Elk Grove Offers Innovative Energy Efficiency and Conservation Program | Community
Elk Grove, CA – Elk Grove commercial property owners now have better financing options for renewable energy, energy efficiency and water conservation projects, thanks to a new Property Assessed Clean Energy (PACE) program offered by the City of Elk Grove.
The Figtree PACE program provides qualified commercial property owners with long-term, fixed-rate financing not typically available with traditional financing for energy and water efficiency building upgrades and renewable energy systems. Commercial property owners in the City of Elk Grove are now eligible to apply for PACE financing.
The Figtree PACE program is designed to advance energy conservation efforts by providing a funding mechanism for the often significant up-front costs associated with such improvements. Performing energy efficiency retrofits to existing commercial properties reduces energy usage and operating expenses, creates jobs in the local economy and cuts greenhouse gas emissions.
The assessment district will be established by the California Enterprise Development Authority, a joint powers authority comprised of cities and counties in the State of California. The Figtree PACE program is administered by Figtree Energy Resource Company (Figtree), a San Diego based firm specializing in the development and administration of municipal finance programs, and their resource efficiency consulting partner, ConSol (http://www.consol.ws/commercial‐services.php).
“The Figtree PACE program 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 Mayor Jim Cooper. “The program will benefit Elk Grove commercial property owners by significantly lowering costs and eliminating technical barriers to going green.”
The City of Elk Grove is participating in this effort with 20 other cities and counties throughout California. The Figtree PACE program has been endorsed by the California Building Industry Association, California Business Properties Association, Building Owners and Managers Association, and Region Builders Inc.
The Figtree PACE program offers flexible financing terms that empowers property owners to work with local contractors. Energy improvements can transform existing energy expenses into thousands of dollars of positive cash flow each year, as the cost of financing is often lower than the amount of money saved on energy. In many cases, the savings realized far exceed payment obligations required for the financing.
Property owners qualify for long-term financing based on the value of their property and the land-secured PACE structure eliminates the need for personal guarantees. The fixed-rate financing requires no money down and no minimum credit score. Plus, the balance is transferable if the property is sold before the PACE financing is paid off – so the current owner pays only for the benefits received.
PACE funds can be used for materials and labor costs of permanently installed improvements, such as high-efficiency lighting, heating and air conditioning, windows, reflective roofing, plumbing fixtures, water treatment equipment, solar panels, and many more, that will reduce the building’s use of grid-supplied energy or water.
The City of Elk Grove will host an informational workshop about the Figtree PACE program on September 13, 2012 at the City of Elk Grove Council Chambers (8400 Laguna Palms Way, Elk Grove) at 10 a.m.
For more information about the Figtree PACE program in Elk Grove, visit www.figtreecompany.com or call Michael Chapin of Figtree at (877) 577-7373.
Source: City of Elk Grove