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ARTICLE · 21 SEPTEMBER 2017

PACE Financing: 60-Second Market Review And Insights

Davis+Gilbert LLP
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$3.7 billion has been advanced to homeowners under residential Property Assessed Clean Energy (R-PACE).

United StatesFinance and Banking
Joseph Cioffi
Joseph Cioffi
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$3.7 billion has been advanced to homeowners under residential Property Assessed Clean Energy (R-PACE). Additionally, nearly $500 million has been advanced for commercial PACE (C-PACE) projects. Although R-PACE currently accounts for just .03% of the $12.8 trillion in household debt, it is one of the fastest growing sources of consumer credit and expected to double within the next year.

Through May 2017, the cumulative issuance of R-PACE loan securitizations between Renovate America, Ygrene, and Renew Financial reached $3.4 billion, up from $2.7 billion through December 2016 and $1.03 billion through December 2015.

Performance and Practice

PACE bonds have been attractive to investors due to relatively high yields, high credit ratings and positive impact of PACE projects on the environment, but there are issues both on the consumer side, in the sale of eco-friendly projects funded through PACE loans, and on the investor side, in the way performance data is

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