Arlington County is the first Virginia jurisdiction to enable C-PACE financing! Watch the County Board
discuss program benefits.
PACEworx News is a free, nationally distributed, monthly e-news digest devoted to the fast-growing, evolving field of building energy efficiency improvement. More than 5,000 building owners, property developers, government officials, capital providers, and mortgage originators read PACEworx News to stay informed about the energy-related issues that impact commercial and industrial property.
SRS has launched a new app for renewable energy contractors who participate in the C-PACE programs. PACEworx Estimator enables contractors to model various project scenarios in real time to optimize a given project, and then create, edit, store, and share the proposal. The web-based app layers C-PACE financial assumptions with solar PV system costs and energy production—the first of its kind to do so—for a complete, transparent look at a given project.
C-PACE + SRS = THE PATH TO SUCCESS
Working in collaboration with its government agency clients, SRS serves as the foundation for the most successful Commercial Property Assessed Clean Energy (C-PACE) programs in the country. The combination of talented agency staff, the SRS technical support services team and our powerful PACEworx™ Platform has facilitated the development of over $130 million of C-PACE projects — a level unmatched in the industry.
POWERING C-PACE INITIATIVES
Our unique PACEworx™ Platform provides consistency, quality control and transparency across the entire project life cycle – ensuring that all stakeholder underwriting requirements are met and that projects accelerate to a successful close.
PROJECT LIFE CYCLE
To accelerate projects through each step in the life cycle, SRS deploys a standardized training protocol that provides step-by-step instruction on the workflow of C-PACE and introduces a suite of tools, reports and support services designed to generate building owner enthusiasm for a specific project.
Click Originate, Underwrite, or Close to view key steps in the process.
ORIGINATE
SRS accelerates project origination through contractor channel initiatives.
- Owner authorizes contractor for site visit, upon SRS pre-qualification
- Contractor uses SRS tools to optimize project for C-PACE financing
- SRS conducts project eligibility and savings projections technical review on behalf of agency sponsor (Government or Non-Profit)
UNDERWRITE
SRS tools & reports ensure stakeholder underwriting requirements are met.
- Owner approves project scope and cost, post SRS technical underwriting
- Owner, with SRS technical support, obtains mortgage holder consent
- SRS supports owner’s “best fit” capital provider selection
CLOSE
SRS prepares Project Finance Report to facilitate finance closing.
- Capital provider and owner execute finance agreement
- SRS coordinates with local tax office to place PACE assessment
- Contractor commences construction, SRS oversees project commissioning
ENERGIZING THE GATEKEEPERS.
C-PACE projects must work for all three project Gatekeepers: Contractors, who have a desire to sell comprehensive projects, Owners and Mortgage Holders — both typically skeptical of the projected energy savings. Gaining consensus requires a skilled, independent third party, with the technical and financial knowledge to deliver projects that meet, or exceed, the objectives of each Gatekeeper.
SELECT ONE
CONTRACTORS
BUILDING OWNERS
MORTGAGE HOLDERS
Contractor involvement and motivation is the most crucial element in the success of every C-PACE program, especially during the critical 2-3 year launch and growth period. SRS provides outreach, education and training, including workshops and webinars to educate and engage Contractors on the benefits of C-PACE financing. Following the workshops, our Technical Support Services (TSS) team enables contractors with a suite of tools, reports and support services to sustain momentum and accelerate C-PACE market adoption by advancing Contractor projects.
One major barrier to closing C-PACE project financings is often the Building Owners’ lack of confidence in the Contractor’s projected energy savings-based projects. To meet the underwriting requirements of skeptical building owners, our PACEworx™ Platform enables a technically sound transparent project scenario development and optimization process which allows Contractors to address all of the Building Owners’ “what if’s”— improving confidence in the project economics.
Building Owner’s seeking to take advantage of C-PACE financing need to secure the consent of the bank holding the first mortgage — although many bank officers are unfamiliar with C-PACE and may not have the necessary documentation to support such consent. To successfully facilitate the Mortgage Holder’s consent, SRS’s Mortgage Holder Consent Report includes the key financial and technical data required to assess the project’s impact on the building owner’s mortgage repayment ability and collateral value.
MOTIVATING THE NATION.
SRS provides C-PACE programs with a streamlined, standardized, technically-sound and transparent underwriting methodology that has earned the confidence of contractors, building owners, mortgage holders and capital providers around the country. This proven project underwriting methodology has facilitated the development of over $130 million of C-PACE projects nationwide – a level unmatched in the industry.
The SRS Platform is essential
for the management of an inherently data-intensive, complicated process. By standardizing the underwriting, SRS has provided capital providers with a high-degree of confidence in the project underwriting data, enabling the sale of PACE portfolios.
BRYAN GARCIA, CEO, Connecticut Green Bank |
Go to the program website |
SRS’s state-of-the-art project development tools
have brought speed and transparency to the commercial PACE underwriting process.
RICH CHIEN, GreenFinanceSF Program Manager, City and County of San Francisco
SRS was competitively selected
as the Colorado C-PACE administrator and will oversee an open, competitive lending model that makes it possible for a wide variety of capital providers to participate.
PAUL SCHARFENBERGER Director of Finance & Operations, Colorado Energy Office Chairman, New Energy Improvement District |
Read the press release | Go to the program website |
The SRS team has brought experience
and technical competence to our program. Working in close collaboration with our staff, SRS has built the RI C-PACE website, written the Program Guidelines, and prepared a detailed communications plan for engaging key stakeholders. As a result, RI C-PACE is positioned for a seamless launch in record time. It has been a very productive partnership.
MICHAEL BAER, Senior Advisor, Rhode Island Infrastructure Bank |
Read the press release | Go to the program website |
With SRS’s extensive success
in administering C-PACE programs nationwide, we are confident that our partnership will create a robust program locally that leverages market-based approaches to energy financing, and capitalizes on best practices throughout the country.
Go to the
LAURA NELSON, Executive Director, Governor’s Office of Energy Development |
Read the press release | Go to the program website |
The SRS team has been a valued partner
during Arlington County’s C-PACE program development. SRS has worked thoughtfully and successfully with county staff from multiple departments, and has considered varied interests to craft an excellent program. Their extensive knowledge of the PACE industry is evident to me and to different stakeholders as we learn from their presentations and excellent answers to questions on all aspects of the PACE program. We look forward to collaborating with them to bring projects to close in 2018.
RICH DOOLEY, Community Energy Coordinator, Arlington Initiative to Rethink Energy |
Go to the program website |
IN THE NEWS
Colorado Building Owner Funds Energy Project Through State C-PACE Program (November 27, 2018 | Press Release)
Ogilvie Properties will use C-PACE financing to upgrade its investment property in Englewood with equipment that is projected to cut the building’s energy use by 46 percent. read more
Area Developer Builds Energy-efficient Hotel with Help from Colorado C-PACE and CleanFund (November 23, 2018 | Press Release)
Lodging Dynamics Hospitality Group is building an energy-efficient hotel in Lakewood. The $1.18 million in C-PACE financing will be used to incorporate various energy efficiency design features into the 67,500-square-foot, 128‐room hotel. read more
Denver Real Estate Developer Taps C-PACE Program to Save Energy (November 15, 2018 | Press Release)
Westbrook Development Partners is installing a solar photovoltaic system, an insulated roof, and high-efficiency LED lighting at one of its investment properties with help from the Colorado C-PACE program. read more
Denver Property Going Green Through Colorado C-PACE Program (November 8, 2018 | Press Release)
The owners of a mixed-use property are tapping into the state’s C-PACE program to finance the installation of a renewable energy system projected to improve the building’s energy efficiency by 60 percent. read more
Sustainable Real Estate Solutions Names Utah C-PACE Program Director (October 17, 2018 | Press Release)
Sustainable Real Estate Solutions today announced the appointment of Theddi W. Chappell, CRE, MAI, FRICS, AAPI, LEED AP as program director for Utah C-PACE. read more
Rhode Island ranked third in the Annual State Energy Efficiency Scorecard For the Second Year (October 5, 2018 | American Council for an Energy-Efficient Economy)
Rhode Island ranked third in the 2018 State Energy Efficiency Scorecard, the same position it held last year. The state earned perfect scores in three of the six categories, including top marks for its state government-led initiatives. read more
Mayfly Outdoors builds new HQ, partners with C-PACE (October 1, 2018 | Colorado Real Estate Journal)
Mayfly Outdoors, which manufactures premium fly-fishing equipment and other outdoor products, has secured $1 million in Colorado Commercial Property Assessed Clean Energy financing to build its new headquarters. This is the second ground-up construction project to use the C-PACE program. read more
Area Developer to Build Energy-efficient Hotel with Help from Colorado C-PACE (October 1, 2018 | Press Release)
LN Hospitality Denver, a premiere hospitality company, is building an energy-efficient hotel in Aurora with help from the Colorado C-PACE program. The company will use C-PACE financing to install an energy-efficient HVAC system, water-heating system, and indoor and outdoor lighting at its new 82,398-square-foot Courtyard by Marriott. read more
State C-PACE Program Improves Resident Comfort, Boosts Cash Flow for Aurora Senior Care Facility (September 19, 2018 | Press Release)
A senior care facility in Aurora, Colorado, is investing in comprehensive facility upgrades through the Colorado C-PACE program. The project will improve energy efficiency by 34 percent. Because the utility bill savings will outweigh the C-PACE repayments, the project will result in positive cash flow for the company. read more
Providence Public Library Embarks on $1.6 Million in Energy Efficiency Renovations Through the Rhode Island C-PACE Program (September 13, 2018 | Press Release)
The Providence Public Library (PPL) has received an investment of $1.6 million in financing from Greenworks Lending to fund comprehensive energy improvements to its historic building through the Bank’s Rhode Island C-PACE program. read more
EVENTS
January 28, 2019
C-PACE Open House
Join us for a short presentation on C-PACE financing followed by networking and questions.
West Jordan, UT
January 30, 2019
C-PACE Open House
Join us for a short presentation on C-PACE financing followed by networking and questions.
Moab, UT
Want to find SRS events in a particular state?
CONTACT US
Call 203.880.5300
or send us a message using the contact form.