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 Property Assessed Clean Energy (PACE)program is spreading across the US. Maineoffers single PACE loans for up to $15,000 and New Hampshire is preparing to life its cap to $1 million. There is a PACE program in Ann Arbor and another being formed to service the rest of Michigan. PACE programs are starting up in Arkansas , Florida, Georgia, Hawaii, Illinois, Louisiana, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New Mexico, New York, Ohio, Rhode Island, Texas, Utah, Virginia and Wisconsin. Eighty percent of the US is said to be adopting . However the program is still primarily Californian and, according to company spokesperson Severn Williams, more than 90% of residential PACE installations are made through HERO. Continue reading More than 90% of Residential PACE Installations are made Through HERO→
What should commercial Property Assessed Clean Energy (PACE) financing look like in Texas? Hundreds of local PACE programs in California, are consolidating under several competing PACE models. On the other extreme, Connecticut’s new state run program was responsible for half the commercial PACE financing in the US last year. Thirty states and the district of Columbia currently have PACE programs. As Charlene Heydinger, Executive Director of “Keeping PACE in Texas” (KPT), explained, “We want state-wide model specifically designed for Texas’ needs.” Continue reading Bringing PACE to Texas→