What is CivicPACE?
Supported by the U.S. Department of Energy’s SunShot Initiative, the CivicPACE Program is working to support solar energy deployment by bringing property assessed clean energy (PACE) financing to tax-exempt organizations, such as nonprofits, affordable housing, faith based institutions, and schools.
Property Assessed Clean Energy offers a secure way to finance 100% of the cost of energy saving building improvements, like solar energy, using capital provided by local government or private lenders. Loans are repaid through a building owner’s property taxes over a period typically lasting twenty years. By the end of 2013, the cumulative value of projects financed via commercial property-assessed clean energy (PACE) reached nearly $60 million – almost five times the amount seen just two years prior.
Nevertheless, the National Renewable Energy Laboratory estimates Commercial PACE is likely to attain only 5% of commercial solar financing over the next few years. Broader use of this financing mechanism is limited, in part, by the tax-exempt ownership structures of many property owners (e.g., non-profit affordable housing owners, educational institutions, and faith-based institutions), that creates weak security for project underwriting. PACE financing provides a critically needed tool for directly addressing these underwriting and access challenges for otherwise economically beneficial projects.
Financing your clean energy project with Urban Ingenuity
Urban Ingenuity can help fund your clean energy infrastructure projects and building upgrades using Commercial PACE financing in many communities around the country. Our ability to serve your project will depend on the structure of the PACE program and enabling legislation in your community. This map shows where PACE programs have already been developed nationally, and the number of PACE markets is growing every day.