By: Isabelle Elizondo On: September 12, 2023 In: Comments: 0

DC Green Bank serves as the administrator of the Property Assessed Clean Energy (PACE) Program on behalf of the District of Columbia. The DC PACE Program is a special financing option for renewable energy projects such as solar, energy efficiency upgrades like new windows or HVAC units, conservation projects like green roofs, and water use systems, whereby loans are repaid through property tax assessments. As administrator, DC Green Bank facilitates the deployment of private capital to qualifying projects. The DC PACE Program has facilitated loans totaling nearly US$100 million since its first deal closing in 2013.

In March 2023, The DC PACE Program and Forbright Bank announced the successful financing of three new solar projects to deliver energy efficiency and renewable energy upgrades for properties in Wards 2 and 3. The combined projects will generate energy savings of approximately 400,000 kWh per year, resulting in the avoidance of greenhouse gas emissions equivalent to burning over 313,000 pounds of coal. In addition, the DC PACE Program and Stonehill PACE program announced the successful closing of nearly US$5 million in financing to deliver energy efficiency and renewable energy upgrades for a 13-story residential condominium building in Ward 6. Finally, in Ward 7, the DC PACE Program and United Bank closed US$125,000 in financing to support clean energy and energy efficiency improvements for a commercial building.

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