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PACE FINANCING
ORANGE COUNTY

Property assessed clean energy (PACE) is a means of financing energy efficiency upgrades or renewable energy installations for buildings. Depending on state legislation, PACE can be used to finance water efficiency products, seismic retrofits, and hurricane preparedness measures. Examples of energy efficiency and renewable energy upgrades range from adding more attic insulation to installing rooftop solar panels for residential projects and chillers, boilers, LED lighting and roofing for commercial projects. In areas with PACE legislation in place, governments offer a specific bond to investors or in the case of the open-market model, private lenders provide financing to the building owners to put towards an energy retrofit. The loans are repaid over the selected term (over the course of somewhere between 5 and 25 years) via an annual assessment on their property tax bill. PACE bonds can be municipal financing districts, state agencies or finance companies and the proceeds can be used to retrofit both commercial and residential properties. One of the most notable characteristics of PACE programs is that the loan is attached to the property rather than an individual.

PACE can also be used to finance leases and power purchase agreements (PPAs). In this structure, the PACE property tax assessment is used to collect a lease payment of services fee. The primary benefit of this approach is that project costs may be lower due to the provider retaining the tax incentives and passing the benefit on to the property owner as a lower lease or services payment.

PACE programs help home and business owners pay for the upfront costs of green initiatives, such as solar panels, which the property owner then pays back by increasing property taxes by a set rate for an agree upon term ranging from 525 years. This allows property owners to begin saving on energy costs while they are paying for their solar panels. This usually means that property owners have net gains even with increased property tax.

History

Voluntary assessments for repaying municipal bonds have been attached to property taxes since the early 1800s to fund projects for public good such as sidewalks, fire stations, and street lighting. PACE uses the same concept, but for projects that benefit the private sector, or individual building owners. PACE was originally known as a "Special Energy Financing District" or "on-tax bill solar and efficiency financing."[citation needed] The concept was first conceived and proposed[citation needed] in the Monterey Bay Regional Energy Plan in 2005 but followed voter approval of a similar solar bonds program approved by San Francisco voters in 2001. The concept was designed to overcome one of the most significant barriers to solar and costly energy efficiency retrofits: up-front costs. A homeowner could spend tens of thousands of dollars on a solar photovoltaic system, upgrading windows to be more energy efficient or adding insulation throughout the home, yet all of these investments would not likely be recovered when the home was sold. PACE enables the homeowner to "mortgage" these improvements and pay only for the benefits they derive while they own the home.

The first PACE program was implemented by Berkeley, California, led by Cisco DeVries, the chief of staff to Berkeley's mayor. Berkeley's PACE program was recommended as an alternative to the [solar bonds] authority approved by neighboring San Francisco voters in 2001 in conjunction with the City's Community Choice Aggregation program, which is being implemented in both San Francisco and Sonoma counties. DeVries saw PACE as a way to provide a viable means to help achieve the Bay Area's climate goals. California passed the first legislation for PACE financing and started the BerkeleyFIRST climate program in 2008. Since then, PACE-enabling legislation has been passed in 31 states and the District of Columbia, allowing localities to establish PACE financing programs.

However, PACE financing for residential properties was dealt a serious blow in 2010 when Fannie Mae and Freddie Mac refused to back mortgages with PACE liens on them. In August 2015, the Department of Housing and Urban Development announced that it intends to require liens created by energy retrofit programs to remain subordinate to loans guaranteed by the Federal Housing Administration and that it would be issuing guidance on how to handle the transfer and sale of homes with a PACE assessment.

Benefits

For a city, PACE can play an important role in reducing local greenhouse gas emissions, promoting energy efficiency improvements in its buildings, making the shift to renewable sources of energy more affordable, and reducing energy costs for residents and businesses. Because PACE is funded through private lending or municipal bonds it creates no liability to the city's funds. Additionally, most PACE programs made possible through public-private partnerships rely on private capital to source financing. PACE also enables states and local governments to design and implement such programs in their communities. PACE programs also help to create jobs and thus spur local economic development when local solar installers and renewable energy companies partner with the program. It is also an opt-in program, so only those property owners who choose to participate are responsible for the costs of PACE financing.

PACE enables individuals and businesses to defer the upfront costs that are the most common barrier to energy efficiency or renewables installations. The PACE loans are paid with property taxes over an agreed upon term while energy costs are simultaneously lower, providing the PACE consumer with net gains. Also, because the solar panels and the PACE loan is attached to the property, the consumer can sell the property leaving the debt to be paid through the property tax assessed on the subsequent owners.

Concerns

The protections put in place by many PACE programs to protect borrowers and existing mortgage holders may result in origination fees between 2-3%. For example, a 1% fee is often charged to cover a third-party engineering review.

Several problems have been raised regarding residential PACE, but commercial PACE is far less controversial. In July 2010, the Federal Housing Finance Agency (FHFA) along with Fannie Mae and Freddie Mac objected to the senior lien status that residential PACE financing shares with other property taxes and assessments and took steps to stop residential PACE. The Agency issued a statement advising Fannie Mae and Freddie Mac to avoid buying mortgages with PACE assessments and hinted at more drastic actions, such as finding PACE homeowners in default under their mortgages. These actions stalled the development of residential PACE programs. Despite these concerns, residential programs continued to develop and began to gain traction in 2012-2013. [1] In August 2015, President Obama and the FHA announced support for the PACE concept.

Part of the problem with PACE in residential is that priority lienholders are not notified nor given an opportunity to object to this financing. Unlike residential properties, in Commercial properties priority lien holders are notified and given an opportunity to object, therefore Commercial PACE has been less affected. There are 25+ active commercial PACE Programs in 10 states and the District of Columbia. Sixteen programs have funded commercial PACE projects. Commercial PACE market is growing and evolving.

Other problems regarding PACE type programs are that these are financing programs secured with Real Estate where lenders do not follow the same type of regulations than traditional lenders securing real estate must follow, therefore there is a concern that borrowers are not properly informed of the implications of obtaining this financing, despite publicly available financing documents.

It has been reported that many PACE loans have been sold to borrowers under the false statement that such financing will be paid with the existing tax assessment. In reality, once the financing has been obtained the assessment on the property taxes will increase according to the terms and size of the financing obtained.

Another reported problem is that property owners obtain this financing and then sell the house without disclosing this increase in the property tax liability and in fact, if the buyer is to do a search of the recorders office and the tax assessor, there is a possibility that if the financing was obtained recently it will not appear with the recorder nor the assessor, this is because the PACE financing is added to the property tax bill and such bill is not updated on a regular basis, it is only updated a couple of months before the property tax bill is prepared. There have even been cases where the lender has foreclosed on the property, without knowing about the PACE financing, and a third party buyer buys the property at the foreclosure auction only to find out later when the buyer receives the next property tax bill that PACE financing had been obtained.

Securitization

Bonds associated with PACE assessments can be packaged and securitized. Securitization, which was developed in the mortgage industry, works by pooling a series of assets, such as mortgages, and selling notes backed by these assets to investors. Because these bonds are for property improvements which achieve a positive environmental impact, some PACE providers have had their bonds green certified. PACE bonds are unique amongst the green bond market because products rated as efficient are reducing carbon emissions as soon as they are installed.

Locations with PACE legislation

PACE is enabled in 31 states and the District of Columbia, covering more than 80% of the U.S. population.

State Status
Arkansas Available in some locations
California Available in some locations
Colorado Under development
Connecticut Available
District of Columbia Available
Florida Available
Georgia Under development
Hawaii On hold
Illinois Under development
Kentucky Under development
Louisiana Under development
Maryland Available, but no current programs
Massachusetts Under development
Michigan Available
Minnesota Available
Missouri Available
Nevada Available, but no current programs
New Hampshire C-Pace under development
New Jersey Under development
New Mexico Under development
New York Available
North Carolina Available,but no current programs
Ohio Available
Oklahoma Available, but no current programs
Oregon Under development
Texas Available
Utah Under development
Virginia Under development
Wisconsin Available
Wyoming Available, but no current programs

See also

References

  1. ^ a b c "PACENation: Property Assessed Clean Energy". PACENation. 
  2. ^ a b PACE (Property Assessed Clean Energy) Financing
  3. ^ a b "Our Financing Solutions - Renew Financial". 
  4. ^ "Solar Power Energy Systems - Solar Panels - Pure Energies". Pure Energies. 
  5. ^ Kammerer, Kurt (April 6, 2006). Monterey Bay Regional Energy Plan (PDF) (Report). 
  6. ^ "LOCAL POWER (November 8, 2001): San Francisco Voters Approve Unlimited Solar, Wind, Conservation with Passage of Proposition H". 
  7. ^ "First Marin, now Sonoma moves on energy program". The North Bay Business Journal. 
  8. ^ a b c "PACE Program (Property Assessed Clean Energy) Financing". 1BOG.org. Retrieved 2010-08-18. 
  9. ^ Speer, Bethany; Koenig, Ron. "Property-Assessed Clean Energy (PACE) Financing of Renewables and Efficiency" (PDF). National Renewable Energy Lab. Retrieved 2011-07-09. 
  10. ^ Hsu, Tiffany (2010-07-07). "Fannie, Freddie freeze PACE energy-efficiency retrofit financing programs". LA Times. Retrieved 2011-07-09. 
  11. ^ Interview with Cisco Devries on Sea Change Radio, originally aired May 26, 2010
  12. ^ a b "FACT SHEET: President Obama Announces New Actions to Bring Renewable Energy and Energy Efficiency to Households across the Country". whitehouse.gov. 2015-08-24. Retrieved 2016-05-25. 
  13. ^ Brookings Institution, Enact Legislation Supporting Residential Property Assessed Clean Energy Financing (PACE), November 2012
  14. ^ a b "pacefinancing.org". 
  15. ^ "First energy-efficiency bonds sold to investors". Reuters. 2014-03-07. Retrieved 2016-05-25. 
  16. ^ "Renovate America gets green bond certification for all of its PACE securitizations - Stratton Report". Stratton Report. Retrieved 2016-05-25. 
  17. ^ "PACE Roundup: $150M Securitization by Ygrene, Clean Fund Closes $60M". www.greentechmedia.com. Retrieved 2016-05-25. 

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ABOUT ORANGE COUNTY CALIFORNIA

Orange County is a county in Southern California, United States. Its county seat is Santa Ana. According to the 2000 Census, its population was 2,846,289, making it the second most populous county in the state of California, and the fifth most populous in the United States. The state of California estimates its population as of 2007 to be 3,098,121 people, dropping its rank to third, behind San Diego County. Thirty-four incorporated cities are located in Orange County; the newest is Aliso Viejo.

Unlike many other large centers of population in the United States, Orange County uses its county name as its source of identification whereas other places in the country are identified by the large city that is closest to them. This is because there is no defined center to Orange County like there is in other areas which have one distinct large city. Five Orange County cities have populations exceeding 170,000 while no cities in the county have populations surpassing 360,000. Seven of these cities are among the 200 largest cities in the United States.

Orange County is also famous as a tourist destination, as the county is home to such attractions as Disneyland and Knott's Berry Farm, as well as sandy beaches for swimming and surfing, yacht harbors for sailing and pleasure boating, and extensive area devoted to parks and open space for golf, tennis, hiking, kayaking, cycling, skateboarding, and other outdoor recreation. It is at the center of Southern California's Tech Coast, with Irvine being the primary business hub.

The average price of a home in Orange County is $541,000. Orange County is the home of a vast number of major industries and service organizations. As an integral part of the second largest market in America, this highly diversified region has become a Mecca for talented individuals in virtually every field imaginable. Indeed the colorful pageant of human history continues to unfold here; for perhaps in no other place on earth is there an environment more conducive to innovative thinking, creativity and growth than this exciting, sun bathed valley stretching between the mountains and the sea in Orange County.

Orange County was Created March 11 1889, from part of Los Angeles County, and, according to tradition, so named because of the flourishing orange culture. Orange, however, was and is a commonplace name in the United States, used originally in honor of the Prince of Orange, son-in-law of King George II of England.

Incorporated: March 11, 1889
Legislative Districts:
* Congressional: 38th-40th, 42nd & 43
* California Senate: 31st-33rd, 35th & 37
* California Assembly: 58th, 64th, 67th, 69th, 72nd & 74

County Seat: Santa Ana
County Information:
Robert E. Thomas Hall of Administration
10 Civic Center Plaza, 3rd Floor, Santa Ana 92701
Telephone: (714)834-2345 Fax: (714)834-3098
County Government Website: http://www.oc.ca.gov

CITIES OF ORANGE COUNTY CALIFORNIA:

City of Aliso Viejo, 92653, 92656, 92698
City of Anaheim, 92801, 92802, 92803, 92804, 92805, 92806, 92807, 92808, 92809, 92812, 92814, 92815, 92816, 92817, 92825, 92850, 92899
City of Brea, 92821, 92822, 92823
City of Buena Park, 90620, 90621, 90622, 90623, 90624
City of Costa Mesa, 92626, 92627, 92628
City of Cypress, 90630
City of Dana Point, 92624, 92629
City of Fountain Valley, 92708, 92728
City of Fullerton, 92831, 92832, 92833, 92834, 92835, 92836, 92837, 92838
City of Garden Grove, 92840, 92841, 92842, 92843, 92844, 92845, 92846
City of Huntington Beach, 92605, 92615, 92646, 92647, 92648, 92649
City of Irvine, 92602, 92603, 92604, 92606, 92612, 92614, 92616, 92618, 92619, 92620, 92623, 92650, 92697, 92709, 92710
City of La Habra, 90631, 90632, 90633
City of La Palma, 90623
City of Laguna Beach, 92607, 92637, 92651, 92652, 92653, 92654, 92656, 92677, 92698
City of Laguna Hills, 92637, 92653, 92654, 92656
City of Laguna Niguel
, 92607, 92677
City of Laguna Woods, 92653, 92654
City of Lake Forest, 92609, 92630, 92610
City of Los Alamitos, 90720, 90721
City of Mission Viejo, 92675, 92690, 92691, 92692, 92694
City of Newport Beach, 92657, 92658, 92659, 92660, 92661, 92662, 92663
City of Orange, 92856, 92857, 92859, 92861, 92862, 92863, 92864, 92865, 92866, 92867, 92868, 92869
City of Placentia, 92870, 92871
City of Rancho Santa Margarita, 92688, 92679
City of San Clemente, 92672, 92673, 92674
City of San Juan Capistrano, 92675, 92690, 92691, 92692, 92693, 92694
City of Santa Ana, 92701, 92702, 92703, 92704, 92705, 92706, 92707, 92708, 92711, 92712, 92725, 92728, 92735, 92799
City of Seal Beach, 90740
City of Stanton, 90680
City of Tustin, 92780, 92781, 92782
City of Villa Park, 92861, 92867
City of Westminster, 92683, 92684, 92685
City of Yorba Linda, 92885, 92886, 92887

Noteworthy communities Some of the communities that exist within city limits are listed below: * Anaheim Hills, Anaheim * Balboa Island, Newport Beach * Corona del Mar, Newport Beach * Crystal Cove / Pelican Hill, Newport Beach * Capistrano Beach, Dana Point * El Modena, Orange * French Park, Santa Ana * Floral Park, Santa Ana * Foothill Ranch, Lake Forest * Monarch Beach, Dana Point * Nellie Gail, Laguna Hills * Northwood, Irvine * Woodbridge, Irvine * Newport Coast, Newport Beach * Olive, Orange * Portola Hills, Lake Forest * San Joaquin Hills, Laguna Niguel * San Joaquin Hills, Newport Beach * Santa Ana Heights, Newport Beach * Tustin Ranch, Tustin * Talega, San Clemente * West Garden Grove, Garden Grove * Yorba Hills, Yorba Linda * Mesa Verde, Costa Mesa

Unincorporated communities These communities are outside of the city limits in unincorporated county territory: * Coto de Caza * El Modena * Ladera Ranch * Las Flores * Midway City * Orange Park Acres * Rossmoor * Silverado Canyon * Sunset Beach * Surfside * Trabuco Canyon * Tustin Foothills

Adjacent counties to Orange County Are: * Los Angeles County, California - north, west * San Bernardino County, California - northeast * Riverside County, California - east * San Diego County, California - southeast

 

 

"An honest answer is the sign of true friendship."

We receive many customers from across the world including people from the following cities:

Aliso Viejo 92656, 92698, Anaheim 92801, 92802, 92803, 92804, 92805, 92806, 92807, 92808, 92809, 92812, 92814, 92815, 92816, 92817, 92825, 92850, 92899, Atwood, 92811, Brea, 92821, 92822,92823, Buena Park, 90620 ,90621,90622, 90624, Capistrano Beach, 92624, Corona del Mar, 92625, Costa Mesa, 92626, 92627, 92628, Cypress, 90630, Dana Point, 92629, East Irvine, 92650, El Toro, 92609, Foothill Ranch, 92610, Fountain Valley, 92708, 92728, Fullerton, 92831, 92832, 92833, 92834, 92835, 92836, 92837, 92838, Garden Grove, 92840, 92841, 92842, 92843 ,92844, 92845, 92846, Huntington Beach , 92605, 92615, 92646, 92647, 92648, 92649, Irvine, 92602, 92603, 92604, 92606, 92612, 92614, 92616, 92617, 92618, 92619, 92620, 92623, 92697, La Habra, 90631, 90632, 90633, La Palma, 90623, Ladera Ranch, 92694, Laguna Beach , 92651, 92652, Laguna Hills ,92653, 92654,92607,92677, Laguna Woods, 92637, Lake Forest, 92630, Los Alamitos, 90720, 90721, Midway City, 92655, Mission Viejo, 92690, 92691, 92692,Newport Beach , 92658, 92659, 92660, 92661, 92662, 92663, 92657,
Orange, 92856, 92857, 92859, 92862, 92863, 92864, 92865, 92866, 92867, 92868, 92869, Placentia, 92870, 92871, Rancho Santa Margarita 92688, San Clemente, 92672, 92673, 92674, San Juan Capistrano, 92675, 92693,
Santa Ana , 92701, 92702, 92703, 92704, 92705 ,92706, 92707, 92711, 92712, 92725.92735, 92799, Seal Beach , 90740, Silverado 92676, Stanton, 90680, Sunset Beach 90742, Surfside 90743, Trabuco Canyon, 92678, 92679,Tustin ,92780, 92781,92782, Villa Park, 92861,Westminster, 92683, 92684, 92685, Yorba Linda, 92885, 92886, 92887

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PACE FINANCING ORANGE COUNTY CA
PACE FINANCING
ORANGE COUNTY