PACE Funding Group Reaches Environmental, Financial Milestones; Creates More Than 4,000 Jobs in CA, FL and MO

LOS GATOS, Calif., May 12, 2021 /PRNewswire/ -- PACE Funding Group, LLC announced today that the company has reached several significant milestones through their Property Assessed Clean Energy (PACE) financing. Specifically, the company reports it has funded more than 15,600 home improvement projects, generating an annual reduction of 43,000 metric tons of greenhouse gas emissions, through energy efficiency and renewable energy generation; 49 million gallons of water conserved; $500M in private investment in local communities; and 4,115 living-wage jobs. The home improvement projects are collectively saving homeowners $1.4M in utility bills annually. 

PACE Funding Group is one of the original providers of PACE financing, an innovative tool specifically designed to fund home improvements that reduce a community's energy and water usage through efficiency measures and renewable energy projects. PACE has been customized in individual states to allow for weatherization to protect against hurricanes, earthquakes, or wildfires. The financing can also be used for septic system improvement and for quick repairs after a catastrophic weather event. The company has seen slow and steady growth since forming in 2014 and is now poised for a greater rate of expansion with municipal partners in several states. The company currently operates in California, Missouri and Florida, and has completed four residential PACE securitizations with a combined amount of over $270M.

"PACE funding has been an especially valuable tool this past year, as many homeowners have been focusing on home improvement during the pandemic," said Robert Giles, CEO of PACE Funding Group. "PACE also benefits local governments looking for innovative ways to modernize their community's housing stock, while creating family wage-earning jobs that can't be outsourced."

PACE Funding Group is at the forefront of providing consumer protections through its PACE offerings. The company goes beyond local and state statutes to ensure customers understand how PACE financing works and that they are in a strong financial position to pay back the assessment. These protections include making phone calls to all borrowers to confirm they understand the terms of the loan, and to confirm when the project has been completed to their satisfaction; verifying project completion; establishing price caps on each project type; and setting stringent limits on the type of project that qualifies, among numerous other consumer protections. Other types of lending products, such as HELOCs and unsecured credit card loans, provide far fewer consumer protections than PACE financing.

"We are proud to bring responsible financing practices to the home improvement industry while helping communities reduce carbon emissions and create jobs," added Giles. "Our program has already set in place annual carbon emission reductions equivalent to 108 million miles driven by an average passenger vehicle, or 8,000 homes' electricity use for one year, and we are just getting started."

For more information about PACE Funding Group, visit https://www.pacefunding.com/.

CONTACT
Severn Williams
[email protected]
510-336-9566

SOURCE PACE Funding Group, LLC

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https://www.pacefunding.com/