Alliance Program
  • Virginia Energy Efficiency Council
  • Richmond Region Energy Alliance
connecticut pace program
Connecticut PACE Program
  • Commercial, industrial & multi-family
  • Requires the consent of the existing mortgage lender
  • Requires SIR>1
  • Renewable and energy efficiency
connecticut pace program1
Connecticut PACE Program
  • 200+ contractors trained
  • 20 qualified capital providers
  • Closed $30 million in deals -average size $700K
  • Class B buildings
  • $70 million of projects in the pipeline
  • 17 mortgage lenders have provided consent
pace deal snapshot hilton hotel universal city ca
PACE Deal SnapshotHilton Hotel Universal City, CA
  • Amount - $7million
  • Term – 20 years
  • Rate – 7% fixed
  • 50% reduction energy usage
  • Energy & water savings - $800,000/yr
  • ROI – 78%
  • Local incentives sweetened the deal
pace deal snapshot shopping center norwalk ct
PACE Deal SnapshotShopping Center, Norwalk, CT
  • Amount - $170,000
  • Term – 13 years
  • Rate – 4.5% fixed
  • 35,000 SF building
  • Exterior LED Lighting
  • Energy savings - $17,000yr
pace deal snapshot office building toledo oh
PACE Deal SnapshotOffice Building, Toledo, OH
  • Amount - $1.4 million
  • Term – 15 years
  • Rate – 4.32% fixed
  • 60,000 SF building
  • Cooling tower, lighting upgrade, hot water pump upgrade, building automation controls, new fan motors
  • Estimated energy savings- 48%