The report makes it very clear that PACE is not a mortgage, and it needs to be considered with different metrics. Though major PACE programs collect FICO scores, their key consideration is the lien-to-value ratio. This is because “PACE lending is tied to the asset and not to the creditworthiness of the property owner.”
After months of review, the DOE’s new PACE Guidelines have finally been released. The USA’s largest Property Assessed Clean Energy (PACE) providers do not anticipate any complications with the DOE’s new guidelines. Both Renovate America and Ygrene believe they are already in line with most of what the government is suggesting.
Last July, Leon County (home to Tallahassee) became the first Florida municipality to adopt the HERO PACE Program. Several other Florida counties and cities followed suit. The latest was Orlando, whose city council approved the program this week.
Originally published on the ECOreport. Sacramento was one of the 16 cities and five counties that recently adopted the HERO Property Assessed Clean Energy (PACE) Program. Now 85% of California can apply for HERO PACE loans. Actually Saving Money Some customers are actually saving money, in terms of their cash flow, by … [continued]
Originally published on the ECOreport The Environmental Protection Agency recognized three local governments for their “Innovative Partnerships” with a PACE provider in its 2016 Climate Leadership Awards. In the press release, in which the EPA announced awards being given to “One Individual, 13 Organizations, and three Partnerships” across the US, it says: The … [continued]
Originally published on the ECOreport Eric Garcetti has long been an advocate of clean energy. During his many years as a city counselor, he wrote Los Angeles’ green building ordinance. As mayor, Garrett promised to create 20,000 clean energy and clean water sector jobs during his first term (2013-2017). In April 2015, … [continued]
More than 10,000 local jobs have been created in California as a result of the HERO Property Assessed Clean Energy (PACE) program, according to a new press release. The jobs are the result of the more than 50,000 home improvement projects completed via the HERO PACE program since its launch back … [continued]
Originally published on the ECOreport Since 2011, Renovate America has financed more than $1 billion in home improvements through its HERO program. This is a significant investment which is paid back over twenty years. Thus it is not surprising to read about Renovate America’s 5th securitization of PACE bonds. Plans … [continued]
Originally published on the ECOreport Renovate America CEO J.P. McNeill does not give many press conferences. In fact, this is the first I have attended in the three years I have covered this company’s HERO PACE, but yesterday was a watershed. HERO financed $1 billion of PACE projects. Hero Has Financed $1 billion … [continued]
Originally published on the ECOreport Renovate America has financed more than $950 million worth of solar power, energy-efficient HVAC/windows/roofing, water capture systems, and artificial turf projects since 2011. Its HERO PACE program has already been been used by 38,000 homeowners, adopted by 347 Californian communities, and rumor has it that … [continued]
