PACE Financing
Friday, May 14, 2010 at 3:17PM PROPERTY ASSESSED CLEAN ENERGY (PACE) FINANCING
Property Assessed Clean Energy (PACE) is enabling legislation allowing Florida’s local municipalities to finance sustainable improvements to existing commercial structures. California first passed PACE in 2008, with its first bond issued by Berkeley in January 2009. Funded through public or private financing, and touted as a significant job creation tool, a PACE bond allows commercial property owners to finance energy efficient improvements today with a repayment term up to 20 years as an annual non-ad valorem assessment on their property tax bill. BOMA Florida is committed to the preservation of our environment, the reduction of consumption in commercial real estate operations, and implementation of energy efficient retrofits throughout Florida. Therefore, BOMA Florida supports PACE as a job creation tool, energy efficiency initiative, and viable green retrofit financing option for property owners. However, BOMA Florida has presented a few business case questions, attached in the linked Position Paper, that may affect a commercial property owner’s decision to consider PACE financing.