Updated from “5 Ways to Kill Your PACE Project,” January 2017
If you haven’t heard about it yet, PACE, or Property Assessed Clean Energy - is the unique financial tool that allows building owners to fully finance energy conservation measures with no money down. Because PACE projects must be “cash-flow positive,” this long-term loan is generally paid back out of the savings realized from the upgrades!
From their first meeting of less than 50 people just a couple of years ago to almost 500 this year, PACENation reflects the potential this groundbreaking policy has on the future of the built environment. PACENation is the national, non-profit advocacy organization for Property Assessed Clean Energy (PACE) financing.
In 2016, PACE passed the $3 billion mark in cumulative financing (commercial and residential). “What we’re really seeing is the birth of an industry. It isn’t just about burning less hydrocarbons, it’s also about saving money,” John Hickenlooper, the Governor of Colorado told the crowd.
PACE (Property Assessed Clean Energy), a new way to finance energy conservation measures in commercial buildings, came to Michigan just four short years ago. Like most new ventures, it took a while for it to gain traction among property owners and building managers.