Property Assessed Clean Energy – PACE Finance
PACE Finance is a new financing instrument available in certain districts across the country anywhere PACE has been approved by the state and city or county. It provides property owners with capital to fund improvements that are proven to create water efficiency, energy efficiency, and/or alternative/renewable energy on-site. Unlike a traditional loan, PACE is paid back as an assessment on the property’s taxes usually twice per year.
Vireo – PACE Services
Vireo is now providing PACE finance services to property owners across the US for single properties and portfolios. Vireo services include work with the public/private parties necessary for success, legislative and administrative initiatives, mortgage/lien holding banking parties, and a range of private sector funding parties targeting a variety of project technologies and deal sizes. We are uniquely positioned to provide this finance solution for parties with interests in multiple markets and project components or technologies.
- Funding for up to 100 percent of installed costs including labor, materials and permits
- Lower operating costs to increase property value
- Project costs and their energy savings may be passed through to tenants
- If the property is sold, the financing assessment stays with the property and transfers to the new property owner, along with the energy saving benefits
- No personal guarantees required
- Projects can be cash-flow positive from day-one