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Pace Financing
- 1. Sustainable Energy Solutions using Innovative Finance
- 6. American Recovery and Reinvestment Act $60 billion in clean energy investments to jump- start economy and build the clean energy jobs of tomorrow: $5 billion for low-income home weatherization projects $4.5 billion to green federal buildings, cut energy bill, saving taxpayers billions of dollars $6.3 billion for state and local renewable energy and energy efficiency efforts $11 billion for smart grid, moving renewable energy from rural places it's produced to the cities where it is needed 40 million smart meters to be deployed in American homes
- 7. Schwarzenegger Signs Landmark Legislation to Reduce Greenhouse Gas Emissions California Global Warming Solutions Act of 2006, establishes: Statewide greenhouse gas emissions cap for 2020, based on 1990 emissions Mandatory caps will begin in 2012 for significant sources and ratchet down to meet the 2020 goals The electricity and natural gas sectors will contribute at least 40 percent of the total direct greenhous gas reductions Significantly reduces greenhouse gas sources via regulations and market mechanisms "Using market-based incentives will reduce carbon emissions 25 percent by the year 2020, and by 2050, we will reduce emissions to 80 percent below 1990 levels," Governor Schwarzenegger.
- 8. Schwarzenegger Signs Legislation to Complete One Million Solar Roofs Initiative will lead to a million solar roofs in California by 2018 and Credit Consumers for Excess Power Produced Consumers who install solar panels on their homes and businesses can sell excess energy back to power companies for credit on monthly bills Increases current cap on the number of customers who can use this option to 2.5 percent, raising the ceiling will provide needed financial incentive to bring more solar power on to the grid “My Million Solar Roofs Plan will provide 3,000 megawatts of additional clean energy and reduce the output of greenhouse gasses by 3 million tons which is like taking one million cars off the road."
- 9. PACE Benefits Property Owners PACE is an innovative financing model that saves property owners money on their utility bills, helps local governments create green jobs, and reduces carbon emissions No upfront cost to the property owner Incremental property tax payments are low and fixed for 20 years Property taxes transfer to the new owner when the property is sold Energy savings reduces utility bill The PACE program solves many of the financial hurdles facing property owners interested in installing solar systems and energy efficiency upgrades
- 10. PACE is a property tax lien oriented financing that improves the economics of energy retrofits Property Owner: Lowers energy bills and reduces upfront costs for retrofits Improves return on investment by generating positive cash flow on retrofits (annual savings is greater than cost) States, Cities & Municipalities: Immediate job creation Reduces Greenhouse Gas Emissions Increases Energy Independence No credit or general obligation risk Obligation is liability of real estate owner Existing Mortgage Lenders: Borrowers cash flow/credit profile improves (energy savings is greater than annual tax cost) Property/collateral value increases
- 11. Federal Tax Credits for Consumer Energy Efficiency Tax Credit: 30% of cost up to $1,500, Expires December 31, 2010 Details: Must be an existing home & your principal residence, new construction and rentals do not qualify. Heating, Ventilating, Air Conditioning Insulation, Roofs, Windows and Doors Water Heaters Tax Credit: 30% of cost with no upper limit, Expires December 31, 2016 Details: Existing homes & new construction qualify, both principal residences and second homes qualify, rentals do not qualify Geothermal Heat Pumps Small Residential Wind Turbines Solar Energy Systems