Financing for Energy Retrofit Projects Pick Up the PACE
July 18, 2013 11:59 AM
Figtree Energy Financing has created a business model using Property Assessed Clean Energy, or PACE programs, that will enable his company to issue $500,000 in private activity bonds every 60 days. Francisco Duran, general manager of Access Solar, is surrounded by the solar photo voltaic array installed on the roof of his company's headquarters. (Image: Catherine Chapin, Figtree).
PACE financing allows hotels and multi-family projects of five or more to slash energy costs while also enabling them to qualify for federal tax credits and new solar water heating incentives. (Image: SunUp Energy)
Maresh Shah, chief executive officer of Figtree Energy Financing, has created a business model using PACE programs to provide longer-term financing for commercial real estate owners interested in energy efficiency projects. He anticipates the sector will grow into a multi-billion business in California. PHOTO: Headshot of Shah. (Image: Figtree Energy Financing).
The most popular improvements using PACE financing are solar PV and HVAC. PACE financing is also used for wind, fuel cells, solar, thermal, lighting, and elevator upgrades. (Image: Ocean Link Energy)
A crew installs a cool roof on one of three Fresno, Calif. office buildings receiving PACE financing through Figtree's recent $890,000 that closed July 10 and funded seven different projects. (Image: Fryer Roofing)
The white vinyl-like material is seamed with robotic welders to create a U-V reflective roof surface that keeps office building membranes and rooftop surfaces cool, saves energy and prolongs the life of this Fresno office rooftop. (Image: Fryer Roofing)
Work has already begun on this class A building, one of three Fresno, California cool roof projects being financed via Figtree's recent private placement bond. (Image: Fryer Roofing)
The 40-unit All Worlds Reports hotel in sun-drenched Palm Springs is using no money-down PACE financing to install 60 kilowatts of solar PV, lighting upgrades and an I-Gen Hybrid Generator that will offset 100% of its monthly electric bills, saving up to $12,000 a month. (Image: Oceanlink Energy)
