SolarPACE™ financing by CleanFund is becoming a key driver of growth for the commercial solar industry
CleanFund Commercial PACE Capital, Inc. , as a featured exhibitor and speaker at this year’s Intersolar North America conference, will be demonstrating how SolarPACE™ is vital to unlocking much faster growth in commercial solar installations across the country.
SolarPACE financing enables property owners with broad spectrum of credit profiles to save significant amounts of money, regardless of their ability to adequately utilize all available solar tax benefits. SolarPACE can be used to finance solar systems with either a direct-ownership structure or a third-party owned structure (via a PACE Power Purchase Agreement). When a property is sold, SolarPACE financing can transfer automatically to the new property owner without the cumbersome restrictions related to typical bank financing or PPA agreements.
Financing Solar + Storage
One of the innovative features of SolarPACE is how it enables energy storage systems to improve solar project economics. SolarPACE payments are structured to ensure maximum annual savings from combined solar + storage projects over the term of the financing. For instance, SolarPACE financing was recently closed for a $800,000 solar + storage system at the historic Camelot Theatre in Palm Springs. The project is expected to save $1.3MM in avoided utility costs.
Flexible Options for Solar Tax Credit Monetization
SolarPACE can be used for either direct or indirect capture of federal solar tax incentives. CleanFund delivers the industry-leading SolarPACE PPATM structure for property owners who are not able to fully absorb tax incentives, including projects like the $2MM solar installation at the River at Rancho Mirage retail center in Southern California.
Recently Closed – $3,126,00 Huntington Shorecliffs
Last week, CleanFund closed $3,126,000 in SolarPACE financing for Huntington Shorecliffs, a manufactured housing development in Huntington Beach, CA. This was the first manufactured housing project funded by CleanFund in the company’s rapidly expanding list of real estate types. The SolarPACE proceeds will fund 100% of the construction and installation of a 815kW DC Solar PV system on common area roofs as well as carports, and will be installed by Shorebreak Energy Developers.
“We are excited to partner with Shorebreak Energy Systems – the leading solar contractor for mobile home parks – and Pacific Current Partners, a leading owner and operator of mobile home parks on executing the largest solar PACE financing for a mobile home park”, says Joshua Kagan, Vice President of Business Development at CleanFund.
“We couldn’t be more pleased with the financing solution CleanFund provided us, says James Wells, Director of Engineering at ShoreBreak Energy Developers. “The 30-year term, combined with the owner utilizing the Investment Tax Credit, illustrates how SolarPACE delivers our clients maximum cash flows.”
