We are excited to offer PACE Financing to our customers in California--they'll be in a better position to make comprehensive energy-efficiency improvements to their facilities that will reduce energy costs and result in a positive environmental impact.
Sacramento, CA (PRWEB) May 15, 2012
SmartWatt Energy announced a partnership today with Figtree Energy Resource Company to offer Property Assessed Clean Energy (PACE) Financing to their large commercial customers in California. The financing can be used to pay for turnkey energy-efficiency upgrade projects, allowing commercial property owners to save on energy bills and achieve sustainability goals at no upfront cost.
PACE Financing provides up to 100% of the capital required for energy improvement projects at a fixed interest rate for up to 20 years, thereby eliminating lengthy payback periods and providing immediate cash flow benefits. PACE Financing is a land-secured municipal finance program where loan payments are repaid through the property tax bill. The charge appears as a line item on the tax bill and does not increase regular property taxes. The balance of the loan transfers to the next property owner if the property is sold before the loan is paid off, with no “due upon sale” requirements.
“We are excited to offer PACE Financing to our customers in California—they’ll be in a better position to make comprehensive energy-efficiency improvements to their facilities that will reduce energy costs and result in a positive environmental impact,” explained Chris Covell, President of SmartWatt Energy. “We’re looking forward to a long-term relationship with Figtree and plan to work with them in additional locations as PACE Financing is adopted by more municipalities nationwide.”
PACE Financing provides the following simplified qualifications for financing approval: no personal guarantee, not based on credit score, no money down, property owner must be current on property tax and mortgage(s), property owner must not be in bankruptcy and property owner must not owe more on mortgage than the property is worth (i.e., the property cannot be underwater). Figtree Energy Resource Company manages the financing process from application to disbursement of funds and will integrate directly with SmartWatt Energy to share financing and technical skills for maximum customer benefit.
ABOUT SMARTWATT ENERGY, INC.
SmartWatt Energy, Inc., is a leading nationwide provider of turnkey energy-efficiency solutions. SmartWatt Energy is dedicated to lowering businesses’ operational costs through energy-reduction strategies. SmartWatt Energy provides whole building energy assessments and implements lighting retrofits, VFD upgrades, control system enhancements, ECM upgrades, and more to help commercial, industrial, government and utility customers meet their sustainability goals. SmartWatt Energy’s energy-efficiency services include construction-grade energy audits, value-engineered designs, self-performed installations, utility incentive procurement, facilitation of EPAct 2005 tax deductions and maintenance support. For more information, visit http://www.smartwattinc.com.
ABOUT FIGTREE ENERGY RESOURCE COMPANY
Figtree Energy Resource Company is a developer of PACE Financing programs for cities and counties in California. They offer the most flexible PACE financing in California. Figtree Energy Resource Company manages the financial process from application processing to disbursement of funds and assists property owners with the financial components of planning energy projects. They partner with energy specialists to integrate financing and technical skills. Figtree Energy Resource Company is based in San Diego, CA. For more information, visit http://www.figtreecompany.com.