Figtree Financing has partnered with a large New York-based financial institution for up to $60 million in committed capital to fund commercial PACE energy upgrades in California via its new program – OnDemandPACE.
Property Assessed Clean Energy (PACE) financing provides property owners with capital to perform energy efficiency upgrades and renewable energy installations based on property values with no money down. The project costs are repaid via property tax bills. Local involvement and state legislation are required for PACE to be active in a given area.
Figtree says its OnDemandPACE program portfolio will contain multiple property types and multiple project types, and that projects will be funded faster with this program.
Figtree’s OnDemandPACE financing is available for commercial, industrial, office, retail, agriculture, and multi-family properties of five or more units.
Figtree has already used commercial PACE financing to fund a variety of projects, ranging from industrial rooftop solar to local business HVAC upgrades, to retail cool roofing. In addition, through its Registered Contractor program, Figtree offers training and customer support services to help contractors sell PACE financing and help property owners with project analysis.
In 2013, Figtree Financing issued a third bond for four projects in the California cities of Chico, Bakersfield and Palm Springs to fund solar and cool roof improvements to two retail facilities, a commercial warehouse and a hotel.