Groundwork Set for Growth in California

As the state of origin for the first PACE policies and longest existing Commercial PACE programs, the commercial market in California has seen more than $200 million in commercial C-PACE projects in its eight-year history.  The next largest state, Greenworks’s home of Connecticut is just north of the $100 million mark.

With projects funded in a dozen states, Greenworks is now expanding its unique offerings to the more mature market California. “Greenworks has entered California because it is home to thousands of commercial properties that can benefit from energy saving retrofits and has a considerable market for new construction and redevelopment, where C-PACE can be used to bridge equity gaps,” stated Genevieve Sherman, Head of New Markets and Partnerships. “Greenworks offers a higher level of C-PACE financing to a broader scope of commercial properties then has been the experience in California to date,” continued Sherman.

Greenworks is among the first Commercial PACE lenders to partner with the Western Riverside Council of Governments (WRCOG) and will serve over 300 counties and municipalities across the state, including several that have previously had no Commercial PACE offering, such as Lathrop CA where Greenworks funded its first project in California earlier this year. As with the state’s residential program WRCOG will serve as program administrator for Greenworks Lending’s commercial PACE offering, providing general program oversight for voluntary tax assessments placed on commercial properties by their owners. Sherman will be working with WRCOG leadership to meet with municipal leaders and economic development officials to ensure Commercial PACE is deployed as a key strategy for supporting local sustainability and economic development initiatives.

Sherman will also be working with its national partners, including the National Electrical Contractors Association (NECA) and Renovate America to educate energy efficiency and renewable energy installers on Greenworks’ unique C-PACE offering.

To see if your county or city is in Greenworks’s coverage range, please explore the map above. For additional information on any jurisdictions, contact Genevieve Sherman at gsherman@greenworkslending.com.