On July 17th, 2019 the Better Buildings Exchange will host the PACE Financing portion of its event series on NYC’s Climate Mobilization Act. The Climate Mobilization Act is one of the most progressive sets of energy efficiency legislation to be passed in the United States. It showcases how populous cities can set the bar when it comes to improving energy efficiency in buildings. A critical part of this Act is the creation of a Program Assessed Clean Energy (PACE) program, which will be explained in depth during Wednesday’s event by current program administrators in other states.
The Climate Mobilization Act is comprised of numerous bills which will improve the carbon footprint of New York City by making the building stock more energy efficient. As previously mentioned, one aspect of this Act is the creation of a PACE program, which allows for efficient and affordable clean energy upgrades. PACE financing is an innovative mechanism for financing energy efficiency and renewable energy improvements on private properties. PACE financing allows a property owner to finance the up-front cost of energy or other eligible improvements on a property and then pay the costs back over time through a voluntary special property tax assessment. This program has been very successful thus far nationwide, with over $887 million in PACE financing having been deployed for commercial projects to date and over $5,172 million in residential PACE financing. Four speakers from the Mid-Atlantic region will be attending this event with a common goal of explaining the PACE component of this Act.
Jessa Coleman, Programs Manager of PACE Financial Servicing, is one of those speakers sharing her knowledge this upcoming Wednesday. Ms. Coleman has extensive knowledge on how to implement a prosperous PACE program due to her success managing the Maryland Commercial PACE program, the Montgomery County, MD C-PACE program, and partnering with the Virginia PACE Authority in administering the Loudoun County, VA C-PACE Program. Ms. Coleman will be joined by Aaron Ordower of the NYC Mayor’s Office of Sustainability, Fred Lee of NYCEEC, and Bracken Hendricks of Urban Ingenuity. These four speakers have decades of combined experience in energy efficiency, sustainability, and PACE. They will enlighten the audience on how PACE contributes to the Climate Mobilization Act, thanks to which New York City is on the verge of becoming a city of the future.
The NYC PACE program will help NYC become an energy efficient icon. The CMA includes legislation which requires certain buildings to meet specific energy efficiency thresholds in coming years, such as requiring buildings over 25,000 square feet to limit greenhouse gas emissions starting in 2024. This bill is expected to reduce building emissions by 40%. This is beneficial to all: building costs will be reduced, less energy will be used, and the environment will be better off, as a whole.
Join us at the Better Building Exchange on Wednesday, July 17th to expand your knowledge on the future of our world. Registration is FREE. Sign up today: https://be-exchange.org/climate-mobilization-act-series-pace-financing/