San Diego Adds More PACE Financing
Clean Edge News
The San Diego County Board of Supervisors has voted to bring FIGTREE, California’s most active commercial PACE provider, to the region to help property owners finance energy efficiency, solar, and water conservation improvements.
PACE (Property Assessed Clean Energy) financing gives commercial property owners up-front private-sector capital to realize the money-saving benefits of energy efficiency, renewable energy and water conservation upgrades based strictly on property values – usually 10% of an assessed property’s value; sometimes more.
The City of San Diego and the cities of Oceanside, Santee, San Marcos and Vista have also opted into FIGTREE’s PACE financing program.
FIGTREE finances projects from as little $5,000 into the millions of dollars. FIGTREE’s brand of financing is available for commercial, industrial, office, retail, agricultural and multi-family properties of five or more units.
PACE requires no money down, no minimum FICO score and provides for attractive off balance sheet financing that doesn’t impact a property owner’s credit score or capacity to borrow for other business needs.
PACE funds can be used for materials and labor costs of permanently-installed improvements that reduce a building’s use of grid-supplied energy or water. Solar photovoltaics (PV) and solar water heating; wind and geothermal; cool roofs; intelligent heating and air conditioning (HVAC); energy-efficient lighting; windows, door and elevator upgrades; boilers and chillers; water treatment and conservation improvements, fixtures, xeriscaping and electric vehicle charging stations are some of the projects eligible for financing under the program.
FIGTREE PACE financing is available via an assessment district established by the California Enterprise Development Authority, a joint powers authority of the California Association of Local Economic Development (CALED), a non-profit who works in partnership with cities and counties across the state. With the County of San Diego’s approval this week, FIGTREE is currently approved in 37 California cities and counties, with more joining the program each month.
FIGTREE’s PACE program has been endorsed by the California Building Industry Association, California Business Properties Association, Building Owners and Managers Association (BOMA), Region Builders, Inc., contractors, energy professionals and municipal sustainability and economic development professionals throughout California.