What Is Pace?
Property Assessed Clean Energy (PACE) is the fastest growing financing option for clean energy upgrades in the country. It starts with a government policy that classifies clean energy upgrades as a permanent public benefit – like a new sewer, water line, or road. These upgrades can be financed with no money down and then repaid as a benefit assessment on the property tax bill over long term (over 20 years). The assessment transfers on sale and can be passed through to tenants where appropriate. It’s easy to see why building owners across the country are choosing PACE.
Many types of properties are eligible for C-PACE financing
Which Measures Are Pace-Eligible?
Greenworks can help you finance a wide array of projects with PACE that save or produce energy.
Building envelope: (insulation, glazing, windows, etc.): Building envelope improvements can save commercial buildings between 5-40% on energy costs. Upgrades like windows, air sealing, and insulation decrease energy usage, are installed quickly, and make building occupants more comfortable.
Boilers, chillers and furnaces: Heating and cooling a building is often one of the largest expenses for building owners. High efficiency boilers and chillers can significantly reduce energy costs because they operate 20-40% more efficiently than existing equipment; not to mention new equipment also reduces emissions and maintenance costs, and is more reliable than traditional technologies!
Automated building controls (BMS, EMS): Automated building controls provide a central control system for a building’s heating, cooling, ventilation, etc.. Adding an automated control system can decrease electricity costs by at least 15%, while also decreasing operational and maintenance costs.
Combined heat and power (CHP) systems: Heating and powering a facility is a significant energy expense because traditional systems operate at a 45% efficiency rate. Improved combined heat and power systems can reach up to an 80% efficiency rate – increasing energy savings, while also reducing carbon emissions by 50%.
Variable speed drives on motors, pumps and fans: Variable speed drives can reduce energy consumption up to 40% by effectively matching a motor’s use to variable operating loads. In addition to reducing energy costs, variable speed drives extend motor life. They can be applied to several systems and are easily installed.
Roof replacement: PACE can provide financing for roof replacement when coupled with other energy upgrades – like solar or rooftop units. In some states we can finance roofs by themselves. Roof upgrades can significantly reduce energy costs while also improving the structure of a building.
High efficiency lighting: Lights use a significant portion of electricity in most buildings. Switching to energy-efficient lighting is an easy way to save money. Most commercial buildings see 15%+ savings on their electricity bills by upgrading to new lighting. The switch will also help the environment by using 80% less energy than traditional incandescent lights.
Solar: Solar improvements can save most commercial buildings between 50-90% on electricity costs. Photovoltaic solar systems can be installed quickly, have zero emissions and the sunlight, used as fuel, is free! Additionally, many states offer ongoing or upfront incentives to make going solar with PACE more affordable than ever.
HVAC upgrades: Heating and cooling a facility is one of the largest energy expenses because older furnaces are only 56-70% efficient in converting fuel into useful heat. New heating, ventilation and air conditioning equipment (HVAC) can reach 97%+ efficiencies and reduce utility bills by between 20-50%.
Hot water heating systems: Hot water heating systems contribute up to 18% of a building’s utility bill. Making the switch to high efficiency hot water systems can reduce costs by 30%. Upgrading these systems also conserves water because they are 25% more efficient than traditional hot water heating systems.
Where Is Pace Available?
PACE is rapidly expanding across the US. To date, more than 30 states have passed PACE legislation, an additional 12 states have active PACE programs, and new programs are being added regularly. For local governments interested in offering PACE financing to their building owners, PACE Financial Servicing (PFS) can help. PFS offers outsourced PACE administration at no cost to local governments, providing a terrific option for states and counties looking to drive private sector PACE investment and scale the PACE market nationally.
See if PACE is available for your business.
Why Use Pace?
The PACE structure utilized by Greenworks’ financing removes the financial barriers to energy efficiency and clean energy projects.
Why Partner With Greenworks?
Greenworks is the no-cost, outsourced, PACE team for dozens of the nation’s leading clean energy and energy efficiency contractors. We slot seamlessly into your sales process, assisting where needed and helping you avoid hidden pitfalls.
UNPARALLELED PACE EXPERIENCE:
The Greenworks team has financed more commercial PACE projects than anyone in the country and we developed the open-market C-PACE structure that is now sweeping the nation. Leverage our expertise to accelerate your project cycle.
BUILT ON PARTNERSHIP:
Greenworks is the no-cost, outsourced, PACE team for dozens of the nation’s leading clean energy and energy efficiency contractors. Our goal is to slot seamlessly into your sales process…assisting where needed and helping you avoid hidden pitfalls.
COUNT ON US FOR SUPPORT:
When you partner with Greenworks, we are there to help every step of the way.
to learn more about partnership opportunities.
Fill out our quick and easy one-page application here. We can pre-qualify your building within 24 hours.
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You’ve Got Questions, We’ve Got Answers.
Request a call from our experienced staff at Greenworks Lending.