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GRESB at Greenbuild: PACE Financing Breakfast Session
November 7, 2017 | 7:30 am - 8:45 am
Property Assessed Clean Energy (PACE) is an innovative financing program growing across the country. To date, 34 states and DC have enacted PACE enabling legislation and 19 states have active commercial PACE program(s). PACE permits commercial properties to obtain long-term, fixed interest rate financing for the installation of energy efficient, renewable energy and water conservation measures. PACE financing is repaid through a special assessment as part of the property tax collection process.
PACE is particularly attractive for commercial property owners for a number of reasons, including (i) extended term – up to 20 years; (ii) transfers with the sale of the property to new owner, who continues to benefit from the energy savings; (iii) off-balance sheet financing; and (iv) in certain leases structures, tenant pays the increased property taxes which are offset by tenant’s reduced utility and operation costs.
This session will outline the potential opportunities REITs can realize by utilizing PACE in eligible markets. Such benefits include:
- 100% financing for capital-intensive improvements with no personal guarantees
- Lower energy costs resulting in cash flow positive projects
- Owner retains all tax and utility incentives
- Improve asset value and accelerate sustainability goals
- Dan Winters, Head of Americas, GRESB
- Brian McCarter, CEO, Sustainable Real Estate Solutions, Inc
- Keirsten Beck, Principal, Integro, LLC
- Kevin McSweeney, Regional Sales Manager, EnerNOC
This session is sponsored by GRESB Premier Partner EnerNOC.