PACE Funding Group, LLC announced today (May 18) that the company has reached several significant milestones through their Property Assessed Clean Energy (PACE) financing in California. Specifically, the company reports it has funded more than 12,300 home improvement projects, generating an annual reduction of 33,500 metric tons of greenhouse gas emissions, through energy efficiency and renewable energy generation; 49 million gallons of water conserved; $406M in private investment in local communities; and 3,153 living-wage jobs.
PACE Funding Group is one of the original providers of PACE financing, an innovative tool specifically designed to fund home improvements that reduce a community's energy and water usage through efficiency measures and renewable energy projects. The company has seen steady growth since forming in 2014 and is now active in most of the state.
"PACE financing supports California's efforts to mitigate climate change, reduce energy and water usage and increase renewable energy generation," said Robert Giles, CEO of PACE Funding Group. "This funding mechanism also provides a streamlined, affordable way for people to make urgent repairs and upgrades to their homes in the face of natural disasters, including wildfires and drought."
PACE Funding Group is at the forefront of providing consumer protections through its PACE offerings. The company goes beyond local and state statutes to ensure customers understand how PACE financing works and that they are in a strong financial position to pay back the assessment. These protections include making phone calls to all borrowers to confirm they understand the terms of the loan, and to confirm when the project has been completed to their satisfaction; verifying project completion; establishing price caps on each project type; and setting stringent limits on the type of project that qualifies, among numerous other consumer protections. Other types of lending products, such as HELOCs and unsecured credit card loans, provide far fewer consumer protections than PACE financing.
"We are proud to provide more options to homeowners in California who would like to improve the efficiency of their homes or plan for extreme weather events," added Giles. "We are also excited to be creating high-quality jobs in the energy industry of tomorrow."
In California alone, the program has already set in place annual carbon emission reductions equivalent to 124 million miles driven by an average passenger vehicle, or 9,000 homes' electricity use for one year.
Property Assessed Clean Energy financing enables homeowners to make qualifying home improvements and pay for the project through their property tax bill. This type of financing also supports homeowner access to funding for urgent home improvement needs, or for long-term upgrades designed to save energy and water and reduce utility bills.
For more information about PACE Funding Group, visit https://www.pacefunding.com/.
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Severn Williams
sev@publicgoodpr.com
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