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 powerful cloud-based app that enables HVAC contractors and energy efficiency project developers, in real time, to estimate energy cost savings and calculate financial impacts of their projects. Powered by proprietary data, predictive analytics and proven technology, Energy Performance Improvement Calculator (EPIC™) incorporates data collected by SRS over the last decade from thousands of energy improvement projects nationwide. EPIC-generated reports, appended to project proposals can transform an unwelcome capital expense to a compelling investment opportunity.
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 $260 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 $260 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
Denver Owner Finances Office Building Renovations With Colorado’s C-PACE Program (January 6, 2020 | Press Release)
Colorado C-PACE announced that Lakeside Office Park LLC is leveraging C-PACE financing for a major rehabilitation of their building known as Lakeside Office Park. The project includes the installation of chiller plant upgrades, HVAC upgrades, an energy management system, an LED lighting retrofit, and elevator modernization. read more
Largest C-PACE Deal Ever in the Country Closes in Utah (January 2, 2020 | Press Release)
CleanFund Commercial PACE Capital, Inc. and Salt Lake City announce financing on the city’s new Hyatt Regency hotel. The $54.7 million provided by CleanFund will fund nearly every sustainable upgrade in the new hotel, setting a record for the single largest amount ever financed by C-PACE nationally. read more
Pueblo Church Goes Solar with the Help of Colorado’s C-PACE Program (December 10, 2019 | Press Release)
Colorado C-PACE announced that the River of Grace Baptist Church will use C-PACE financing to perform roof upgrades and install a 54 kW solar array that will materially offset the electrical use at their property located in Pueblo County. read more
Twain Financial Reaches New Milestone with First Ever Rhode Island C-PACE Deal (December 2, 2019 | Press Release)
Twain Financial Partners has expanded its reach by providing $2 million of financing to the first Property Assessed Clean Energy (PACE) loan on a new construction project in Rhode Island’s history. read more
Developer Funds Construction of Condominiums With the Help of Colorado’s C-PACE Program (November 25, 2019 | Press Release)
Colorado C-PACE announced that Urban Green Development will use C-PACE financing to incorporate energy-efficiency design features at Parkview Residences, a new 45-unit residential condominium community located in Lakewood, Colorado. read more
Major Rehabilitation of Thornton Office Building Funded by Colorado’s C-PACE Program (November 8, 2019 | Press Release)
Colorado C-PACE announced that NAS Properties has leveraged Colorado C-PACE financing for a major rehabilitation of their office building in Thornton. read more
Palisade Partners to use Colorado C-PACE to finance its New Mixed-use Project in Denver (October 29, 2019 | Press Release)
Colorado C-PACE announced that Palisade Partners will construct a mixed-use building in Denver that will offer multi-family, office and retail space. Palisade Partners will use C-PACE financing in the capital stack for this new building. read more
Centum Health Properties to Renovate its Northglenn Facility Through Colorado’s C-PACE Program (October 17, 2019 | Press Release)
Colorado C-PACE announced that Centum Health Properties will use C-PACE financing to renovate its building at 11990 Grant Street in Northglenn. The improvements include energy efficient HVAC equipment and LED lighting. read more
EVENTS
February 13, 2020
Roofing Contractor’s Workshop
Learn how the RI Infrastructure Bank’s C-PACE finance team can help you grow your business and win more full-roof replacement projects.
Providence, RI
Want to find SRS events in a particular state?
CONTACT US
Call 203.880.5300
or send us a message using the contact form.