Tax Plan to Turn Old Buildings 'Green' Finds Favor

[Matt Lucas]

This smells a lot like PACE financing, but is apparently legal (?)
Anybody know more about this? They give Richard Branson all the credit
for a Cal invention...

https://www.nytimes.com/2011/09/20/business/energy-environment/tax-plan-to-turn-old-buildings-green-finds-favor.html?_r=1&scp=1&sq=tax%20plan%20to%20turn%20old%20buildings&st=cse

Shameless plug:
The Branson group referenced in the article, Carbon War Room, is led by
Jigar Shah, who will be the keynote at BERC's Innovation Expo on October
20th, part of the BERC Symposium. I hope you can all make it to the
event to enjoy the keynote, free food and booze, engaging poster session
(consider submitting one!), and of course the nearly $10,000 in prize
money. The Innovation Expo is free, and if you submit a poster you get
into the Symposium the following day for free.

More info: http://berc.berkeley.edu/page/Events/symposium2

[mark zimring]

Hi Matt,

It is PACE financing.  The FHFA letters in 2010 effectively shuttered residential PACE, but, because Fannie and Freddie don't interact with the commercial mortgage market, had little impact on commercial PACE.  There are, however, some lingering concerns re: commercial PACE; whether mortgage holders will grant consent for PACE assessments to be put on properties (commercial mortgages tend to be more restrictive than residential mortgages) and what, if any, action the Office of Comptroller of Currency (regulator of national banks) might take (in 2010, they expressed concerns about commercial PACE). 

Here is a policy brief we put out in conjunction with the Clinton Climate Initiative & Renewable Funding this spring (the numbers are outdated--and some new capital sources are being developed, but the general overview is still relevant)--barring regulatory intervention, we could see another 10-20 commercial programs launch over the next 6-12 months:

http://eetd.lbl.gov/ea/emp/reports/pace-pb-032311.pdf

Rgds,

--
--
Mark Zimring
Electricity Markets & Policy Group
Lawrence Berkeley National Lab
Energy and Resources Group  MS '12
Goldman School of Public Policy  MPP '12
University of California, Berkeley
work  510.495.2088
cell    732.580.8221

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