Monthly Archives: September 2012

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The City of Elk Grove is launching an innovative financing program known as FIGTREE PACE that creates local jobs while allowing commercial Elk Grove property owners to finance cost-cutting, property improving energy efficiency and renewable energy projects using no public monies.

An informational program launch for contractors and property owners will take place Thursday, September 13th at 10:00 am at the Elk Grove City Council Chambers, 4800 Laguna Palms Way, Elk Grove, CA 95758.

Eventbrite - Elk Grove Energy Savings Program Launch

Employing a funding vehicle known as PACE (Property Assessed Clean Energy) financing, FIGTREE provides property owners with the ability to fund priority energy and water conservation improvements with no money down and no personal guarantees.  Rather, funding is contingent on the assessed value of a property.  Payments are amortized for up to 20 years via assessments on the property-owner’s property tax bills.  Property owners see no increase in taxes from the program, only an annual payment to retire the cost of the improvements.  If an improved property is sold, payments can be transferred to a new owner so benefits stay with the current property owner.

Projects funded with FIGTREE PACE’s unique brand of financing can run from $5,000 to over 10% of a property’s assessed value. The largest project funded to date is valued at over $200,000.

This ‘pay-as-you-save’ financing model serves owners of commercial and multi-family dwellings of 5 or more units.  Commercial properties that qualify include agricultural, industrial, office properties and more.

“This is a win-win for the city of Elk Grove as it supports our local economy, improves the environment, and does not cost Elk Grove taxpayers a penny,” said Elk Grove Mayor Jim Cooper.  “We’re launching this program to benefit Elk Grove commercial property owners by significantly lowering costs and eliminating technical barriers to going green,” he said.  “We’re also facilitating the creation of quality jobs for those hired to identify and initiate the improvements,” he said.

PACE funds can be used for materials and labor costs of permanently-installed improvements that reduce a building’s use of grid-supplied energy or water. Qualifying improvements include high-efficiency lighting, heating and air conditioning (HVAC), windows, reflective roofing, plumbing fixtures, water treatment equipment, wind turbines, solar modules, fuel cells, EV charging stations, solar charging stations (EV-PV), and an array of other improvements that will reduce the building’s use of grid-supplied energy or water.   Many of these improvements qualify for tax credits, hiring credits, accelerated depreciation and rebates that drive additional savings.

 

“Our aim is to provide turnkey, lender-approved financing solutions to help cities like Elk Grove create jobs and spur economic growth using no public dollars,” said FIGTREE CEO Mahesh Shah.   “With PACE, businesses cut their operating costs and improve property values. Contractors and local vendors increase their revenues and the community at large enjoys a more sustainable quality of life. We commend the City of Elk Grove for its fiscal and environmental leadership and look forward to helping the people of Elk Grove realize the benefits of this unique economic development opportunity.”

FIGTREE is a San Diego-based firm specializing in the development and administration of municipal finance programs.  For more information, please call 877-577-7373.  For help in identifying ways to cut energy costs, please contact Walter Kim at ConSol, FIGTREE’s locally-based energy consulting partner.