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PACE Jane Elias 2017

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Seminario sobre el programa PACE: innovador mecanismo de financiación de mejoras de eficiencia energética en edificios residenciales y comerciales. Invitada especial por el Consulado de Estados Unidos en Barcelona: Jane Elias, directora del programa PACE en Sonoma County (California): del proyecto piloto a la creación de un mercado de 4.000 millones de dólares en la economía verde. Mayo 2017

Publicado en: Economía y finanzas
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PACE Jane Elias 2017

  1. 1. A Success Story From the Pilot Project in Sonoma to a $4 Billion Dollar Market Jane Elias Sonoma County Energy Independence Program Manager May 2017
  2. 2. County of Sonoma Energy and Sustainability Division Who We Are and What We Do We assist customers with initiating and completing building efficiency upgrades, installation of renewable energy systems and storage, implementing sustainable practices, and retiring fossil fuel vehicles. A resource for information, tools, services and financing options.
  3. 3. Public Needs We Serve Filling the gaps that private industry does not offer Save Money Healthier Buildings Lower Emissions Comfort Save Water Energy Independence Save Energy
  4. 4. Why PACE in Sonoma County Greenhouse Gas Emissions in Sonoma – Exis=ng Building Sector 31% 2%53% 2% 3% 0.3% 1% 8% Building Energy Stationary Sources On-Road Transportation Off-Road Transportation Solid Waste Wastewater Treatment Water Conveyance Agriculture
  5. 5. Climate Change Climate change is a local, human issue
  6. 6. Global PerspecOve Geographical context and sta=s=cs Sonoma County PopulaOon: 503,000 Size: 1,768 Miles2 State of California PopulaOon: 39.14 M Size: 163,696 Miles2 Country of Spain PopulaOon: 46.56 M Size: 195,364 Miles2
  7. 7. What is PACE and Why Consider it? Background Property Assessed Clean Energy
  8. 8. Property Assessed Clean Energy (PACE) A financing op=on that works Property Assessed Clean Energy (PACE) is a financing opOon that allows property owners to install permanently affixed energy efficient improvements, water conservaOon measures and energy generaOon projects Authorized by California State law in 2008 (AB 811, AB 474 and SB555). Allows jurisdicOons to offer financing to property owners for the purchase and installaOon of these improvements Repayment is made through the property tax bill process
  9. 9. Why Consider PACE Financing Adding PACE as a resource to your community •  AlternaOve financing source •  Expand availability of project financing •  Consumer protecOons •  Address climate goal iniOaOves •  Create local jobs •  Contractor support and resource •  Standardized data tracking and validated results
  10. 10. Advantages of PACE What sets PACE apart from other types of financing Easy qualificaOon process – current status on property taxes and exisOng liens Assessments are acached to the property, not the person Assessment has the ability to carry forward to the next owner Varied payback terms – long term payback allows for a lower payment to be offset by energy savings The interest may be tax deducOble
  11. 11. Applicant Eligibility The underwri=ng criteria •  Improvements permanently affixed to the property •  Within geographical boundaries of the county •  Applicants are legal owner(s) of property •  Current on exisOng mortgage(s) •  Current on property taxes •  No bankruptcy •  No involuntary liens on the property •  Request less than 10% value of the property •  All exisOng liens plus the requested financing is less than 100% lien to value raOo
  12. 12. Local Value of Energy Efficiency What it can do for you and your community Cost savings and local reinvestment Workforce development and job creaOon Prudent use of resources Enhanced properOes and building performance Profit
  13. 13. Benefits of PACE What it can do for the property owner PotenOal for lower electric, gas and water uOlity bills Improved indoor air quality and comfort Improvements can be made with low or no up-front costs Tax benefits: PACE assessments do not hinder ability to claim energy tax credits and deducOons Improvements funded through PACE may increase property value
  14. 14. Consumer Assurances Making sure protec=ons are in place for an unregulated instrument All projects require building permits and are inspected by a local building official ParOcipaOng contractors are verified with each applicaOon to ensure their status with the California State License Board is acOve and in good standing ParOcipaOng contractors are required to carry at least $1M of commercial general liability insurance Costs for projects are checked to make sure they qualify and meet the Program’s reasonable cost
  15. 15. How to Begin the Process Steps to implemen=ng PACE financing Program Start-Up
  16. 16. Groundwork – Do your research! Prepara-on – Know your audience; know how PACE benefits the official; know the posiOve effects to the local economy; know how PACE efforts fit into the strategic plan; acend their events Execu-on – Bring key stakeholders in early and get to the point where they understand it Follow up – Keep them updated; provide educaOon on the benefits and impacts of PACE; provide informaOon and stories that resonate with them and the public The Road to ImplemenOng PACE Ways to get PACE going in your community Groundwork PreparaOon ExecuOon Follow-up
  17. 17. •  IdenOfy Key Staff Meet and Discuss Provide InformaOon and Talking Points •  Highlight Government's Role Connector Supporter Facilitator •  Encourage Partners Provide Support Outreach to Elected StarOng the Process Connec=ng with elected officials and decision makers
  18. 18. Funding Considera=ons and possibili=es are abundant AnOcipate a greater financial need from the start Do research on ways to fund it and make it sustainable Think creaOvely Work together Start BIG
  19. 19. Sonoma’s Financing Warehouse Municipal Example - How it Works Twice a Year Property Tax Payments County Treasury Pool $45M Water Agency $15M Sonoma County Public Financing Authority SCEIP Property Owner $ Bonds Debt Services $ $ $ Investors and Open Market Financing
  20. 20. Administrators Who is the team? Consider the opera=ons and finance
  21. 21. Working with Lenders Lenders may have concerns about property owner’s par=cipa=on
  22. 22. Jobs and Workforce Development A solu=on for job crea=on or reten=on
  23. 23. Storefronts and Websites You can have one or the other, or both, decide what works best
  24. 24. Tools and ApplicaOons Process, collect, store, track, and monitor right from the start
  25. 25. MarkeOng Consider an Adver=sing Budget in the Ini=al Costs
  26. 26. Legal Team Have a strong legal team for Opera=ons and Finance
  27. 27. Your Program will Flourish Take =me to create the right program for your needs Work with Lenders Plan for a Storefront and/or Web Site Tools and ApplicaOons Funding Administrators MarkeOng Legal Team
  28. 28. Sonoma PACE Results Energy Independence Program by the numbers March 2009 – March 2017 35,767 PACE financing inquiries 2,386 ApplicaOons funded $76.4 M Amount funded $26.1 M Funding available $33.8 M Current porqolio outstanding 58,761 Metric Tons CO2 reduced 1,528 Jobs created (ACEEE formula*) 157 ParOcipaOng contractors 89% Jobs done by local contractors 0.23% Tax delinquency rate 0.00% Default rate * Source: American Council for an Energy Efficient Economy (ACEEE) How Does Energy Efficiency Create Jobs fact sheet
  29. 29. Types of Improvements Financed Energy Efficiency = 58% | Genera=on = 40% | Water Conserva=on = 2% 40% 2% 10% 6% 3% 12% 19% 3% 2% 2% 1% Solar PV Solar Thermal HVAC Cool Roof Water Heater Sealing & Insulation Windows & Doors Lighting Ventilation Water Cons. Other Energy Efficiency
  30. 30. Thank You Jane Elias Sonoma County Energy Independence Program Manager Energy and Sustainability Division