San Diego, CA (PRWEB) December 16, 2013
The City of Stockton is launching an innovative energy efficiency financing program known as Figtree PACE. Figtree PACE makes it easy for property owners to get no money down, long term, low interest financing for energy efficiency, renewable energy, and water conservation projects.
PACE financing payments are amortized for up to 20 years via assessments on the property-owner’s property tax bills. Projects funded with Figtree PACE can run from $5,000 up to 20% of a property’s assessed value. If an improved property is sold, the financed assessment can be transferred to a new owner so benefits stay with the current property owner. This Program is available for nearly all owners of commercial and multi-family properties including industrial, offices, hotels, retail centers, and more.
PACE funds can be used for materials and labor costs of permanently installed improvements that reduce a building’s energy or water use. Qualifying improvements include high-efficiency lighting, heating and air conditioning (HVAC), windows, reflective roofing, plumbing fixtures, solar, and an array of other improvements. Many of these improvements qualify for tax credits, accelerated depreciation, and rebates that drive additional savings, further improving the financial incentive to upgrade now.
“Our aim is to provide financing solutions to help cities like Stockton create jobs and spur economic growth using no public funds,” said Figtree CEO Mahesh Shah. “With PACE, property owners cut their operating costs and improve property values. Contractors and local vendors increase their revenues and the community at large benefits from sustainability and economic stimulus.”
About PACE: Property Assessed Clean Energy is a new form of financing that provides property owners with up-front capital to improve their properties with energy efficiency, renewable energy and water conservation upgrades based on property values – up to 20% of a property’s assessed value. Figtree PACE financing is available for commercial, industrial, office, retail, multi-family properties of five or more units and limited residential in some areas. PACE requires no money down and provides for attractive financing that doesn’t impact a property owner’s credit score or capacity to borrow for other business needs.
About Figtree: Figtree is a San Diego-based clean energy finance company providing innovative programs to enable capital for environmentally friendly products and services. The Figtree PACE program provides no money down PACE (Property Assessed Clean Energy) financing to help commercial and residential property owners improve their properties and lower their utility bills with energy efficiency, renewable energy and water conservation upgrades. Figtree helps cities and counties create jobs, spur economic development and meet their AB 32 goals. Figtree is the first company in California to successfully raise private capital for commercial PACE projects via a multi-jurisdictional bond issue. Learn more by calling 1-877-577-7373 or visit us at http://www.figtreefinancing.com.