Los Angeles County Commercial PACE Program launched on October 12, 2011
President Bill Clinton and Los Angeles Mayor Antonio Villaraigosa announced the official launch of the LA County PACE Program on October 12, 2011. Through Energy Upgrade California in Los Angeles County, owners of non-residential commercial properties in Los Angeles County will have access to an innovative financing mechanism to fund building performance upgrades – PACE financing. Under the PACE structure, property owners can negotiate project-specific terms with the investors of their choice, and repay the cost of the upgrade over time through a contractual assessment placed on the property tax bill. Because PACE investors are fully secured through a voluntary contractual assessment, PACE investors have the security to offer financing at lower rates and over longer periods of time than has been possible until now.
“With commercial buildings accounting for 57% of the energy consumption in the City, Los Angeles has a large built-in market for these retrofits and is also in dire need of the quality of air and quality of life benefits that will come directly from the program.” Mayor Villaraigosa said. ”Once again, Los Angeles is leading the way in finding innovative methods to promote environmental stewardship that also benefits our local economy.”
The City of Los Angeles designed the program in collaboration with the Clinton Climate Initiative (CCI) and its partner the C40 Cities Climate Leadership Group (C40). ”I am proud that my Foundation, through the Clinton Climate Initiative, is a part of the LA Commercial Building Performance Partnership,” said President Clinton.
This program is also part of Energy Upgrade California, a state-wide initiative to reduce energy consumption in existing buildings.
Los Angeles County Commercial PACE Program website
Program Documents
Available Credit Enhancement for PACE Financings in the City of Los Angeles
PACE Application Package – LA PACE
