Advantages of PACE Financing

July 9, 2010

Our Nation:

  • Significant job creation
  • Accelerates movement toward energy independence & reduces GHG emissions
  • Very low fiscal cost & high probability of success

Property Owner:

  • Lower energy bills and substantially reduced upfront costs for energy retrofits
  • Improved return on investment/positive cash flow on retrofits (annual savings > cost)

States, Cities & Municipalities:

  • Immediate job creation
  • No credit or general obligation risk
  • Obligation is liability of real estate owner
  • Greenhouse gas reductions/energy independence
  • Opt in: Only those real estate owners who opt in pay for it

Existing Mortgage Lenders:

  • Borrowers cash flow/credit profile improves (energy savings > annual tax cost)
  • Property/collateral value increases

Lender:

  • Virtually no risk of loss as property tax liens are senior to mortgage debt
  • 97% of property taxes are current & losses are less than 1%

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Congresswoman Nan Hayworth (R-NY)

“PACE programs allow homeowners to make energy-saving modifications on their houses through a voluntary assessment on their property, at no cost to local taxpayers. Our bill facilitates participation by homeowners in states with PACE programs, which will promote conservation, energy savings and job creation.”

Congressman Dan Lungren (R-CA)

“My colleagues and I are fighting for a common sense program that would both increase the value of homes involved and help create jobs in our region. The time is now, more than ever to pass legislation that will accomplish this goal.”

Congressman Mike Thompson (D-CA)

“PACE promotes energy efficiency in ways that are good for our country, economy, and environment, saving property owners money by lowering energy costs and more importantly, creating jobs without taxes or government subsidies. Congresswoman Hayworth, Congressman Lungren, and I are committed to protecting PACE for the future.”

Mayor Jerry Sanders (R-San Diego)

“I am honored to be one of our nation’s first Mayors to support PACE. San Diego plans to derive strong long term advantages through PACE programs and we urge the rest of our nation, on a bipartisan basis, to join us.”

Gov Bill Ritter (D-CO)

“PACE is already creating economic opportunity, energy savings, and environmental benefits through the retrofit of residential and commercial building stock.”

Mayor Michael Bloomberg (I-NYC)

“A New York City PACE program providing property owners with the upfront capital to make energy efficiency retrofits will create jobs and reduce energy costs for residents and businesses.”

Gov Arnold Schwarzenegger (R-CA)

“With PACE, we are providing homeowners and business owners with powerful tools to take control of their energy use and create jobs at the same time”

Adam Hasner (R-FL)

“PACE provides a no-cost to taxpayers, no-mandate, consumer opt-in approach to bringing clean energy technology to homeowners and businesses. PACE will help create jobs for Floridians at a critical time when we are working to get Florida’s economy back on track.” Adam Hasner led passage of Florida's PACE legislation as Majority Leader of the State House of Representatives