Property Assessment Clean Energy (PACE) Financing

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Property Assessment Clean Energy (PACE) Financing

  1. 1. Energy Efficiency Financing 1 PACE FINANCING DISTRICTS
  2. 2. Learning Objectives 1. Explain what's holding up energy efficiency investments today. 2. Compare the various influences that impact energy efficiency investments. 3. Define the approach owners use in assessing investment risk in energy efficiency project. 4. Explain property assessed clean energy programs, how they work and how to use them to finance energy efficiency projects. 2
  3. 3. Growing Model 3
  4. 4. 4 LOCAL GOVERNMENT: Form District Under State PACE Legislation LOCAL TRADES: Utilize the Fund to Market Projects PROPERTY OWNERS: Access the Fund to Finance Projects Form a Public Private Partnership
  5. 5. What are the mechanics of PACE? Property Owners: •Voluntary to participate •Utility bills decrease due to energy and water savings •Little or no upfront costs for upgrades •Payments are low and fixed Local Governments: •Elect to participate •Promotion of increased energy and water capacity to prospective employers •No risk to general fund •Substantial progress in achieving water and energy consumption reduction goals
  6. 6. How it Works?
  7. 7. © 2011 Ygrene Energy Fund All Rights Reserved PACE Case Studies City Program Type Projects Funding Notes Palm Desert Energy Independence Program (CA) PACE; Residential & Commercial 220 (Res = 216, Comm = 4) $7.5M 8.4% job growth in construction trades ClimateSmart – Boulder County (CO) PACE; Residential 598 $20M Launch 2009; 126 short-term jobs; $125k savings for residents in 1st year Sonoma County Energy Independence Program (CA) PACE; Residential & Commercial 1,329 (Res = 1,290, Comm = 39) $42M 5.3 MW; 3100 mtCO2; 54 job years Long Island Green Homes – Town of Babylon (NY) PACE; Residential 678 $5.6M Approx. 30 new full-time direct jobs (verified) Berkeley PACE; Residential 13 projects completed $336,552 (7 ¾% interest) Launched 11/5/08 9 mi.—40 App’s
  8. 8. Key Points of PACE Programs 8
  9. 9. Questions? Ben Taube, Regional Director Ygrene Energy Fund 404-931-1518 Ben.taube@ygrene.us 9
  10. 10. Questions? Ben Taube, Regional Director Ygrene Energy Fund 404-931-1518 Ben.taube@ygrene.us 9

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