Financing for building upgrades and new construction

DC Green Bank supports DOEE and Urban Ingenuity to build on the successful track record of DC PACE, enhancing and expanding access to clean energy financing for the DC commercial real estate industry. As part of its mission to become the go-to resource on clean energy financing, DC Green Bank will provide a reliable platform for an already successful DC PACE program once responsibility for this program transitions to DC Green Bank later in 2021.

What is PACE?

Property Assessed Clean Energy (PACE) is a financing mechanism that enables private lenders to finance building upgrades and new construction of high-performance buildings and then receive their loan repayment through the city’s property assessment.

PACE assessments are paid by the property owner through property taxes, so the repayment of PACE funded upgrades remain with the property when a property is sold. Property owners can implement energy efficiency enhancements without large upfront costs, and typically repay them over 15 or 20 years along with the property tax bill.

Cities that offer PACE programs as a key tool to spur growth in improvement districts stimulate the flow of private capital and economic growth in critical areas of cities without jeopardizing general funds
Over the last decade, PACE loans, both commercial and residential, have financed over $800 million in projects across 35 states, establishing a track record of repayment and reliability. PACE loans show the potential of public-private partnerships to funnel private capital into the green economy through innovative financial mechanisms. The US Department of Energy supports PACE programs as a strategy to maximize public resources and offer clean energy financing for small businesses, multifamily affordable housing properties, and nonprofit community organizations.

DC PACE is a financing product developed through a partnership between the District Department of Energy and the Environment (DOEE) and Urban Ingenuity. Urban Ingenuity is a third-party administrator with a wealth of experience and expertise in creative, clean energy finance solutions for the commercial real estate industry. Urban Ingenuity has played a vital role in DC’s adoption and implementation of DC PACE. Responsibility for the DC PACE program will transition from DOEE to DC Green Bank later in 2021. Click below to learn more and get started.

Apply for DC PACE Today

*Coming Soon to DC Green Bank

DC Green Bank is also tremendously exciting when understood as a catalyst for the success of the wider District climate and clean energy agenda. DC is leading the nation through the implementation of the Building Energy Performance Standards (BEPS) and emerging Zero Net Energy Building standards.

Bracken Hendricks, CEO · Urban Ingenuity