Progress milestones for residential PACE financing programs
Some exciting updates on progress in residential PACE financing programs to report.
First, in a milestone event for energy efficiency and solar financing, Deutsche Bank just sold the first residential PACE securities — a $100m offering.
It got a good rating, and Deutsche Bank is a nice brandname to stand behind the product. But frankly, this should all be getting better going forward, once there is a longer payment history (this is based on 1 year) and a more diversified offering (these are all in Riverside).
Reuters has more detail for the financing wonks.
And on Monday, the regulations for California’s loan-loss reserve program were approved in final form. The effort is designed to address FHFA’s concerns, and will now start working with California’s residential PACE programs. Governor Brown’s press release has additional detail, as does this blog post from Matt Golden.
Finally, PACENow recently released a great explanatory video, called PACE in 90 Seconds. Check it out!