Location: Ann Arbor, MI
The Ann Arbor PACE program has pooled together 8 local energy efficiency projects totaling approximately $900,000. The next steps in the PACE bond process are for City Council to vote on a resolution to allow the City to sell its first PACE bond; that meeting will be held on Feb 19th. If it is adopted, program staff will move to sell the bond right away, finalize energy assessment agreements with all the applicants, and enable the property owners and contractors to begin work as soon as possible.
As of February 8th, the program has 37 active applications totaling over $11.4 million. Several applicants are working on affirmative acknowledgement and consent to the PACE lien from their existing mortgage lenders. More applications are to come with an additional 5-7 counties joining CaliforniaFIRST this spring. For more information, go to CaliforniaFIRST.org.
The state-wide Connecticut C-PACE program, which officially launched last month, continues to gather steam. Twelve towns covering over a quarter of the state’s commercial real estate market have opted into the program bringing over 50 projects into the C-PACE pipeline. Last month, CEFIA launched the C-PACE website: www.c-pace.com where building owners can now apply for C-PACE financing online. This month, after conversations with its prequalified capital provider group, CEFIA has approved a 20 million dollar fund to provide construction period financing and other credit enhancements to accelerate C-PACE deals. CEFIA is also launching a registration and training program for contractors and auditors to become prequalified, giving them access to the C-PACE open source database management platform and co-branding/ marketing opportunities through the program.
There have been $27M in fundings across 1,500 projects for an average of $18,000 per project. There is an additional $22M across 1,200 projects that are underway. The commercial group is actively pursuing completion of its first commercial PACE financing.
Location: Toledo, Ohio
The Toledo-Lucas County Port Authority’s BetterBuildings Northwest Ohio program has surpassed its milestone of over 50 completed energy efficiency projects since its inception in June 2010. Energy efficiency project sizes range from $25,000 to over $5 million in costs. Projects were completed on a broad range of buildings including auto dealerships, senior centers, office buildings, parking garages, airport hangars, municipal buildings, water plants, sports complexes and manufacturing/industrial facilities. The program has even performed energy upgrades to small businesses such as a day care center and a multi-family apartment building. These total projects represent an investment of over $20 million.