Product
DC PACE
Financing for building upgrades and new construction
DC Green Bank is building 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 engaging new private capital providers and facilitating dealflow.
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.
Learn More and Apply Today
Learn More and Apply Today
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.
DC PACE WILL BE ESSENTIAL TO DC GREEN BANK’S MISSION FOR SUSTAINABILITY AND AN INCLUSIVE CLEAN ENERGY TRANSITION