Figtree Financing, a provider of Property Assessed Clean Energy (PACE) financing, issued its third bond on October 22. The $478,100 bond includes 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.
This bond comes three months after having funded improvements to seven California properties in a prior bond issue, bringing the total value of commercial PACE projects financed by Figtree to over $2 million.
PACE provides property owners with up-front capital to improve their properties with energy efficiency, renewable energy and water conservation upgrades based on property values – up to 20 percent of a property’s assessed value. The capital is re-paid via the building owners’ property tax bills. PACE’s unique financing is particularly suited for projects that have a long, useful life and benefit from a long-term amortization like solar, HVAC and cool roofing, according to Figtree.
Figtree is utilizing its statewide network of assessment districts created by the California Enterprise Development Authority to issue its multi-jurisdictional bonds. The program structure makes adoption of PACE financing available for local government agencies that want to make energy improvement financing available to local property owners.
￼Figtree is now active in 46 cities and counties in California and has recently been adopted by the cities of Hermosa Beach, Anaheim, and Rolling Hills.
According to PACENow.org, 39 percent of the projects financed via commercial PACE include solar and the remaining 61 percent are energy efficiency improvements such as HVAC and cool roofing.