PACENow Announces Board of Advisors

November 17, 2011

PACENow Announces the Appointment of Initial Board of Advisors …… PACENow Press Release

New York, November 11, 2011 – PACENow, a non-profit focused globally on accelerating energy efficiency upgrades to buildings, announced the appointment of its initial board of advisors.  Property Assessed Clean Energy (PACE) is an innovative financing method that supports community based efforts to spur energy efficiency with no need for taxes or government subsidies. PACE has broad support among Republican and Democrat leadership given its unique ability to create permanent domestic jobs, improve our nation’s energy security, reduce fuel bills for businesses and homeowners – and it achieves all of this without cost to taxpayers.

PACENow was founded to be the central driver of the development of the PACE industry, with a major focus on being a repository for critical information to start programs, organizing webinars and conferences to educate potential market participants, and working with the financial service industry to develop best practices to help the asset class reach scale.    The initial board provides PACENow with broad expertise in government, energy policy, real estate, and financial markets, and includes:

Cisco DeVries, President, Renewable Funding LLC

Beau Engman, Vice President, Commercial Energy Solutions Johnson Controls, Inc.

David Gabrielson, Executive Director of PACENow, and former municipal finance investment banker

Ashok Gupta, Director of Energy Policy and Senior Energy Economist at the Natural Resource Defense Council

Jigar Shah, the founder of SunEdison and CEO of Richard Branson’s Carbon War Room

Jeffrey Tannenbaum, the founder of PACENow and Fir Tree Partners, a private investment firm

Today’s announcement highlights the dramatic potential of PACE finance.

Cisco DeVries, noted, “”PACE NOW has been at the forefront of the Property Assessed Clean Energy movement.  It has provided incredible leadership bringing together the interests of government and industry in support of good PACE policy and practice.  I am honored to continue my work in support of PACE by serving on the Board.”

Beau Engman, on joining the PACENow Board said, “Johnson Controls recognized immediately that PACE could really make it compelling for commercial building owners to make energy efficiency upgrades to their buildings.  We support PACENow and we look forward to working with David and PACENow’s team as they provide support for this important initiative.”

David Gabrielson commented on the Board, “I look forward to working with my new board colleagues, who will be a tremendous resource to PACENow as we broaden our role as the central and impartial resource to the emerging PACE industry.  PACE programs launching now in San Francisco, Sacramento, Los Angeles, and South Florida, join existing programs in California, Colorado, and New York, and programs in Washington, D.C. and Cleveland are in the works.  We expect many more will be started in the coming year, and PACENow will play a central role creating standards, and providing resources to support them.”

Jeffrey Tannenbaum said, “I am excited to work with the newly appointed team to help shepherd the growth of the nascent PACE industry given its large potential to be a private sector led catalyst for much needed domestic job creation and improved energy security.  I also want to thank the Energy Foundation and The Rockefeller Brothers Fund for recent grants which will enable us to add resources to drive PACE growth in the U.S. and abroad.”

Ashok Gupta stated, “I am delighted to be joining PACENow’s initial Board of Directors.  NRDC was an early supporter of PACENow and we have worked closely with Jeff and David to build awareness of PACE as a great tool for making energy efficiency affordable for building owners.  We’ve seen how PACE has been embraced by communities nationwide that are increasingly adopting their own energy efficiency goals and policies, and PACE is very uniquely suited to support those efforts.”

Jigar Shah said, “Carbon War Room has embraced the PACE model for making energy efficiency a reality in buildings and I am excited about working with PACENow in developing a broader and more cohesive network of PACE stakeholders nationwide, and globally a well.”

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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