Clean Energy Finance Platform Launched by Octus Inc.
Octus, Inc.Â a California-based resource efficiency company,Â announced the debut of PACEWorks(TM), a platform to develop, implement and manage Property Assessed Clean Energy (PACE) financing programs.
“The linchpin for unlocking the clean energy market is financing,” said Octus CEO Chris Soderquist. “PACE financing — initially for commercial and multi-family buildings, and eventually for residential properties — is poised to catalyze the retrofit of inefficient buildings and the installation of renewable energy systems, and the PACEWorks platform puts Octus out in front of this high-growth industry.”
PACE financing enables property owners to make renewable energy, energy efficiency, and water efficiency improvements through low-interest, long-term loans secured by voluntary property tax assessments. Financing terms are based on the life of the improvement (up to 20 years) and payback responsibility can be transferred with property ownership — making PACE one of the most attractive loan products for lenders and property owners alike. Twenty-four U.S. states and the District of Columbia have passed laws enabling PACE financing.
Through PACEWorks, Octus provides turnkey program services, including PACE program creation, sales and marketing, contractor training, project qualification, and project financing. Octus has partnered with trade, professional and financing organizations to deploy PACEWorks. In concert with RebateWorks(TM), Octus’ comprehensive rebate procurement and management service, PACEWorks strengthens Octus’ ability to finance clean energy measures.
According to a baseline forecast scenario in a report by Pike Research, $2.5 billion will be invested annually in financing for retrofits in commercial properties through PACE by 2015, creating 50,000 new jobs and preventing 8 million metric tons of carbon dioxide emissions.
Source: Octus Press Releasebuilding, clean energy finance, Commercial, efficiency improvements, energy efficiency, energy finance, finance, financing, financing program, long term loans, pace program, water efficiency
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