New York City Announces Legislation to Launch Commercial PACE Program

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Today, Mayor Bill de Blasio announced City Council legislation to authorize a PACE financing program for building retrofits. PACE in NYC can create a tremendous new market for energy efficiency and renewable energy.

It’s great to see that NYC will be launching a PACE program that will be a catalyst for tremendous job creation and economic activity. - David Gabrielson

Today, Mayor Bill de Blasio announced City Council legislation to authorize a PACE financing program for building retrofits.

A NYC PACE retrofit program can create a tremendous new market for energy efficiency and renewable energy since the City’s buildings are, on average, more than 50 years old and valued at over $1 trillion. With the Mayor’s announcement, the City will join a long list of major cities with successful PACE programs including Dallas, Denver, Detroit, Houston, Los Angeles, Miami, Salt Lake City, San Diego, San Francisco, St. Louis, and Washington, D.C.

Jeff Tannenbaum, Chairman of the Board at PACENation, said “PACE is seeing continued strong bipartisan support because it requires no taxes or subsidies, is led at the local and state levels, has created tens of thousands of jobs, and helps property owners save money and make buildings healthier and safer.” Over the last several years, 14 Republican and 20 Democratic governors signed PACE bills into law.

To date, more than 160,000 home and building owners have used PACE to improve their properties with investments in energy efficiency, renewable energy, and more recently hurricane resistance measures, including in Florida where 8,000 homeowners have used PACE to make their properties more resilient while saving an estimated $7 million on their insurance premiums. PACE financing is available in Houston and throughout the state of Florida to help finance the rebuilds from Hurricanes Harvey and Irma.

David Gabrielson, Executive Director at PACENation, said, “It’s great to see that NYC will be launching a PACE program that will be a catalyst for tremendous job creation and economic activity. I am also delighted that the Texas and Florida PACE programs can help lead the rebuild of the devastated areas and make our nation’s homes and buildings more resilient to future storm activity.”

About PACENation

PACENation is a national non-profit organization serving the interests and needs of over 400 member organizations that share a common goal of making PACE financing available to all building owners throughout the United States. PACENation is building a broader PACE network by providing information, resources, and advice to a growing universe of PACE market stakeholders. To learn more, visit http://PACENation.org

About PACE

Property Assessed Clean Energy (PACE) is a financing mechanism that enables low-cost, long-term funding for energy efficiency, renewable energy and water conservation projects. PACE financing is repaid as an assessment on the property’s regular tax bill, and is processed the same way as other local public benefit assessments (sidewalks, sewers) have been for decades. Depending on local legislation, PACE can be used for commercial, nonprofit and residential properties. For more information, visit http://PACENation.org/.

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David Gabrielson
PACENation
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