Michigan passed the legislation for a Commercial PACE (Property Assessed Clean Energy) program in 2010. Businesses and commercial properties in participating municipalties can retrofit their buildings with renewable energy and energy efficient systems by borrowing money from a private lender and repay the loan via a special assessment on their local property tax. It has taken longer for municipalities to opt in and consequently, the state’s PACE programs didn’t really get started until 2016. According to Tommy Deavenport, Chief Operating Officer of Petros PACE Finance, Michigan’s 6th commercial PACE project has now been funded.
The United States largest Property Assessed Clean Energy (PACE) providers do not anticipate any complications. Both Renovate America and Ygrene believe they are already inline with most of what the government is suggesting. After months of review, the Department of Energy (DOE) released the United States’ PACE Guidelines.
Two months ago, CEO Stacey Lawson announced her company’s plan to expand into six U.S. states. This was followed up by the news, a few days ago, of Ygrene’s $250 million virtual PACE facility for expansion.
Ygrene operates one of America’s largest property assessed clean energy (PACE) financing programs and it is about to get much bigger. They just raised $30 million in operating capital to finance their expansion into six states. According to President and CEO Stacey Lawson, Ygrene expects to quadruple its’ business.
There are almost 400 registrants, from 35 or 36 states, all keenly aware that the US government is about to partially remove a hindrances that have kept residential Property Assessed Clean Energy (P.A.C.E.) financing from spreading throughout the nation. George Caraghiau said, “I’ve been to so many conferences in my life, but I cannot believe the excitement I am feeling at this conference.” David Gabrielson, Executive Director of PACENation, added,1People are excited about the impact this will have on job creation, climate change…” They were speaking from America’s First PACENation Summit.