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.
Last July, Leon County (home to Tallahassee) became the first Florida municipality to adopt the HERO PACE Program. Several other Florida counties and cities followed suit. The latest was Orlando, whose city council approved the program yesterday. These are a few of the milestones, with HERO PACE expanding into Florida & Missouri.
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.