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 $365 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
New Hostel in Summit County to Utilize Colorado C-PACE Financing Program (September 2, 2020 | Press Release)
Colorado C-PACE announced that Rob and Lynne Baer, owners and developers of The Pad Hostel in Silverthorne, CO, will use C-PACE financing to fund 20 percent of the cost to construct their new 26,000 sq. ft. hostel in Summit County. read more
Fort Collins Health Club Installs New Roof and HVAC Units through Colorado’s C-PACE Program (August 24, 2020 | Press Release)
Colorado C-PACE announced that Rodney Steven II of Genesis Health Clubs is using C-PACE for $1 million in financing to install a new roof with improved insulation and new packaged rooftop units on his building located in Fort Collins. read more
Rhode Island Infrastructure Bank’s Commercial Property Assessed Clean Energy provides valuable financing for new construction (August 17, 2020 | New England Real Estate Journal)
Rhode Island Infrastructure Bank closed a $2.5 million loan with the Providence Marriott Downtown. The hotel installed a highly efficient HVAC system along with new controls and LED lighting throughout the facility. read more
Infrastructure Bank closes $2.5m loan with Providence Marriott Downtown (August 3, 2020 | New England Real Estate Journal)
Rhode Island Infrastructure Bank closed a $2.5 million loan with the Providence Marriott Downtown. The hotel installed a highly efficient HVAC system along with new controls and LED lighting throughout the facility. read more
Record growth demonstrates value of C-PACE funding (August 3, 2020 | New England Real Estate Journal)
Over the last 12 months the Rhode Island Commercial Property Assessed Clean Energy (C-PACE) program facilitated a historic high of $58.2 million in financing across nine projects, including three recent closings during the COVID-19 crisis. read more
Sunshine Mesa Farm and Delta Elevator Install Solar Arrays through Colorado’s C-PACE Program (July 20, 2020 | Press Release)
Colorado C-PACE announced that Michelle & David Livingston will leverage C-PACE financing to install solar photovoltaic arrays at their two businesses, The Delta Elevator in Delta and at Sunshine Mesa Farm in Hotchkiss. read more
Paonia Restaurant Finances Energy Efficiency Improvements through Colorado’s C-PACE Program (June 22, 2020 | Press Release)
Colorado C-PACE announced that Chelsea Bookout and Shawn Larson will leverage C-PACE financing to support a comprehensive energy efficiency project for their community reinvestment property in Paonia. read more
Denver Office Building Funds Major Energy Efficiency Renovations With C-PACE Financing (June 17, 2020 | Press Release)
Colorado C-PACE announced that LCP Development as property manager for Freeheel Properties is leveraging C-PACE financing to support a comprehensive energy improvement project on a 22,002 SF office building in Denver. read more
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