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PACE

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

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PACE

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  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. Economic Impacts from Boulder County, CO’s ClimateSmart Loan Program 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

  4. Economic Impacts from Boulder County, CO’s ClimateSmart Loan Program 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)

  5. Economic Impacts from Boulder County, CO’s ClimateSmart Loan Program 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.org - PACE resource pacenow.org/wp-content/uploads/2013/09/NJPACE-Benefits8-26-13.pdf - NJ PACE case study pacenow.org/c-pace-case-studies/ - more case studies http://www.nrel.gov/docs/fy11osti/52231.pdf - Economic Impacts Boulder, CO http://aceee.org/sector/local-policy http://pacenow.org/wp-content/uploads/2013/06/2013.06.12-JCI-Pick-up-the-PACE.pdf PACENow.org Youtube Video

  7. States with active PACE legislation

  8. 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

  9. 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

  10. 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 County • Florida PACE Funding Agency-Flagler County, Kissimmee, Nassau County • Solar Energy Loan Fund-St Lucie County, Fellsmere, Sebastian, Stuart • Ygrene- Cutler Bay, Pinecrest, Miami Shores, Palmetto Bay, South Miami, Miami, Cape Coral

  11. 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

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

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

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