PACEworx News (formally BEPAnews) is a free, nationally distributed e-news digest devoted to the fast-growing, evolving field of building energy efficiency improvement. More than 8,000 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.
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 $120 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 $120 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 |
Program website: cpace.com |
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
|
Press Release Program website: copace.com |
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 |
Press Release Program website: ri-cpace.com |
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.
LAURA NELSON, Executive Director, Governor’s Office of Energy Development |
Press Release |
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
IN THE NEWS
Capitalize on Opportunity With C-PACE Loans
August 31, 2017 | Scotsman Guide
Tapping a convenient financing product to save on energy costs isn’t ‘too good to be true.’ Here’s what commercial mortgage brokers need to know about this emerging opportunity … read more
Boulder Business Improves Energy Efficiency Through Colorado C-PACE Program
August 18, 2017 | Press Release | Colorado
A digital marketing and social media agency will undergo energy efficiency and renewable energy improvements totaling $296,000, with financing provided by CleanFund, a private capital provider based in San Francisco. The building improvements will include … read more
Utah Relaunches Statewide Commercial PACE Program, Chooses Sustainable Real Estate Solutions as Program Administrator
August 8, 2017 | Press Release | Utah
Brian McCarter, chief executive officer of Sustainable Real Estate Solutions, announced today that the company will serve as program administrator for Utah’s updated commercial property assessed clean energy (C-PACE) program. The Utah Governor’s Office of Energy Development (OED), which manages the program, selected SRS after conducting a competitive search process for a third-party firm to provide program administration services … read more
Denver Business Finances Energy and Water Savings Project through Colorado C-PACE
July 31, 2017 | Press Release | Colorado
The New Energy Improvement District (NEID) today announced Denver’s first commercial property assessed clean energy (C-PACE) existing building renovation project. LONG Building Technologies, in partnership with Lever Energy Finance, developed the renovation project that includes energy efficiency, renewable energy, and water conservation improvements totaling $519,936 … read more
SCCEBA to Host Business Roundtable on C-PACE
July 27, 2017 | Press Release | Columbia, SC
The South Carolina Clean Energy Business Alliance (SCCEBA) is set to host a Business Roundtable meeting on Commercial-Property Assessed Clean Energy or C-PACE on Thursday, August 3, 2017 at the AGAPE Conference Center in Columbia, S.C. Brian McCarter, CEO of SRS, an industry leader in administering C-PACE programs nationwide will present at the meeting. He will highlight the basics of C-PACE and how the innovative financing can help commercial building owners finance clean energy upgrades to improve their building stock and save on energy costs. … read more
EVENTS
October 19, 2017
C-PACE Contractor Workshop
Learn how C-PACE financing can help grow your business
North Haven, CT
October 24, 2017
C-PACE Contractor Workshop
Learn how C-PACE financing can help grow your business
Fort Collins, CO
October 26, 2017
C-PACE Contractor Workshop
Learn how C-PACE financing can help grow your business
Denver, CO
October 27, 2017
C-PACE Contractor Workshop
Learn how C-PACE financing can help grow your business
Boulder, CO
November 1, 2017
Capitalizing on C-PACE Webinar
Boost the financial appeal and viability of a C-PACE project and understand the challenges of solar PV in the Colorado market
Colorado
November 3, 2017
C-PACE Contractor Workshop
Learn how C-PACE financing can help grow your business
Providence, RI
November 16, 2017
C-PACE Contractor Workshop
Learn how C-PACE financing can help grow your business
North Haven, CT
December 14, 2017
C-PACE Contractor Workshop
Learn how C-PACE financing can help grow your business
North Haven, CT
Want to find events in a particular state?
CONTACT US
Call 203.880.5300
or send us a message
using the contact form.
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