Property Assessed Clean Energy (PACE) is a type of financing used to fund property improvements associated with energy and water conservation in homes and businesses.
PACE Financing Covers:
- Heating and cooling
- Solar panels
- Electric vehicle charging stations
- Drought tolerant landscaping
- Graywater systems
- Earthquake retrofits
- And much more
Benefits of PACE Financing
- 100% upfront financing for qualified energy upgrades
- The repayment obligation for the PACE assessment stays with the property if it is sold
- Allows owner to finance improvements while incurring no additional debt on a property
- Allows projects to be cash flow positive from the outset because the financing offered is relatively low cost and payable over an extended period of time (up to 20 years); this means that the energy savings can more than offset the property tax increase
- Improved attractiveness of home or building, including better indoor air quality and comfort
Additionally, for Businesses...
Security of the tax lien allows building owners, who often lack investment grade credit ratings, to access third party financing for energy upgrades
- Using property assessment preserves capital and credit line for core business investments
- PACE assessments qualify as an operating expense under most triple-net lease agreements. This means payments (as well as the energy savings) can be passed along to tenants.
PACE differs from traditional lending by basing loan criteria on the equity in the building rather than the credit-worthiness of the building owner. Loans are repaid via an annual assessment on the owner’s property tax bill.
- Choose a PACE Provider and connect with an approved contractor
- Plan your project
- Apply for PACE financing - takes about 5 minutes
- Choose your terms and sign your financing documents
- Complete your project and enjoy the benefits
Contact a PACE provider:Cupertino has partnered with five PACE financing institutions; each has unique offerings.
A helpful side by side comparison of the PACE providers has been compiled by the Association of Bay Area Governments
- AllianceNRG: 1-855- 509-9922 Administered by Leidos Engineering and CounterPointe Energy Solutions and sponsored by the California Statewide Communities Development Authority (CSCDA). CaliforniaFIRST: 1-888-906-0848 Renew Financial, through its CaliforniaFIRST PACE program, has been providing capital for renewable energy, energy efficiency and water conservations projects to Cupertino since 2009. country.
- Figtree PACE: 1-877-577-7373 Administered by Figtree Energy Financing and sponsored by the Pacific Housing & Finance Agency (PHFA) and the California Enterprise Development Authority (CEDA). For Commercial projects.
- HERO:1-855-437-6411 This program is administered by Renew Financial and sponsored by Western Riverside Council of Governments) is administered by Renovate America, Inc.
- PACEfunding: 1-844-873-7223 Administered by PACE Funding Group and sponsored by the California Statewide Communities Development Authority (CSCDA).
- YgreneWorks: 1- 877-819-4736 Administered by Ygrene Energy Fund and sponsored by the California Home Finance Authority (CHF).