Berkeley, California, has chosen Ygrene Energy as the provider for its Property Assisted Clean Energy (PACE) program, which is aimed at both the commercial and residential sectors.
PACE is an emerging financing structure in which renewable and energy efficiency projects are paid for by approved lenders and repaid by a line item on the property owners’ tax bill. YgreneWorks is being used by more than 320 cities and counties in California and Florida. It is being used by 46 other cities in the Bay Area alone, the release says.
That’s not the only action on the PACE front this week. Renovate America and Geenworks Lending announced that they are partnering on a commercial PACE initiative. The companies will work through Renovate America’s HERO program in Missouri and, subsequently, in California.
PACE financing is available in at least parts of 30 states and The District of Columbia. There may be another added to the list. Virginia, according to Southeast Energy News, is “reaching the home stretch” in implementing the approach.
The story says that Arlington County, which is in the Washington, DC, suburbs, has paced what it says is a critical step by retaining Sustainable Real Estate Solutions as a program administrator. The importance to the commonwealth goes beyond what happens in Arlington, however:
Virginia lawmakers originally authorized local governments to pursue PACE programs in 2009. But procedural glitches hampered Arlington County’s implementation that weren’t corrected until lawmakers fine-tuned the authorizing legislation until 2015. Two years later, Charlottesville, Hampton Roads, Richmond and Roanoke are municipalities keeping a close eye on Arlington’s progress, as is Loudoun County, also in northern Virginia.
The story says that Sustainable Real Estate’s managers soon will submit final guidelines to the county board and, if all goes well, the program will launch next summer.