{"id":12834,"date":"2014-02-06T17:57:44","date_gmt":"2014-02-06T23:57:44","guid":{"rendered":"http:\/\/blogs.edf.org\/energyexchange\/?p=12834"},"modified":"2016-04-01T17:38:35","modified_gmt":"2016-04-01T22:38:35","slug":"record-setting-pace-for-commercial-buildings-in-california","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/energyexchange\/2014\/02\/06\/record-setting-pace-for-commercial-buildings-in-california\/","title":{"rendered":"Record-Setting \u2018PACE\u2019 for Commercial Buildings in California"},"content":{"rendered":"

\"iStock_000008305519XSmall\"<\/a>Los Angeles Mayor Eric\u00a0Garcetti\u00a0and\u00a0Hilton Hotel executives were all smiles last week, and for good reason: they had just cut the ribbon on the completion of\u00a0a $7 million energy efficiency upgrade to the Universal\u00a0City\u00a0Hilton\u00a0–\u00a0the largest\u00a0project\u00a0of its kind in the U.S.<\/a><\/p>\n

LA\u2019s record-setting project is the third in a string of major commercial building retrofits in California in just the past two years, all thanks to Property Assessed Clean Energy (PACE<\/a>), a program that allows customers to finance clean energy upgrades and pay them back, over time, on their property tax bills.<\/p>\n

What\u2019s made PACE so successful is that it allows customers to avoid the sizeable up-front costs of major building upgrades, while saving energy and money.<\/p>\n

Case in point: the Universal Hilton projects close to $1 million of savings per year from these energy efficiency upgrades.<\/p>\n

The promise of large-scale, commercial PACE\u00a0was first demonstrated in 2012, when the ProLogis Pier 1 Building in San Francisco received the first-of-its kind financing<\/a> for $1.4 million of energy efficiency upgrades. This project kicked off what has become one of the most successful clean energy financing programs in the nation.<\/p>\n

In July 2013, an EDF Climate Corps Fellow at Sacramento Mayor Kevin Johnson\u2019s office<\/a> helped set a new commercial PACE record when the Metro Center Corporate Park closed a $3.16 million deal<\/a> through the Clean Energy Sacramento program.<\/p>\n

But these records don\u2019t last long; each of these new projects received more than double the financing of the previous project, a positive sign for the future of commercial PACE programs in California.<\/p>\n

In fact, there are currently 25 active commercial\u00a0PACE Programs\u00a0in 10 U.S. states, proof that the trend is growing beyond the Golden State\u2019s borders.<\/p>\n

Last year, Connecticut launched\u00a0their own PACE program<\/a>, finalizing nearly $20 million of transactions for commercial properties. Similarly, Toledo, Ohio executed $18 million of commercial PACE transactions in 2013.<\/p>\n

While the commercial PACE market continues to evolve, California continues to raise the bar, providing energy efficiency financing opportunities \u2013 and future ribbon cutting ceremonies \u2013 that benefit building owners and protect the environment.<\/p>\n

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Learn more about PACE in California:<\/p>\n