53% of PACENation members are businesses, 21% are governmental or quasi-governmental institutions, and 26% are non-profit organizations–all working together to expand access to capital for climate-friendly, resilient buildings
Los Angeles – PACENation announced today that it reached a major milestone with the addition of its 200th member. This milestone coincides with a trend of extraordinary market growth for the Property Assessed Clean Energy (PACE) industry.
“Commercial PACE is an essential financing option for property owners,” said Laura Rapaport, CEO of North Bridge. “This is especially true in places like New York City that have adopted new regulations to reduce carbon emissions in commercial buildings. PACENation helped us enter the PACE marketplace quickly by introducing us to key market participants and by sharing market data and resources. We’re proud to be a member.”
In the United States, PACE has proven to be an essential public policy tool to scale up investment in energy efficiency, clean energy, and resilience upgrades to homes and commercial buildings. To date, over 350,000 building owners have used PACE to invest more than $10 billion in necessary improvements to their properties. As more cities and states across the country adopt codes and standards that heavily incentivize building upgrades, the growth of the PACE marketplace will continue to accelerate. The total capital required to upgrade commercial buildings in the U.S. likely exceeds $2 trillion.
“Local governments need C-PACE financing to achieve their climate goals,” added Mohammed Elahi, Deputy Director of the Bureau of Economic Development for Cook County, the second-largest county in the nation. “It’s simply not possible to upgrade commercial buildings at scale with clean energy and sustainable improvements without C-PACE providing approximately 25% of the capital required for such improvements. That’s hundreds of billions of dollars injected in the green economy. We value our membership in PACENation because they provide a forum for capital providers, program administrators, and local governments to discuss policy issues and collaborate on how to grow the clean energy market. We need to work together.”
“Kitsap Bank is delighted to be working alongside the many other market participants that comprise PACENation,” said Rich Martinez, Senior Vice President and Director of Municipal and Specialty Banking. “Kitsap Bank helped lead the effort to pass C-PACER legislation in Washington State last year, and now we’re excited to be able to offer this critical financing option to building owners in Washington State. PACENation has provided us with resources, connections, and expertise so that we can enter the market quickly. Congratulations to PACENation on achieving this milestone of 200 members.”
Since its inception in 2012, PACENation has served as the PACE industry’s non-profit membership association representing state and local governments, faith-based and community organizations, PACE lenders, and PACE administrators. As a value to its members, PACENation provides market research and data, legislative and regulatory advocacy, educational events, and unique networking opportunities, including the annual PACENation Summit.
PACENation’s Acting Executive Director, Mary Luévano, commented, “We are thrilled to see the addition of so many new capital provider members, including many community banks, on an almost weekly basis. Three years ago we had 30 members. Now we have 200. Our growing and increasingly diverse membership is our greatest asset. It’s what makes us such a strong advocate for PACE-friendly policies at the federal, state and local levels.”
PACENation is the national nonprofit association that works alongside policymakers, businesses and community stakeholders to strengthen and expand access to assessment-based financing for residential and commercial projects that increase energy efficiency, clean energy, clean drinking water, and resilience against natural disasters. Our membership community includes state and local governments, environmental and faith-based organizations, energy efficiency and climate policy experts, small businesses, PACE administrators, and PACE lenders. Members may have different individual goals, but they share a desire to create resilient and resource-efficient communities.