Montgomery County passed Property Assessed Clean Energy (PACE) Financing for commercial buildings in March 2015, and we’ve enlisted PACE Financial Servicing to administrate the County’s PACE program. Meet Jessica Bailey, CEO of PACE Financial Servicing, who is the County’s “boots on the ground” of the PACE program.
Montgomery County Commercial PACE (C-PACE) program authorizes commercial property owners to make energy efficiency and renewable energy upgrades to their buildings through innovative financing.
Under C-PACE, energy-saving upgrades are considered a public benefit. The program allows these upgrades to be funded through a property tax surcharge, similar to a solid waste benefit charge.
C-PACE funding is secured by the qualified property and repaid through the property tax bill over the life of the upgrade (potentially up to 100% of the cost and for up to 20 years).
I am the co-founder and CEO of PACE Financial Servicing (PFS). PFS’ mission is to create a low-cost PACE administration option for states and counties looking to drive private sector PACE investment and scale the market nationally. PFS combines an unprecedented track record in C-PACE administration with extensive expertise in tax lien finance.
As the Montgomery County C-PACE Program Manager, PFS works with Montgomery County to:
Prior to PFS, I was with the Connecticut Green Bank as the Director of Commercial and Industrial Property Assessed Clean Energy. In this role, I designed an award winning state-wide PACE program that allowed building owners to access financing to perform clean energy improvements on their properties.
Montgomery County has the most ambitious clean energy goals in the state, and PACE is an important tool to help them meet those goals. Additionally, Montgomery County is home to many energy contractors who are eager to use PACE to grow their businesses.
It’s a no brainer! No other financial option gives owners the ability to stay cash flow positive from day 1 while improving the quality and performance of their buildings.
There are a dozen counties in Maryland exploring starting PACE programs. That type of state-wide approach will be critical for Maryland to see scale. I am hopeful by the end of 2016, many counties will join Howard, Anne Arundel, Montgomery, and Queen Anne counties to start their programs. Further, places in Virginia, like Arlington, seem poised to get started with PACE, too.
I’ve got 3 kids, so weekends tend to be a blur of soccer games, basketball, and playdates! I love to travel and thankfully we find out ways to do that often.
Multi-tasker, energetic, and fun!
I grew up in Chicago and love any reason to go home. Or anywhere with a beach and a fruity cocktail.
The ability to create more time. Or the ability to require less sleep!
This is our first post in our “Meet the People of PACE” series. To learn more about the County’s Commercial PACE Program, visit DEP’s PACE website or sign-up for DEP’s Energy News.