San Francisco and LA County Launch PACE
The Florida Green Finance Authority has partnered with the C40-Clinton Climate Initiative and leading communities, San Francisco and Los Angeles County, to launch the Commercial Clean Energy Financing Alliance in an effort to share best practices and bring prudent standards for PACE (property assessed clean energy).
“PACE by its very nature is a local government initiative that leads to significant energy savings and the creation of construction and engineering jobs,” said Scott Henderson, Director of Finance, C40-Clinton Climate Initiative. “We believe the Alliance’s PACE program – and its standardized use of model practices – will be more attractive to building owners, capital providers and contractors as they work across jurisdictions.”
The Florida Green Finance Authority continues to represent a growing number of communities throughout the State and shares the Alliance’s commitment to PACE as an “open market” program. According to the Florida Green Finance Authority, “such programs give building owners flexibility to hire any qualified contractor and obtain financing from any qualified investor to complete custom-tailored clean energy projects.”
Furthermore, “open market” programs respect the rights of existing mortgage holders by requiring their consent to PACE assessments. This approach makes banks important partners to PACE project development.
“The Commercial Clean Energy Financing Alliance’s approach has potential for positive change as a way to promote energy efficiency retrofits of commercial properties,” said Wayne Seaton, managing director Wells Fargo’s Sustainable Public Infrastructure group. “Wells Fargo’s environmental commitment is cultivated in part from an appreciation of the ways in which we can help our clients and our communities achieve environmental goals.”
Source: The Florida Green Finance Authority
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