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
Commercial Office Condominium Finances Energy Efficiency Measures through Colorado’s C-PACE Program (August 1, 2019 | Press Release)
Colorado C-PACE announced that the Commons at Inverness will use C-PACE financing to install multiple energy-efficient measures throughout the building. Improvements will include a new boiler, new rooftop air conditioning units, new air handling units with variable air volume controls, an energy management system, LED lighting, window film, and a new insulated roof. read more
B&R Plastics Finances a New Roof through Colorado’s C-PACE Program (July 8, 2019 | Press Release)
Colorado C-PACE announced that B&R Plastics, a precision plastic design manufacturer, will use C-PACE financing to replace the aging roof of its 168,000 sq. ft. facility located at 4550 Kingston Street in Denver. read more
New Residence Inn by Marriott to be Financed Through Colorado’s C-PACE Program (June 27, 2019 | Press Release)
Colorado C-PACE announced that Cypress 16 will use the Colorado C-PACE program to incorporate multiple energy-efficiency design features into its new Residence Inn by Marriott®. This is the first C-PACE financed project located in Routt County. read more
Denver Seminary Finances Energy-Efficient Upgrades through Colorado’s C-PACE program (June 27, 2019 | Press Release)
Colorado C-PACE announced that the Denver Seminary will use it’s C-PACE program to finance multi-measure energy efficiency upgrades to its administration, classroom, and library buildings at its Littleton campus. read more
New Vasa Fitness Center Coming to Aurora with a Financial Assist from Colorado’s C-PACE Program (May 23, 2019 | Press Release)
Colorado C-PACE announced that Doug McMurrain of Plaza Fiesta Colorado will use C-PACE financing to reposition the former K-Mart facility in Aurora, Colorado. As a result, Aurora will have a new Vasa Fitness center. read more
Retail Owner Finances Energy-Savings Project through Colorado’s C-PACE Program (May 15, 2019 | Press Release)
Colorado C-PACE announced that BHS properties, in partnership with Snyder Building Construction, will use the C-PACE program to finance construction of a multi-measure upgrade to the retail building in Englewood. read more
New Homes2 Suites Hotel in Denver Financed Through Colorado’s C-PACE Program (May 10, 2019 | Press Release)
Colorado C-PACE announced that BlackRidge Companies will use C-PACE financing to incorporate various energy-efficiency design features into the construction of a new Homes2 Suites by Hilton® extended-stay hotel in Denver. read more
Denver Building Owner Funds Energy Efficiency Upgrades through Colorado C-PACE Program (April 26, 2019 | Press Release)
Colorado C-PACE announced that York 38, LLC, will use C-PACE financing to install energy efficiency upgrades to their office building in Denver, making it their second C-PACE project. read more
Denver Property Owner Funds Energy Efficient Renovations Through State C-PACE Program (April 11, 2019 | Press Release)
Colorado C-PACE announced that Cinsique, LLC, a Denver-based commercial real estate investment company, will use C-PACE financing to upgrade its 30,954 sq. ft. office investment property. read more
EVENTS
There are no events on our calendar at this time, but we are always adding new Contractor Workshops and Building Owner Forums, so check back soon.
Want to find SRS events in a particular state?
CONTACT US
Call 203.880.5300
or send us a message using the contact form.