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Clean Energy Green Corridor: Florida’s First PACE Program Joe Spector Vice President of Operations Ygrene Energy Fund Florida

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Presentation on theme: "Clean Energy Green Corridor: Florida’s First PACE Program Joe Spector Vice President of Operations Ygrene Energy Fund Florida"— Presentation transcript:

1 Clean Energy Green Corridor: Florida’s First PACE Program Joe Spector Vice President of Operations Ygrene Energy Fund Florida

2 THE BASICS OF PACE NEW SPIN ON THE ASSESSMENT POWERS OF THE CITY ENERGY EFFICIENCY AND HURRICANE PROTECTION = COMPELLING STATE INTEREST MUNICIPALITIES CAN FINANCE ENERGY EFFICIENCY AND HURRICANE PROTECTION UPGRADES REPAID BY THE PROPERTY OWNER THROUGH NON-AD VALOREM ASSESSMENT ON PROPERTY TAX BILL

3 WHAT IS PACE? 100% FINANCING  No out of pocket expense to property owner  Removes single largest obstacle to implement these projects VOLUNTARY  Simply an option for those who want it  All traditional forms of financing are still available INDIVIDUAL  Zero affect on neighbors  Only those who choose to participate pay the assessment NON CREDIT BASED  Eligibility based on property values and owner equity  Allows many to participate that would not be eligible for traditional financing

4 ELIGIBLE IMPROVEMENTS ENERGY EFFICIENCY RENEWABLE ENERGY HURRICANE PROTECTION

5 ELIGIBLE IMPROVEMENTS (examples) Air sealing and ventilation Air filtration Building envelope Bathroom, ceiling, attic, and whole- house fans Insulation Defect correction Attic, floor, walls, roof, ducts Weather stripping Sealing Geothermal exchange heat pumps HVAC systems Evaporative coolers Natural gas storage water heater Tankless water heater Solar water heater system Reflective insulation or radiant barriers Cool roof Windows and glass doors Window filming Skylights Solar tubes Additional building openings for natural light Solar thermal hot-water systems Solar thermal systems for pool heating Emerging technologies Lighting (fixture retrofits only) Pool equipment Occupancy-sensor lighting fixtures SMART parking-lot bi-level fixture SMART parking-garage bi-level fixtures SMART pathway lighting SMART wall-pack fixtures Task ambient office lighting Classroom lighting Refrigerator case LED lighting Wireless daylight-lighting controls Duct leakage and sealing Kitchen exhaust variable air- volume controls Wireless HVAC controls & fault detection Faucet aerators Core-plumbing system Gray-water system Irrigation-control system Irrigation system Rainwater cistern Demand initiated hot-water system Low-flow showerhead High-efficiency toilets Deionization Filter upgrades Roof deck & foundation strength improvements Wind-resistant shingles or other roofing Secondary water barrier Gable-end bracing Roof-to-wall connection reinforcement Storm shutters Perimeter-opening protections Raising building elevations Photovoltaic Systems Electric Car Charging Stations

6 WHAT IS CLEAN ENERGY GREEN CORRIDOR 7 MUNICIPALITIES JOINED FORCES  Coral Gables, Miami, Miami Shores, South Miami, Palmetto Bay, Pinecrest, & Cutler Bay BENEFITS OF JOINING A PACE DISTRICT  Take advantage of economies of scale  No risk to the individual municipalities  District is a separate legal entity SELECTED YGRENE AS THE ADMINISTRATOR  Fully funded, turn-key solution  Handles all education, marketing, training, community outreach, administration, reporting, and financing  Operated at zero cost to the district and zero cost to the members ONLY ZERO RISK & ZERO COST SOLUTION TO UNLEASH THE POTENTIAL OF THE PACE PROGRAM

7 CEGC INCLUDES RESIDENTIAL PROPERTIES FL LAW CLEARLY STATES THAT MORTGAGES CAN NOT BE ACCELERATED  “A provision in any agreement between a mortgagee or other lienholder and a property owner, or otherwise now or hereafter binding upon a property owner, which allows for acceleration of payment of the mortgage, note, or lien or other unilateral modification solely as a result of entering into a financing agreement as provided for in this section is not enforceable.” FL IS A NOTIFICATION ONLY STATE  “Without the consent of the holders or loan servicers of any mortgage encumbering or otherwise secured by the property…. At least 30 days before entering into a financing agreement, the property owner shall provide to the holders or loan servicers of any existing mortgages encumbering or otherwise secured by the property a notice of the owner’s intent…. FULL DISCLOSURE TO PROPERTY OWNER  Rights and Responsibilities

8 RIGHTS & RESPONSIBILITIES (6) In accordance with Florida law, the lien securing the obligation to pay the special assessments will be senior to all private liens, including existing mortgage(s)….. Recently, the Federal Housing Finance Agency (FHFA) issued policy guidelines that question the validity and lien status of PACE assessments. Property owners should confirm with their lender(s) that participation in the PACE program does not adversely impact their rights under any existing loan documents. (7) ….. The FHFA appears to have instructed its GSEs not to purchase home loans when there is a senior lien such as a PACE special assessment. Therefore, in order to refinance your home loan, or for a prospective purchaser of your property to obtain a loan secured by the property, the special assessment may need to be paid off. I CERTIFY THAT I HAVE READ AND UNDERSTAND THE ABOVE DISCLOSURE Signature:________________________________ Address: ________________________________ Printed Name:_____________________________ Date: ______________________________

9 BENEFITS TO PROPERTY OWNERS ELIMINATE UP-FRONT EXPENSE NOT CREDIT BASED – OFF-BALANCE SHEET LONG PAYBACK PERIODS PAYMENTS STAY WITH PROPERTY SOLVE SPLIT INCENTIVE ISSUE POTENTIAL FOR REAL SAVINGS

10 BENEFITS TO PROPERTY OWNERS

11 CURRENT STATUS Over 300 contractors have been trained and certified Contractors have run almost $2 billion in eligible projects $65 million of projects in various stages of the pipeline Launch event for Green Corridor on September 12 hosted by Ygrene and the Carbon War Room.

12 Job creation through private investment Attract new businesses and direct investment Reduce carbon footprint of the city Reduce energy bills for property owners Increase hurricane preparedness Completely voluntary for property owners No Risk/No Cost to the City


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