Renewable Funding has announced that its national expansion continues with new Property Assessed Clean Energy (PACE) programs in three states. The company has been selected to support PACE programs in Santa Fe County, New Mexico; Santa Barbara County, California; and throughout the State of Louisiana.
Renewable Funding provides design, finance, and administration for PACE programs across the country. These new programs are in addition to the over 200 local governments already working with Renewable Funding.
+ In Santa Fe County, Renewable Funding will design, administer, and finance a Property Assessed Clean Energy (PACE) program. The Santa Fe County program, called Renew Santa FE, will allow private property owners to finance solar and other renewable energy installations through a special assessment on their property. Renewable Funding will partner with Citigroup Capital Markets to provide capital to fund the projects.
+ In Santa Barbara County, Renewable Funding will provide technology services, including the design and management of the Web portal through which property owners may apply for and receive funding for approved PACE projects.
+ Renewable Funding, in conjunction with local partners Jones Walker, The Sisung Group and Solar Energy Squared, is developing a Louisiana statewide PACE program through the sponsorship of the Louisiana Community Development Authority (LCDA). The program will finance both renewable and energy efficiency projects throughout the state after the participating City or Parish has formed its PACE financing districts. One of the first movers to form their PACE Financing District is the City of New Orleans. The City of New Orleans sees this program not only as an opportunity to retrofit homes but also part of the rebuilding effort.
"A growing number of state and local governments are embracing this innovative tool to encourage private property owners to take active steps toward reducing their energy consumption," said Cisco DeVries, president of Renewable Funding and originator of the PACE financing concept. "As PACE continues to catch on around the country, it has the potential to dramatically reduce our nation's energy consumption, stimulate green job growth, and save property owners significant amounts of money on their utility bills."
Earlier this month, Renewable Funding launched San Francisco's $150 million "Green Finance SF" program. The firm has a number of other programs scheduled to launch in the near future. The company will also finance and administer the City of San Diego's PACE program, which is scheduled to launch in the early summer. Other programs, including for the County of Los Angeles and a group of 140 local governments in the CaliforniaFIRST program, are also scheduled for later this summer.
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