Development and Launch of Colorado Commercial PACE Program
The Colorado Energy Office (CEO) contracted with HB&C in 2012 to develop a roadmap for implementation of a statewide commercial PACE program. This roadmap resulted in the drafting and passing of PACE-enabling legislation.
In 2013, CEO again hired HB&C to lead a Board of Directors, made up of industry professionals representing the utility, construction, renewable energy, real estate and banking/financial sectors through the process of developing and launching a commercial PACE program, including drafting of all associated program documents.
In addition to the roadmap, CEO contracted with HB&C throughout the process of launching a PACE program from immediately post-legislation to launch. The program is set to launch and begin financing projects by fall of 2015.
HB&C created a PACE roadmap that identified all major decisions, parties to engage, and a timeline in order to launch commercial PACE in Colorado.
HB&C guided the PACE Board through its decision making process, identifying key issues that the board needed to address, reviewing options for the board to consider, and providing recommendations to the board for how to address each issue.
Through iterative guidance and communication with The Board, HB&C created a comprehensive CoPACE program guide, contractor and lender applications, a draft county-Board agreement, a draft financing agreement and other documents to support the Colorado PACE program.
HB&C advised the board on the drafting of an RFP, vetting of responses and final decision-making regarding a program administrator for the Colorado PACE program.
Through HB&C’s engagement from beginning to end, we guided CEO and The Board through the process of developing an “open source” commercial PACE program to serve the State of Colorado. HB&C believes that allowing competition amongst capital providers is a way to promote a healthy financing marketplace and over the long term and drive down the cost of funds to the borrowers. Through our engagement with numerous stakeholders, HB&C helped to garner support for the program from counties throughout the state, as well as to spark interest in participation from potential investors, contractors, and property owners.
Our programs include: PACE, ON-Bill Financing, ESA/MESA Agreements,
Green Funds & Banks, and Sustainable Energy Utilities
Harcourt Brown & Carey (HB&C) is a national consulting firm with unrivaled experience maneuvering the clean energy marketplace. We deliver energy efficiency finance solutions that work in the real world.