IMAGINE A WORLD WHERE RENEWABLE AND ENERGY EFFICIENCY BUILDING UPGRADES ARE PROFITABLE FOR BUSINESSES AND AFFORDABLE FOR HOMEOWNERS
PACE CREATES THAT WORLD
Property Assessed Clean Energy (PACE) is a proven financing tool
that building owners and developers can use to:
upgrade their building's energy performance,
install renewable energy systems; and
reduce resource consumption
with no money down and with the financing repaid through their property's tax bill.
A WORLD-CHANGING GREEN INITIATIVE
PACE's popularity and growth in the USA has been exponential, and since 2008 it has financed over 326,000 home and commercial retrofits with nearly 13 billion dollars (over 26 billion economic impact), and created over 182,000 job years; all without one penny of taxpayer support (PACE Market Data).
The US PACE model has achieved this success due to several key factors:
PACE loan capital is sourced primarily from private funds (ensuring that every qualified application can be funded without delay upon approval);
The PACE legal framework creates the foundation for a PACE ecosystem designed to ensure that private-sector players actively engage in promoting and delivering PACE financing and services;
Recognizing that Residential PACE and Commercial PACE are related but distinct programs in which:
R-PACE is simple for the homeowner to quickly review and get approved, profitable for contractors to promote, and governed by a robust homeowner protection program; and
C-PACE is delivered with a minimum of administrative overhead and review, relying instead on the due diligence of PACE funders and C-PACE borrowers to undertake suitable financial viability prior to funding.
Adhering to the foregoing factors has resulted in PACE dramatically accelerating the implementation of GHG-reducing measures in residential and commercial buildings.
The PACE ecosystem harnesses the power of the profit motive in service of the public sustainability agenda and thus creates an army of "volunteer" PACE advocates and champions who help promote, educate, and sell the client on the merits of upgrading their home and business facility. For details on what a best-practice-based PACE program looks like, read the Canadian Home Builders Association brief on PACE (Keys to Developing a Successful PACE Financing Program)
RESIDENTIAL r-PACE &
cOMMERCIAL C-PACE videos
PACE upgrades can lower electric, gas and water utility bills, reduce resource use and consumption, and result in healthier more comfortable buildings with improved indoor air quality.
PACE financing for new buildings will incentivize developers to upgrade their designs; potentially economically developing new buildings that are net-zero and even net-positive or regenerative.
Municipalities and building owners benefit from increased property values, marketability, and economic activity.
PACE can cover thousands of energy saving enhancements including solar panels and modules, insulation, roof shingles, high performance windows, high-efficiency furnaces, heat pumps, and geothermal exchange systems.