Assembly Bill 2693 provides consistent consumer protections across the PACE industry in California; PACE Funding realigns operations to best support California homeowners
Los Gatos, Calif., Oct. 4, 2016 /PRNewswire/ — Confirming PACE Funding Group’s leadership in the area of Consumer Protection standards in partnership with the California Statewide Communities Development Authority, California has passed legislation requiring consumer disclosures and standards for all PACE administrators within the state that are consistent with PACE Funding’s existing standards. The bill tightens financing standards for Property-Assed Clean Energy (“PACE”) financing for residential properties while preserving the essential benefits for consumers seeking energy and water efficient homes. The new statute strengthens PACE’s status as an important tool to provide financing for eligible projects that contribute towards California’s aggressive energy efficiency and water conservation goals.
PACE provides long-term financing to residential and commercial property owners for renewable energy, energy efficiency and water conservation measures. PACE is different than traditional financing and can help property owners make improvements that may otherwise be unavailable. PACE has grown rapidly in California serving over 100,000 residences while additional providers have entered the industry.
“From our inception, because of our team’s deep experience in residential property lending, PACE Funding has advocated for stringent consumer standards and, therefore, fully supports the new legislation that standardizes policy across the industry. Standardization will continue to strengthen relationships with both the property owners, contractors and local governments that we serve.” said Robert Giles, CEO PACE Funding Group.
The legislation is timely for PACE Funding as it announces the promotion of John Law to Chief Commercial Officer to best align our services with consumers and local government agencies. “In my years serving the PACE community, it is readily apparent that servicing consumers, contractors and local governments must be aligned to bring the highest value and service to our communities” said Law. “We believe that aligning our Government Relations and Sales Team provides the best service, adherence to standards, and transparency.”
AB2693 takes effect on January 1, 2017.
About PACE Funding Group LLC: Based in Los Gatos, California, PACE Funding Group is an approved full service PACE program manager in California. PACE Funding Group brings strong software technology, renewable financing and capital markets experience to the residential PACE sector, resulting in the lowest private sector residential PACE interest rates. PACE Funding’s financing solutions are available for a variety of pre-approved improvements to homes and buildings, including but not limited to solar power, solar thermal and energy efficiency improvements related primarily to HVAC, roofing, windows/doors and water conservation upgrades. For more information, visit www.pacefunding.com.