Frequently Asked Questions for Contractors
PACE Project improvements must reduce energy or water usage, or generate renewable power for the property.
Any contractor or project developer may work on a PACE Project, according to the requirements set forth in the Program Manual.
Yes, PACE Projects can qualify and receive additional rebates and incentives from Focus on Energy and other sources. PACE borrowers are encouraged to obtain all applicable government, utility provider or manufacturer rebates, and other upfront cost reductions to reduce the total project cost for purposes of calculating the amount of the PACE loan.
Applicants must submit an Energy Assessment or Renewable Energy Feasibility Study for the PACE Project that evaluates the proposed improvements to be financed, and is consistent with the requirements in the Program Manual. While not explicitly required by the PACE Statute, projects with PACE Financings less than $250,000 are recommended to achieve a Savings-to-Investment ratio greater than 1.0. PACE Lender underwriting requirements may require PACE Projects achieve a SIR greater than 1.0.
Applicants must submit an Energy Assessment that describes the energy, water and operational benefits that will accrue from the proposed improvements being financed with PACE Financing. The Energy Assessment must be consistent with the requirement in the Program Manual. Combined, these benefits must achieve a Savings-To-Investment Ratio of 1.0 or greater. Finally, these projected energy, water and operational benefits must be guaranteed by the project engineer or the contractor pursuant to a Savings Guarantee that is consistent with the requirements set forth in the Program Manual.
Required for projects over $250,000, a written guarantee from the contractor, project engineer, or a third part must cover a minimum of three years. It must provide that the party shall pay the property owner any shortfall in savings below a project savings-to-investment ratio of 1.0. Additional details can be found in the Project Manual.