The City of San Diego has voted unanimously to approve Figtree Energy Financing as a provider of property-assessed clean energy (PACE) finance services. Figtree is the city's second commercial PACE provider.
PACE is a municipal funding mechanism that provides commercial and residential property owners with 100% up-front, long-term financing to improve their properties with energy efficiency, renewable energy and water conservation upgrades. Last month, the CaliforniaFIRST program – the largest ever PACE program – was launched in 126 California cities.
Figtree arranges financing and lender consent for property owners by aggregating and selling the projects as municipal bonds. The next bond issue is slated for as early as December. Property owners can also bring their own lenders to the table, the company notes.