WEST PALM BEACH, Fla.--(BUSINESS WIRE)--To share best practices and bring prudent standards for property assessed clean energy (PACE), the Florida Green Finance Authority (www.floridagreenenergyworks.com) 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 (Alliance).
“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.”
Representing a growing number of communities throughout the State, the Florida Green Finance Authority shares the Alliance’s commitment to PACE as an “open market” program. 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. Repayment is secured through special assessments on property tax bills.
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.”
This commitment to working collaboratively with banks separates this program from others in Florida, which is what attracted Travis Yelverton, former Deputy Director of Florida’s State Energy Office, to join the program team.
“As a former commercial banker, using this market-driven framework to engage the full spectrum of lenders is a key component for success,” said Yelverton. “The leadership shown by the Authority and Alliance, coupled with forward-thinking financial institutions, will position the open market model as a national best practice for effective PACE programs.”
By working collaboratively, the programs have the potential to create the largest joint energy financing market for private buildings in the U.S.
For more information visit www.floridagreenenergyworks.com.