OAKLAND, Calif., Oct. 4, 2017 /PRNewswire/ -- Renew Financial, a national leader in PACE financing, announced today that its Commercial PACE (CPACE) program has financed more than $100 million in property improvements since inception. Today's announcement is a significant milestone in the growth of PACE financing, which was conceived of by Renew Financial CEO Cisco DeVries.
Renew Financial's CPACE program allows commercial property owners in participating areas to finance clean energy projects like new roofs, solar PV and seismic improvement upgrades to their businesses and multifamily properties. The program covers all of the upfront project costs while property owners pay nothing at the time of the upgrade. Property owners then repay the cost of the project on their property taxes over the course of up to 30 years, with a fixed interest rate. By removing the upfront cost barrier to energy- and water-conserving measures, Renew Financial makes these property improvements accessible to more property owners than ever before.
"This is a big achievement for Renew Financial's CPACE program," said Renew Financial CEO Cisco DeVries. "Our company's Commercial PACE financing program makes it easy for property owners to improve their properties to be more resilient and efficient. Energy and water efficiency measures can cut operating costs, and seismic resilience protects buildings and their occupants from earthquake damage. Many property owners would love to add these improvements, and CPACE makes it easy to do so by eliminating upfront costs."
In May of 2017, Renew Financial announced that its platform facilitated the largest CPACE transaction in history, a $40 million earthquake retrofit upgrade for Seton Medical Center in Daly City, California. The project shattered the previous CPACE record of $10 million and demonstrates that customers place the highest level of trust in Renew Financial.
Renew Financial officially surpassed the $100 million milestone on September 21st when it closed an $8.6 million deal. Since Renew Financial launched its CPACE program in December 2013, the program has financed 56 projects totaling $107 million. Reaching the milestone of $100 million in CPACE financing is a clear sign of Renew Financial's sustained success and continued growth in this sector.
About Renew Financial
Renew Financial Group LLC ("Renew Financial") is one of the nation's leading home improvement financing companies. Renew Financial administers and provides multiple financing products across the country, with programs available in several states, including Property Assessed Clean Energy (PACE) programs operating in California and Florida. PACE is a financing tool enabled by state and local governments that provides homeowners and business owners with access to private capital to finance the entire cost of renewable energy, energy efficiency, water conservation, seismic, and wind mitigation upgrades, and then pay for those upgrades on their property tax bill. PACE was named by Scientific American as one of the "top 20 ideas that can change the world." PACE is a job-creating policy tool that enjoys broad support, having been championed in state legislatures and local communities nationwide by business leaders, advocacy organizations and elected officials from both sides of the aisle.
Renew Financial is a pending trademark of Renew Financial Holdings Inc.
SOURCE Renew Financial