City of Concord, California

Property Assessed Clean Energy (PACE)

Property Assessed Clean Energy Financing Programs for Homes and Businesses

Property Assessed Clean Energy ("PACE") is a financing mechanism that offers a way for residential and commercial property owners to receive upfront funding for energy and water efficiency, renewable energy system installations, seismic retrofits, and electric vehicle charging stations improvements for their home or business - and to repay on their property tax bill over the course of up to 20 years and allows property owners to save time and money.

PACE: Simple Idea, Valuable Results

Traditional financing models for energy and water efficiency projects are often limited by high up-front costs, short repayment periods, strict credit requirements, high or variable interest rates, and limited availability. Alternatively, PACE employs a unique financing model of special property assessments that are paid over time (up to 30 years), accounting for the savings accrued from improved building efficiency or energy generation.

Residential and commercial property owners throughout the United States currently use PACE to pay for 100% of their projects' costs, while making their buildings more valuable. Financeable projects include new heating and cooling systems, insulation, water pumps, lighting improvements, solar panels, energy storage, and seismic retrofits for almost any qualified residential or commercial property. These improvements also help to reduce greenhouse gas emissions in the community and achieve the goals outlined in the Citywide Climate Action Plan.

How PACE Works

The PACE process hinges on creating assessments that are tied directly to a property, and repaid via the property owner's tax bill. PACE pays for 100% of a project's upfront costs, and makes longer payback projects immediately cash flow positive. Almost any residential or commercial building is eligible for PACE financing, including single-family residences, multi-family residential buildings, offices, hotels, and retail, agricultural, and industrial structures.

Step-By-Step Instructions:

  • Select Preferred PACE Provider: PACE financing is delivered through local contractors that are trained and certified by the PACE provider. If you have a preferred contractor, they can be certified to work on PACE financing projects. PACE providers generally offer similar upgrades but may differ in terms of their eligible properties, requirements, and loan terms. Please select your preferred PACE provider by clicking on one of the images to the right.
  • Develop Project: Work with your selected contractor to identify the upgrade measures to be implemented. All measures must be approved by the PACE provider. Most PACE providers are able to provide same-day approval.
  • Complete Project: Once approved, the PACE contractor will implement the upgrade measures. After you have signed a Certificate of Satisfaction, the contractor will receive payment from the PACE provider.
  • Enjoy Savings & Increased Property Value while Making PACE Payments: After your project is complete, the PACE provider arranges financing for the project by adding an assessment to the property, which is payable in semi-annual installments on the property's tax bills. A lien is filed against the property as security until the assessment is repaid. The assessment is tied to the property (not to an individual), staying with it should the property be transferred or sold before being repaid.

Beginning in 2014, the City adopted resolutions, allowing PACE programs to operate in Concord through Joint Power Authority ("JPA") agreements. The City has approved the following JPAs: California Enterprise Development Authority ("CEDA"), California Statewide Community Development Authority ("CSCDA"), Golden State Finance Authority ("GSFA"), and Western Riverside Council of Governments ("WRCOG").

The following PACE Programs are authorized to operate in Concord:

   AllianceNRG (CSCDA - Open PACE)

   CaliforniaFirst (CSCDA - Open PACE)

  Clean Fund (CSCDA - Open PACE)

  CounterPointe (CSCDA - Open PACE)

   Dividend Finance (Formerly Figtree) (CEDA)

   The HERO Program (WRCOG)

   Pace Funding (CSCDA - Open PACE)

   Spruce (CSCDA - Open PACE)

   YGrene Energy Fund (GSFA)

Following is a summary of past success of individual PACE programs:

  2014 2015 2016 2017 Total
Program N/A Residential Com. Residential Com. Residential Com. All Projects
Hero No data 173 - 139 - 133 - 445
CaliforniaFirst No data 21 - 101 - 64 - 186
Ygrene No data 6 - 100 - 51 - 157
Dividend Finance  No data - - - - 1 - 1
Pace Funding  No data - - - - 1 - 1
AllianceNRG No data - - - - - - 0
Spruce No data - - - - - - 0
CounterPointe No data - - - - - - 0
Clean Fund No data - - - - - - 0
All No data 200 0 340 0 250 0 790

Please visit PACE provider websites to find out more information about the types of projects they finance, financing structure, and contractors.

Climate Action Progress

The City has partnered with these programs because they allow residential and commercial property owners a number of choices for providing access to affordable energy efficiency and clean energy building improvements. Once constructed, these improvements also help to reduce greenhouse gas emissions in the community and achieve the goals outlined in the Citywide Climate Action Plan.

Following is a summary of past success of the program:

Year Jobs Created Energy Savings (KWh) Water Savings (Gal) Emissions Reduction (tons of CO2*)
2014 No data No data No data No data
2015 40 30,031,401 7,453,878 5,562
2016 71 52,648,171 26,461,007 9,751
2017 52 38,717,777 27,626,695 7,171
Total 163 121,397,349 61,541,580 22,484

*Metric tons of carbon dioxide equivalent impact abated

Learn more about PACE Financing by watching this video.

City of Concord CA