Monthly Archives: August 2013

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MODESTO BEE, August 27, 2013

By Marijke Rowland

TURLOCK — City businesses and residents soon will have a new way to finance energy-saving property improvements.

The City Council voted unanimously at a recent meeting to allow Property Assessed Clean Energy financing programs in the city. PACE programs provide low-interest financing for energy-saving upgrades, including solar installations, water conservation and other measures.

Turlock is the first Stanislaus County city to approve such a program, which allows property owners to take out a loan on the assessed value of their business or home based on property taxes. Unlike other loans used to pay for energy updates, PACE program loans stay with the business or home instead of the owner and are passed along if the property is sold.

The City Council has approved three private financing companies to offer PACE loans in Turlock: FigTREE, California HERO and CaliforniaFIRST. All are approved for both residential and commercial financing.

“This is something that can be nothing but a benefit in my opinion,” said Assistant City Manager Ron Reid. “All the city is doing is opening this up so (people and firms) can work together.”

While Turlock will have no oversight or financial liability for the program, the City Council had to vote to approve the financing companies because of mandates in the state legislation that created PACE in 2008.

As the first city in the county to offer the PACE financing, Turlock has chosen to only approve third-party private firms to approve and administer the loans. None of the companies will perform the contracting work. Instead, they certify independent contractors to provide the services for upgrades such as dual-pane windows, solar panels, improved insulation and energy-efficient water heaters.

FOR IMMEDIATE RELEASE

CONTACT: Ryan Ahearn, Figtree Financing
rahearn@figtreefinancing.com
Direct: (858) 771-0896

Successive PACE financing wins make San Diego-based FIGTREE a natural choice to infuse new energy into San Diego County’s commercial PACE program

(San Diego, CA: August 9, 2013) – The San Diego County Board of Supervisors has voted to bring the job-creating benefits of California’s most active commercial PACE provider – San Diego-based FIGTREE – to the region to help property owners finance money-saving energy efficiency, solar and water conservation improvements.

This week’s vote comes on the heels of a round of FIGTREE financing successes that made California commercial PACE history.  FIGTREE Energy Financing has funded more commercial PACE projects in California using no public monies than any other provider.

PACE (Property Assessed Clean Energy) is a new breed of financing that provides commercial property owners with up-front private-sector capital to realize the money-saving benefits of energy efficiency, renewable energy and water conservation upgrades based strictly on property values – usually 10% of an assessed property’s value; sometimes more.

“PACE is another tool in the pro-business tool kit the County is making available to contractors and property owners to create jobs, slash energy costs and improve the integrity of our region’s building stock,” said San Diego County Supervisor Dave Roberts, who co-sponsored the legislation to bring PACE forward. This week’s action adds both FIGTREE and HERO’s commercial PACE programs to the County of San Diego’s menu of PACE providers.

“San Diego County is a bastion for small businesses,” continued Supervisor Roberts.  “Adding FIGTREE’s financing model to the County’s offering of PACE providers brings the minimum threshold for qualifying projects down from $50,000 to $5,000. Today’s vote helps put the benefits of solar and energy efficiency improvements within reach of most any commercial property owner,” he said.

The City of San Diego and the cities of Oceanside, Santee, San Marcos and Vista have also opted into FIGTREE’s PACE financing program.

FIGTREE finances projects from as little $5,000 into the millions of dollars.  FIGTREE’s unique brand of financing is available for commercial, industrial, office, retail, agricultural and multi-family properties of five or more units.

PACE requires no money down, no minimum FICO score and provides for attractive off balance sheet financing that doesn’t impact a property owner’s credit score or capacity to borrow for other business needs.

“With energy prices about to spike, this vote couldn’t come at a more opportune time for San Diego County businesses,” observed FIGTREE CEO Mahesh Shah.

“The County of San Diego’s accelerated efforts to assess options to improve the County’s current PACE program is to be commended.  And the County’s intent to provide a competitive PACE marketplace that brings freedom of choice to property owners and affords them secure, market-proven options to finance improvements is proof that innovative public policy can help economies thrive,” Shah said.  “We’re eager to get to work and validate the prudence of this week’s Board action.”