Renew Financial Expects to Close $1 Billion in PACE Deals in 2017—Outpacing the Last Nine Years
PACE is a growing market, and Renew Financial is growing to take advantage of it. Greentech Media covers our achievement of $1 billion in financing and our plans to finance $1 billion more just in 2017.
Greentech Media: The leading PACE financier is growing by leaps and bounds.
Renew Financial, one of the largest purveyors of property-assessed clean energy (PACE) financing, has been in the business for nine years, since founder and CEO Cisco DeVries pioneered the mechanism at the Berkeley city government. PACE lets homeowners buy higher-end energy efficiency and solar improvements with no money down, by distributing the cost across property tax payments over many years.
It's taken some time for the approach to spread. For some customers, perhaps, it's hard to get them excited about property tax assessments. And since these assessments happen locally, PACE financiers spent a lot time on policy formation at the city and state level to make this business viable.
That work culminated in a billion-dollar payoff.