Figtree Energy Financing, a San Diego based clean energy finance business, said it issued the largest, nonsubsidized bond in the history of a state renewable energy program called Property Assessed Clean Energy.
The $809,900 bond will finance seven energy efficient projects in Fresno and Palm Springs, and brings the total amount financed by Figtree through the PACE program to $1.5 million, the company said.
Under the PACE program, which operates in California and several other states, owners of commercial and residential properties can install energy efficient improvements without having to spend for the equipment such as solar panels. Payments on the equipment are applied to the property tax bills.
The seven energy projects financed through Figtree’s bond range from $7,000 to $224,000 with an average of about $116,000. The projects include solar, cool roof and lighting improvements at three offices in Fresno; the first hybrid solar PV system at a Palm Springs hotel; and a more efficient HVAC system for a residential desert property.
Figtree said it was the first lender in the state to initiate this new way of financing in multiple markets. Funds advanced are repaid over periods of up to 20 years through voluntary assessments on property tax bills, the company said.
— SDBJ Staff Report