Transcript PACE - Alachua County

PACE
Property Assessed Clean Energy
Voluntary Opt-In Financing for Energy Upgrades
Economic Impact Projections of PACE
$1 million in PACE expenditures generates:
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$2.5 million in gross economic output
15 jobs
$250,000 in tax revenue to local, state, or federal taxing entities
Other benefits:
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Notable reduction in energy costs to property owners
Reduction in risk of default on mortgage loans
Increased resale value for PACE-impacted buildings
Additional stabilization of the general economy
Economic Impacts from Boulder County,
CO’s ClimateSmart Loan Program
Elements:
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1st multi-jurisdictional PACE program
financing opportunities for energy efficiency & renewable energy
funded through public offering of taxable and tax-exempt bonds
primary goal was to reduce community’s carbon-footprint
1st phase financed $9.8 million in residential energy retrofits
Total Phase 1 costs, including risk-management reserve fund,
loan fees, loans, and other costs = $13 million
Following FHFA intervention, Boulder County proceeded with
implementation of a commercial PACE program but suspended
the residential program, which was poised for Phase 2
implementation
Economic Impacts from Boulder County,
CO’s ClimateSmart Loan Program
Economic impacts based on 598 project invoices & $9 million in spending:
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+85 short-term jobs in Boulder County, +41 additional statewide
+$5 million in earnings in Boulder County, +$2 million additional statewide
+$14 million in economic activity in Boulder County, +$6 million additional statewide
Biggest winners by industry: retail & wholesale trade, construction, service
Reduced energy use saved participants approx. $125,000 during the first year on their
electric and gas utility bills (>$200/project invoice)
Economic Impacts from Boulder County,
CO’s ClimateSmart Loan Program
Assessment:
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Short-term, in-county benefits alone exceed the
investment made by local government
Indications that the program spurred significant energy
retrofit spending beyond that reflected in PACE
applications
Certain elements of the program reflect a bias towards
GHG emission reduction rather than job
creation/economic development--these parameters
could be refined if this program were replicated
Significant demand for PACE financing likely remains in
the residential sector
Program forecasts are optimistic
Resources & Case Studies
pacenow.org - PACE resource
pacenow.org/wp-content/uploads/2013/09/NJPACE-Benefits8-26-13.pdf - NJ PACE case study
pacenow.org/c-pace-case-studies/ - more case studies
http://www.nrel.gov/docs/fy11osti/52231.pdf - Economic Impacts Boulder, CO
http://aceee.org/sector/local-policy
http://pacenow.org/wp-content/uploads/2013/06/2013.06.12-JCI-Pick-up-the-PACE.pdf
PACENow.org Youtube Video
States with active PACE legislation
PACE Supports Local Jobs
• PACE projects support local
contractors and suppliers
• PACE property owners pay less in
utility bills, use excess savings to pay
for other needs
• PACE attracts and retains
local businesses
PACE Overcomes Cost Barriers
• With PACE:
– Projects eligible for 100% financing if property has
adequate equity
– Little or no upfront cost for owners
– Capital and credit can be saved for other needs
– Repayment occurs over the same time period that
savings are realized
– Energy savings pay for project costs
PACE Programs in Florida
4 PACE programs currently active or in development:
• Florida Green Energy Works- Lantana, Mangonia
Park, West Palm Beach, Boynton Beach, Delray
Beach, Lake Worth, Tequesta, Fellsmere, Stuart,
Gulfport, Martin County, Broward County
• Florida PACE Funding Agency- Flagler County,
Kissimmee, Nassau County
• Solar Energy Loan Fund- St Lucie County, Fellsmere,
Sebastian, Stuart
• Ygrene- Cutler Bay, Pinecrest, Miami Shores, Palmetto
Bay, South Miami, Miami, Cape Coral
Next Steps
1. Placed on agenda for
City & County meetings
2. Appoint staff and existing advisory
committee to evaluate PACE programs
3. Determine PACE parameters
4. Presentations by PACE programs
5. Request For Proposals(RFP) to
choose provider or create program
POSSIBLE OPTIONS FOR IMPLEMENTATION OF VOLUNTARY PACE PROGRAM
Decision made to implement Commercial PACE, with third-party administrator(s)
County adopts on its own
OR
County/City adopt together
through interlocal agreement
County determines parameters
County/City negotiate parameters
Allow municipalities to opt-in
Allow other municipalities to opt-in
Issue RFQ/RFP for third-party administrator
Jointly issue RFQ/RFP for third-party administrator
Hear two or more presentations
Jointly hear two or more presentations
Select one or more third-party PACE
Jointly select one or more third-party PACE
administrators, and negotiate agreement(s)
administrators, and negotiate agreement(s)
Interlocal agreements with Property
Interlocal agreements with Property
Appraiser and Tax Collector
Appraiser and Tax Collector
Alachua Clean Energy &
Gainesville Loves Mountains
https://www.facebook.com/AlachuaCleanEnergy
https://www.http://gainesvillelovesmountains.wordpress.com/