Florida PACE Funding Agency Announces Available Funding ~ Financing now readily available for efficiency improvements in subscribing counties
ORLANDO, Fla., May 27, 2014 /PRNewswire/ -- The Florida PACE (Property Assessed Clean Energy) Funding Agency (Agency) through its EVest Program today announced that $200 million in financing is now available to property owners in subscribing local government jurisdictions for qualifying energy efficiency, renewable generation and wind-resistance home or commercial business improvements or repairs. The improvement financing will be repaid over time as part of the property owner's annual property tax assessment.
The Agency's Financial Advisors, Public Financial Management, First Southwest and Southeastern Investment Securities worked diligently with CounterPointe Energy Solutions, LLC to complete all the necessary legal documents and secure the funding from a large institutional investor. The official closing date was March 13.
"Now more than ever, making wind mitigation and energy efficiency happen in Florida is an achievable option for Florida property owners and just in time for hurricane season," said Jonathan Schaefer, Program Manager for the Agency's PACE Program. "We are excited to get hammers swinging and make a difference in our state."
The Agency was created by local governments for local governments, providing the most transparent and accountable financing vehicle to residential and commercial property owners for qualifying wind resistance, energy efficiency and renewable generation home or commercial business improvements or repairs.
The Agency's EVest Program is entirely voluntary and is available only in subscribing counties and municipalities. It is available without liability or cost to subscribed counties and municipalities, and brings with it employment and economic development benefits. Liability protection is ensured through the Agency's judicial validation that has already been obtained from the Florida Courts for every Florida city and county.
The Agency's EVest Program is non-exclusive, allowing participating local governments the opportunity to retain additional PACE providers at their sole discretion. Subscription to the Agency's EVest Program is accomplished by resolution of the local commission and a short, judicially validated interlocal agreement. Local government officials interested in subscribing should visit FloridaPACE.gov for more information. Interested contractors and property owners may visit the Agency's Program website: EVestFlorida.com.
The Florida PACE Funding Agency is a special purpose local government formed by the collaborative efforts of Flagler County and the City of Kissimmee, Florida as a public service to every city and county in Florida. The Agency boasts an innovative financing program for wind resistance, energy efficiency and renewable generation improvements benefitting property owners and increasing construction jobs statewide. The program is administered for the Agency by Leidos Engineering. For more information, visit FloridaPACE.gov.
SOURCE Florida PACE Funding Agency