subject: Pace Financing For Commercial Buildings [print this page] PACE Financing for Commercial Buildings PACE Financing for Commercial Buildings
Property Assessed Clean Energy Financing for Energy Efficiency Retrofits and Renewable Energy: Market Opportunity, GHG Reduction, and Job Creation
In the commercial building sector, energy efficiency retrofits are a highly effective approach for reducing energy consumption and costs while also mitigating greenhouse gas emissions. However, the energy retrofit market in privately owned buildings is limited by capital constraints, short planning horizons for property owners, and split incentives between owners and tenants. The market is also highly fragmented: in addition to the variety of commercial building size, use, age, and energy intensity, financial incentives for energy retrofits vary by location and time. ( http://www.bharatbook.com/detail.asp?id=144403&rt=PACE-Financing-for-Commercial-Buildings.html )
Property Assessed Clean Energy (PACE) financing is emerging as an important tool to overcome these barriers in the market for commercial building retrofits. PACE programs create voluntary tax liens on private property, to secure financing for energy efficiency retrofits. The liens are paid off over 5 to 20 years, usually on the property tax bills. According to analysis, retrofits would create neutral or positive cash flow for the majority of commercial buildings, making PACE a very promising financing mechanism. Recent legislation has authorized municipal PACE programs in almost 20 states, accounting for 60% of the energy cost in commercial buildings nationally. A few municipal programs are already running. More will launch this year, some with ARRA EECBG and Retrofit Ramp-up funding, and others with nonfederal funding.
This report explores the potential for PACE programs to address many of the critical barriers in the market for renewable energy and energy efficiency retrofit projects in privately owned commercial buildings. This report includes two five-year market forecast scenarios, with an analysis of the national, state and local politics and the marketing/sales challenges that will influence which scenario is realized.
Key questions addressed:
* Which barriers in the energy retrofit market does PACE address, and how?
* Given that some PACE programs and policies focus on residential single family homes, how can commercial buildings be addressed?
* What types of commercial buildings (analyzed by ownership, use and location) will be PACE early adopters?
* What will drive or block PACE adoption in various sectors?
* Where, when, and how much PACE financing will be available for commercial energy retrofits?
* How many green jobs could PACE create in commercial energy retrofits, and what is needed to make this happen?
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