Presentation is loading. Please wait.

Presentation is loading. Please wait.

PACE Property Assessed Clean Energy Voluntary Opt-In Financing for Energy Upgrades.

Similar presentations


Presentation on theme: "PACE Property Assessed Clean Energy Voluntary Opt-In Financing for Energy Upgrades."— Presentation transcript:

1 PACE Property Assessed Clean Energy Voluntary Opt-In Financing for Energy Upgrades

2 Economic Impact Projections of PACE $1 million in PACE expenditures generates: $2.5 million in gross economic output 15 jobs $250,000 in tax revenue to local, state, or federal taxing entities Other benefits: Notable reduction in energy costs to property owners Reduction in risk of default on mortgage loans Increased resale value for PACE-impacted buildings Additional stabilization of the general economy

3 Elements: 1st multi-jurisdictional PACE program financing opportunities for energy efficiency & renewable energy funded through public offering of taxable and tax-exempt bonds primary goal was to reduce community’s carbon-footprint 1st phase financed $9.8 million in residential energy retrofits Total Phase 1 costs, including risk-management reserve fund, loan fees, loans, and other costs = $13 million Following FHFA intervention, Boulder County proceeded with implementation of a commercial PACE program but suspended the residential program, which was poised for Phase 2 implementation Economic Impacts from Boulder County, CO’s ClimateSmart Loan Program

4 Economic impacts based on 598 project invoices & $9 million in spending: +85 short-term jobs in Boulder County, +41 additional statewide +$5 million in earnings in Boulder County, +$2 million additional statewide +$14 million in economic activity in Boulder County, +$6 million additional statewide Biggest winners by industry: retail & wholesale trade, construction, service Reduced energy use saved participants approx. $125,000 during the first year on their electric and gas utility bills (>$200/project invoice) Economic Impacts from Boulder County, CO’s ClimateSmart Loan Program

5 Assessment: Short-term, in-county benefits alone exceed the investment made by local government Indications that the program spurred significant energy retrofit spending beyond that reflected in PACE applications Certain elements of the program reflect a bias towards GHG emission reduction rather than job creation/economic development--these parameters could be refined if this program were replicated Significant demand for PACE financing likely remains in the residential sector Program forecasts are optimistic

6 Resources & Case Studies pacenow.orgpacenow.org - PACE resource pacenow.org/wp-content/uploads/2013/09/NJPACE-Benefits pdfpacenow.org/wp-content/uploads/2013/09/NJPACE-Benefits pdf - NJ PACE case study pacenow.org/c-pace-case-studies/pacenow.org/c-pace-case-studies/ - more case studies - Economic Impacts Boulder, CO PACENow.org Youtube Video

7

8 States with active PACE legislation

9

10 PACE Supports Local Jobs PACE projects support local contractors and suppliers PACE property owners pay less in utility bills, use excess savings to pay for other needs PACE attracts and retains local businesses

11 PACE Overcomes Cost Barriers With PACE: –Projects eligible for 100% financing if property has adequate equity –Little or no upfront cost for owners –Capital and credit can be saved for other needs –Repayment occurs over the same time period that savings are realized –Energy savings pay for project costs

12 PACE Programs in Florida 4 PACE programs currently active or in development: Florida Green Energy Works- Lantana, Mangonia Park, West Palm Beach, Boynton Beach, Delray Beach, Lake Worth, Tequesta, Fellsmere, Stuart, Gulfport, Martin County, Broward CountyFlorida Green Energy Works Florida PACE Funding Agency- Flagler County, Kissimmee, Nassau CountyFlorida PACE Funding Agency Solar Energy Loan Fund- St Lucie County, Fellsmere, Sebastian, StuartSolar Energy Loan Fund Ygrene- Cutler Bay, Pinecrest, Miami Shores, Palmetto Bay, South Miami, Miami, Cape CoralYgrene

13 Next Steps 1. Placed on agenda for City & County meetings 2. Appoint staff and existing advisory committee to evaluate PACE programs 3. Determine PACE parameters 4. Presentations by PACE programs 5. Request For Proposals(RFP) to choose provider or create program

14 Decision made to implement Commercial PACE, with third-party administrator(s) County/City adopt together through interlocal agreement Select one or more third-party PACE administrators, and negotiate agreement(s) County adopts on its own POSSIBLE OPTIONS FOR IMPLEMENTATION OF VOLUNTARY PACE PROGRAM County determines parameters Allow municipalities to opt-in County/City negotiate parameters Allow other municipalities to opt-in Issue RFQ/RFP for third-party administrator Hear two or more presentations Jointly issue RFQ/RFP for third-party administrator Jointly hear two or more presentations Interlocal agreements with Property Appraiser and Tax Collector Jointly select one or more third-party PACE administrators, and negotiate agreement(s) Interlocal agreements with Property Appraiser and Tax Collector OR

15 Alachua Clean Energy & Gainesville Loves Mountains https://www.facebook.com/AlachuaCleanEnergy https://www.http://gainesvillelovesmountains.wordpress.com/ https://www.facebook.com/AlachuaCleanEnergyhttps://www.http://gainesvillelovesmountains.wordpress.com/


Download ppt "PACE Property Assessed Clean Energy Voluntary Opt-In Financing for Energy Upgrades."

Similar presentations


Ads by Google