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PACEworx News is a free, nationally distributed e-news digest devoted to the fast-growing, evolving field of building energy efficiency improvement. More than 7,000 building owners, property developers, government officials, capital providers, and mortgage originators read PACEworx News to stay informed about the energy-related issues that impact commercial and industrial property.

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C-PACE + SRS = THE PATH TO SUCCESS

Working in collaboration with its government agency clients, SRS serves as the foundation for the most successful Commercial Property Assessed Clean Energy (C-PACE) programs in the country. The combination of talented agency staff, the SRS technical support services team and our powerful PACEworx™ Platform has facilitated the development of over $130 million of C-PACE projects — a level unmatched in the industry.

POWERING C-PACE INITIATIVES

Our unique PACEworx™ Platform provides consistency, quality control and transparency across the entire project life cycle – ensuring that all stakeholder underwriting requirements are met and that projects accelerate to a successful close.

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PROJECT LIFE CYCLE

To accelerate projects through each step in the life cycle,  SRS deploys a standardized training protocol that provides step-by-step instruction on the workflow of C-PACE and introduces a suite of tools, reports and support services designed to generate building owner enthusiasm for a specific project.

Click Originate, Underwrite, or Close to view key steps in the process.

ORIGINATE

SRS accelerates project origination through contractor channel initiatives.

  • Owner authorizes contractor for site visit, upon SRS pre-qualification
  • Contractor uses SRS tools to optimize project for C-PACE financing
  • SRS conducts project eligibility and savings projections technical review on behalf of agency sponsor (Government or Non-Profit)

UNDERWRITE

SRS tools & reports ensure stakeholder underwriting requirements are met.

  • Owner approves project scope and cost, post SRS technical underwriting
  • Owner, with SRS technical support, obtains mortgage holder consent
  • SRS supports owner’s “best fit” capital provider selection

CLOSE

SRS prepares Project Finance Report to facilitate finance closing.

  • Capital provider and owner execute finance agreement
  • SRS coordinates with local tax office to place PACE assessment
  • Contractor commences construction, SRS oversees project commissioning

ENERGIZING THE GATEKEEPERS.

C-PACE projects must work for all three project Gatekeepers: Contractors, who have a desire to sell comprehensive projects, Owners and Mortgage Holders — both typically skeptical of the projected energy savings. Gaining consensus requires a skilled, independent third party, with the technical and financial knowledge to deliver projects that meet, or exceed, the objectives of each Gatekeeper.

SELECT ONE

CONTRACTORS

BUILDING OWNERS

MORTGAGE HOLDERS

Contractor involvement and motivation is the most crucial element in the success of every C-PACE program, especially during the critical 2-3 year launch and growth period. SRS provides outreach, education and training, including workshops and webinars to educate and engage Contractors on the benefits of C-PACE financing. Following the workshops, our Technical Support Services (TSS) team enables contractors with a suite of tools, reports and support services to sustain momentum and accelerate C-PACE market adoption by advancing Contractor projects.

One major barrier to closing C-PACE project financings is often the Building Owners’ lack of confidence in the Contractor’s projected energy savings-based projects. To meet the underwriting requirements of skeptical building owners, our PACEworx™ Platform enables a technically sound transparent project scenario development and optimization process which allows Contractors to address all of the Building Owners’ “what if’s”— improving confidence in the project economics.

Building Owner’s seeking to take advantage of C-PACE financing need to secure the consent of the bank holding the first mortgage — although many bank officers are unfamiliar with C-PACE and may not have the necessary documentation to support such consent. To successfully facilitate the Mortgage Holder’s consent, SRS’s Mortgage Holder Consent Report includes the key financial and technical data required to assess the project’s impact on the building owner’s mortgage repayment ability and collateral value.

MOTIVATING THE NATION.

SRS provides C-PACE programs with a streamlined, standardized, technically-sound and transparent underwriting methodology that has earned the confidence of contractors, building owners, mortgage holders and capital providers around the country. This proven project underwriting methodology has facilitated the development of over $130 million of C-PACE projects nationwide – a level unmatched in the industry.

The SRS Platform is essential

for the management of an inherently data-intensive, complicated process. By standardizing the underwriting, SRS has provided capital providers with a high-degree of confidence in the project underwriting data, enabling the sale of PACE portfolios.

BRYAN GARCIA, CEO, Connecticut Green Bank
Go to the program website

SRS’s state-of-the-art project development tools

have brought speed and transparency to the commercial PACE underwriting process.

RICH CHIEN, GreenFinanceSF Program Manager, City and County of San Francisco

SRS was competitively selected

as the Colorado C-PACE administrator and will oversee an open, competitive lending model that makes it possible for a wide variety of capital providers to participate.

PAUL SCHARFENBERGER Director of Finance & Operations, Colorado Energy Office Chairman, New Energy Improvement District
Read the press release Go to the program website

The SRS team has brought experience

and technical competence to our program. Working in close collaboration with our staff, SRS has built the RI C-PACE website, written the Program Guidelines, and prepared a detailed communications plan for engaging key stakeholders. As a result, RI C-PACE is positioned for a seamless launch in record time. It has been a very productive partnership.

MICHAEL BAER, Senior Advisor, Rhode Island Infrastructure Bank
Read the press release Go to the program website

With SRS’s extensive success

in administering C-PACE programs nationwide, we are confident that our partnership will create a robust program locally that leverages market-based approaches to energy financing, and capitalizes on best practices throughout the country.

Go to the

LAURA NELSON, Executive Director, Governor’s Office of Energy Development
Read the press release Go to the program website

The SRS team has been a valued partner

during Arlington County’s C-PACE program development. SRS has worked thoughtfully and successfully with county staff from multiple departments, and has considered varied interests to craft an excellent program. Their extensive knowledge of the PACE industry is evident to me and to different stakeholders as we learn from their presentations and excellent answers to questions on all aspects of the PACE program. We look forward to collaborating with them to bring projects to close in 2018.

RICH DOOLEY, Community Energy Coordinator, Arlington Initiative to Rethink Energy
Go to the program website

IN THE NEWS

Aurora Office Property Owner Taps State Program for Energy Upgrade (May 23, 2018 | Press Release)

Northstar Commercial Partners has updated one of its investment properties in Aurora through Colorado’s C-PACE program. The property will receive new packaged rooftop units and a new building energy management system. These improvements are projected to reduce the building’s operation and maintenance costs by approximately 35 percent annually. read more

Transportation Museum Taps Colorado C-PACE Program to Save on Energy Costs (May 21, 2018 | Press Release)

Brian McCarter, chief executive officer of Sustainable Real Estate Solutions, which administers the Colorado commercial property assessed clean energy (C-PACE) program on behalf of the Colorado New Energy Improvement District (NEID), today announced that the first project for a nonprofit organization has been funded through the program. The Forney Museum of Transportation will use C-PACE financing to install energy efficient lighting at its 146,000-square-foot facility at 4303 Brighton Boulevard in Denver. read more

Toward More Energy-Efficient Buildings (May 3, 2018 | Standardization News)

No standards currently guide the conduct of building energy performance assessments, and groups that take on this task differ in their approaches. A recently formed task force in the ASTM International committee on environmental assessment, risk management, and corrective action (E50) is beginning to change that. read more

Utah Launches New Statewide C-PACE District (May 1, 2018 | Press Release)

The Governor’s Office of Energy Development today launched Utah C-PACE District with Provo as its first city to opt-in to the commercial building energy financing program. read more

Historic Florence Building to Receive Energy Efficiency Makeover via Colorado C-PACE (April 12, 2018 | Press Release)

A 124-year-old mixed-use building on East Main Street in Florence will receive an energy makeover thanks in part to the state’s commercial property assessed clean energy (C-PACE) program. read more

Golden Office Building to Receive Energy Efficiency Makeover via Colorado C-PACE (April 5, 2018 | Press Release)

A two-story office building in Golden will soon become more energy efficient thanks in part to the state’s commercial property assessed clean energy (C-PACE) program. read more

Fiddler’s Green Center: An Energy Retrofit Story (March 30, 2018 | Colorado Real Estate Journal)

While almost everyone can agree that our commercial office buildings should be energy efficient, there are many property owners and tenants who still struggle with exorbitant energy costs every month.  read more

C-PACE program finds favor with property owners, investors (March 20, 2018 | Colorado Real Estate Journal)

As most commercial real estate professionals know, occupancy is a major concern for office property managers and owners. After all, high vacancy rates drag down rents, along with the building’s net operating income. A new state program can help. read more

Colorado Ranks 10th on the Annual LEED Top Ten List (March 12, 2018 | Colorado Real Estate Journal)

Colorado ranked 10th on the U.S. Green Building Council’s annual list of the top 10 states for LEED certification. The list highlights states throughout America that are making significant strides in sustainable design, construction and transformation at the building level.  read more

Denver Office Building to Receive Energy Makeover via Colorado C-PACE Program (February 12, 2018 | Press Release)

An 80,000-square-foot office building in Denver will receive a major energy makeover thanks in part to the state’s commercial property assessed clean energy (C-PACE) program. The program, a public-private partnership, relies on private capital, and not taxpayer funds, to help commercial property owners finance energy efficiency projects with affordable, long-term, non-recourse financing.  read more

EVENTS

May 23, 2018

buildingOwners-icon

Economic Innovation through Sustainable Investments
A roundtable discussion hosted by Denver 2030 and Haynes Mechanical.

Denver, CO

May 24, 2018

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Contractor Workshop
Learn how CPACE financing can help grow your business!

Denver, CO

June 7, 2018

buildingOwners-icon

C-PACE Community Event
Come listen to a discussion about renewable energy developments and opportunities in Delta County.

Paonia, CO

June 7, 2018

iconContractorWorkshop

C-PACE Contractor Workshop
Learn how C-PACE financing can help grow your business!

Providence, RI

June 27, 2018

iconContractorWorkshop

C-PACE Contractor Workshop
Learn how C-PACE financing can help grow your business!

Salt Lake City, Utah

Want to find SRS events in a particular state?

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