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 e-news digest devoted to the fast-growing, evolving field of building energy efficiency improvement. More than 7,000 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
Denver Woodworking Business Funds Green Initiatives through Colorado C-PACE Program (August 9, 2018 | Press Release)
Unique Woodworking is investing in energy efficiency upgrades at its new manufacturing facility through the Colorado C-PACE program. The upgrades are projected to save the company more than $550,000 in energy costs over the ten-year finance term; the amount outweighs the project’s cost by more than $250,000. read more
Greenworks Partners with Mayfly on Clean Energy Building (August 1, 2018 | Press Release)
Greenworks Lending announced today the successful closing with Mayfly Outdoors to support the construction of Mayfly’s new headquarters and manufacturing center in Montrose. This marks one of the first ground-up new construction projects in Colorado to come through the state’s C-PACE Program. read more
Got Commercial Real Estate Clients? Don’t Miss this Emerging Opportunity (July 23, 2018 | Credit Union Business)
One of the many advantages of working for a credit union is that you’re free to make business decisions that benefit your members. If those members include commercial and industrial property owners, financing their C-PACE projects could strengthen your relationship and benefit your institution. read more
Lakewood Office Property Owners Finance Building Upgrades Through State C-PACE Program (July 2, 2018 | Press Release)
The owner of a five-story commercial building in Lakewood, Colorado, will finance a comprehensive upgrade of the property through the state’s C-PACE program. The project is projected to improve the building’s energy efficiency by 47 percent. read more
Aurora Office Buildings’ Green Improvements Sparked by Colorado C-PACE Program (June 22, 2018 | Press Release)
CSI Construction will invest in energy efficiency upgrades at two of its properties through the Colorado C-PACE program. LED lighting, which will be installed in tenant and common spaces—will save the buildings’ owner more than $300,000 in electricity costs over the life of the equipment. read more
SRS Launches C-PACE App for Renewable Energy Contractors (June 12, 2018 | Press Release)
PACEworx Estimator, SRS’s new web-based app, enables contractors to model various project scenarios in real time to optimize a given project, and then create, edit, store, and share the proposal. It 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. read more
Montrose County Completes First Colorado C-PACE Project (May 31, 2018 | Press Release)
A new renewable energy project has been funded through the Colorado C-PACE program, and it’s the first for Montrose County. Swiss-O-Matic, a manufacturer of complex precision components, will use C-PACE financing to install a solar photovoltaic system on the roof of its 15,504-square-foot facility. read more
Aurora Office Property Owner Taps State Program for Energy Upgrade (May 23, 2018 | Press Release)
Northstar Commercial Partners has updated one of its investment properties in Aurora through Colorado’s C-PACE program. The property will receive new packaged rooftop units and a new building energy management system. These improvements are projected to reduce the building’s operation and maintenance costs by approximately 35 percent annually. read more
Transportation Museum Taps Colorado C-PACE Program to Save on Energy Costs (May 21, 2018 | Press Release)
Brian McCarter, chief executive officer of Sustainable Real Estate Solutions, which administers the Colorado commercial property assessed clean energy (C-PACE) program on behalf of the Colorado New Energy Improvement District (NEID), today announced that the first project for a nonprofit organization has been funded through the program. The Forney Museum of Transportation will use C-PACE financing to install energy efficient lighting at its 146,000-square-foot facility at 4303 Brighton Boulevard in Denver. read more
Toward More Energy-Efficient Buildings (May 3, 2018 | Standardization News)
No standards currently guide the conduct of building energy performance assessments, and groups that take on this task differ in their approaches. A recently formed task force in the ASTM International committee on environmental assessment, risk management, and corrective action (E50) is beginning to change that. read more
EVENTS
August 1, 2018
Focus Solar Energy
Two-hour workshop focused on solar energy contractors, developers, investors, etc., concerning the Utah C-PACE program and how key changes made to the program make it a viable option for Utah renewable energy projects
Salt Lake City, UT
August 30, 2018
Local Government Energy Academy
A workshop to help elected officials and staff understand, prioritize, and implement cost‐effective opportunities for energy efficiency, renewable energy, and electric vehicles
Eagle, CO
October 2, 2018
An Introduction to Colorado C-PACE
How C-PACE can help local businesses and building owners upgrade their buildings through 100% financed energy efficiency, renewable energy, and water conservation projects
Montrose, CO
Want to find SRS events in a particular state?
CONTACT US
Call 203.880.5300
or send us a message using the contact form.