Property Assessed Clean Energy (PACE)

Property Assessed Clean Energy (PACE)

PACE is expected to be available in New Jersey in 2018.

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PACE (Property Assessed Clean Energy), is a type of financing that makes clean energy retrofits and renewable energy a “no brainer” — a self-evidently beneficial project for property owners to undertake.

While we’ve been championing Commercial PACE in NJ since 2012 (PACE requires state legislation), we’ve watched hockeystick growth of the industry (see the national nonprofit association, PACENation.us) across several states. While most of PACE’s meteoric rise has been through Residential PACE, at this time only Commercial PACE is being considered in NJ.

PACE can be leveraged to generate strategic economic value to communities.

We at Possible Planet want to make sure that as soon as NJ passes a viable PACE law, the awareness of what’s possible for communities through PACE spreads quickly and creates a tsunami of clean energy economic development. Because PACE is a win for everyone.

New “Pre-PACE” Financing for Clean Energy is Now Available at RegenerativeFinancing.org

PACE in a Nutshell

PACE allows property owners to hire competent qualified professionals to assess their property and recommend state of the art solutions that when turned on, on day one, start making an immediate impact on their bottom line. Here are the key steps:

Have an energy audit to identify needs and opportunities
Have a qualified energy services contractor provide a project proposal that saves energy, carbon, and money
Submit the proposal to a PACE Lender who will agree to finance projects that are cashflow positive, saving money for the owner from day one
The town registers a special assessment on the property and collects payments over the 20+ years of the financing even if ownership changes

Why is PACE Such a Big Deal? (with the content from the first two sections of this page, especially my stickynotes)

PACE solves the problem: how can a building owner do the right thing for the business or organization and for the community with regard to the energy consumption of their property? PACE allows a property owner to do a deep and through energy retrofit of their building in a way that

as soon as it’s done I personally am saving money that I would have spent on energy that went out the window (it’s not just the idea of wasting money, but also causing damage at the same, that society is having to pay for through asthma, respiratory mortality, increased taxpayer costs, global warming).

I’m Ready for PACE! (for people who know what they’re looking for and want to get to the contractor/owner “to-dos”)

PACE and Local Economies – focused on the community issues that PACE solves: local contractors getting work, local jobs even for large national firms that need to hire local workers; improvement of building stock; investment in their town, so that the community’s buildings aren’t obsolete from an operating point of view-basically, doing these deals in a holistic, sustainable way for the community’s interest as well as the owner’s.