{"id":4585,"date":"2013-07-19T19:30:36","date_gmt":"2013-07-19T19:30:36","guid":{"rendered":"http:\/\/blogs.edf.org\/energyexchange\/?p=4585"},"modified":"2013-07-19T20:11:03","modified_gmt":"2013-07-19T20:11:03","slug":"combining-solar-and-pace-in-connecticut-a-potential-game-changer-for-commercial-properties","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/energyexchange\/2013\/07\/19\/combining-solar-and-pace-in-connecticut-a-potential-game-changer-for-commercial-properties\/","title":{"rendered":"Combining Solar And PACE In Connecticut: A Potential Game Changer For Commercial Properties"},"content":{"rendered":"

\"\"<\/a>In my last post<\/a> about Connecticut\u2019s clean energy finance efforts, I alluded to an important innovation in their Property Assessed Clean Energy (\u201cPACE\u201d) financing program for commercial properties.\u00a0 PACE programs have been in place for several years, and the basic concept is that property owners are able to pay back clean energy financing through their property tax bill over time.\u00a0 Rates tend to be low because property taxes are almost always paid back and the PACE assessment will survive foreclosures.<\/p>\n

To date, PACE transactions have generally been structured as a set of fixed payments to finance retrofits managed by the property owner.\u00a0 Functionally, these transactions have been quite similar to loans.\u00a0 In the solar industry, however, the vast majority of financings<\/a> have been structured as leases or power purchase agreements (PPAs) in order to fully capture the tax benefits associated with solar investments.\u00a0 This has generally resulted in fairly low use of PACE by solar installers and limited installations of solar on commercial properties.\u00a0 (Most commercial properties have large mortgages and are not good candidates for additional financing unless PACE or On-Bill Repayment<\/a> (OBR) can be used to improve credit quality.\u00a0 The exceptions are buildings that are owned or occupied by very high quality credits, such as a large corporation or city.)<\/p>\n

Connecticut is breaking new ground by allowing leases and PPAs to participate.\u00a0 The lease or PPA payments would simply become part of the property tax bill.\u00a0 If necessary, true-up mechanisms could be used to adjust payments and ensure that customers are not overbilled.\u00a0 Additionally, we understand that this flexibility will likely be available for innovative energy efficiency financing for commercial properties.\u00a0 EDF has long advocated for this type of flexibility (and we see this as a major benefit of OBR), but \u2013 to date \u2013 PACE programs have not incorporated this feature.<\/p>\n

Hats off to Connecticut for once again showing us how to get things done!<\/p>\n","protected":false},"excerpt":{"rendered":"

In my last post about Connecticut\u2019s clean energy finance efforts, I alluded to an important innovation in their Property Assessed Clean Energy (\u201cPACE\u201d) financing program for commercial properties.\u00a0 PACE programs have been in place for several years, and the basic concept is that property owners are able to pay back clean energy financing through their …<\/p>\n","protected":false},"author":6407,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[55217,27600],"tags":[48379,27599,45561,179],"coauthors":[],"class_list":["post-4585","post","type-post","status-publish","format-standard","hentry","category-on-bill-repayment-2","category-utilities","tag-clean-energy-2","tag-obr","tag-pace","tag-solar"],"acf":[],"yoast_head":"\nCombining Solar And PACE In Connecticut: A Potential Game Changer For Commercial Properties - Energy Exchange<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.edf.org\/energyexchange\/2013\/07\/19\/combining-solar-and-pace-in-connecticut-a-potential-game-changer-for-commercial-properties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Combining Solar And PACE In Connecticut: A Potential Game Changer For Commercial Properties - Energy Exchange\" \/>\n<meta property=\"og:description\" content=\"In my last post about Connecticut\u2019s clean energy finance efforts, I alluded to an important innovation in their Property Assessed Clean Energy (\u201cPACE\u201d) financing program for commercial properties.\u00a0 PACE programs have been in place for several years, and the basic concept is that property owners are able to pay back clean energy financing through their ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blogs.edf.org\/energyexchange\/2013\/07\/19\/combining-solar-and-pace-in-connecticut-a-potential-game-changer-for-commercial-properties\/\" \/>\n<meta property=\"og:site_name\" content=\"Energy Exchange\" \/>\n<meta property=\"article:published_time\" content=\"2013-07-19T19:30:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2013-07-19T20:11:03+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/blogs.edf.org\/energyexchange\/wp-content\/blogs.dir\/38\/files\/2013\/07\/Brad-Copithorne-200x300.jpg\" \/>\n<meta name=\"author\" content=\"Brad Copithorne\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brad Copithorne\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/07\\\/19\\\/combining-solar-and-pace-in-connecticut-a-potential-game-changer-for-commercial-properties\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/07\\\/19\\\/combining-solar-and-pace-in-connecticut-a-potential-game-changer-for-commercial-properties\\\/\"},\"author\":{\"name\":\"Brad Copithorne\",\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/#\\\/schema\\\/person\\\/b54b55529547d9cf8664944294453b3b\"},\"headline\":\"Combining Solar And PACE In Connecticut: A Potential Game Changer For Commercial Properties\",\"datePublished\":\"2013-07-19T19:30:36+00:00\",\"dateModified\":\"2013-07-19T20:11:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/07\\\/19\\\/combining-solar-and-pace-in-connecticut-a-potential-game-changer-for-commercial-properties\\\/\"},\"wordCount\":330,\"commentCount\":1,\"image\":{\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/07\\\/19\\\/combining-solar-and-pace-in-connecticut-a-potential-game-changer-for-commercial-properties\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/wp-content\\\/blogs.dir\\\/38\\\/files\\\/2013\\\/07\\\/Brad-Copithorne-200x300.jpg\",\"keywords\":[\"Clean Energy\",\"OBR\",\"PACE\",\"Solar\"],\"articleSection\":[\"On-bill repayment\",\"Utility Business Models\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/07\\\/19\\\/combining-solar-and-pace-in-connecticut-a-potential-game-changer-for-commercial-properties\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/07\\\/19\\\/combining-solar-and-pace-in-connecticut-a-potential-game-changer-for-commercial-properties\\\/\",\"url\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/07\\\/19\\\/combining-solar-and-pace-in-connecticut-a-potential-game-changer-for-commercial-properties\\\/\",\"name\":\"Combining Solar And PACE In Connecticut: A Potential Game Changer For Commercial Properties - 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