1. PACE Equity Advantage
LET’S MOVE YOUR PROJECT FORWARD.
Since 2014 PACE Equity has funded PACE projects in innovative never‑before‑seen ways. We pursue better buildings that improve customer returns while they lower carbon emissions. We put the customer at the center of all that we do.
2. What is PACE Financing?
Property Assessed Clean Energy (PACE) is a legislated public/private partnership that fills a gap in your capital stack with long-term low-rate non-recourse funds. Your construction budget can use our private capital funding for costs which impact energy & water spend renewable improvements or seismic/resiliency measures. The repayment of our capital is made through a long-term special tax assessment on the property making it transferable with the property.
3. ELIGIBLE IMPROVEMENTS
HVAC equipment & controls Indoor air quality Seismic & resiliency Indoor & outdoor lighting Elevator/ escalator Solar PV Windows Insulation & envelope Plumbing Roofing
This is not an exhaustive list; every state has unique options for eligibility.
4. $4.0 million—127 unit multifamily development Minneapolis MN
5. UNMATCHED EXPERIENCE & EXPERTISE
PACE funding leadership since 2014 $300 million+ invested from our own direct fund $1.5 billion+ commercial development enabled 200+ PACE projects completed by our team
6. BOOST PROJECT IRR
Replaces higher cost mezzanine and preferred equity Keeps your equity 100% internal for a larger ownership percentage Reduces personal risk with non-recourse funding Long-term fixed-rate financing with up to 30-year terms Accomplish more when you have the right partner.
7. PACE Equity is the leader in PACE funding for development projects. When you work with us you’ll get a binding commitment upfront for surety of close and you’ll get a partner focused on you and your seamless customer experience.
8. CAPITAL CONTROL WITH OUR OWN FUND
You have direct access to decision makers during the underwriting process. We have our own fund and make our own investment decisions. We give binding commitments rather than term sheets.
9. UNIQUE END-TO-END PROCESS
Our 100% funding delivery track record comes from the proven process we created that provides funding capital energy engineering and project governance for surety of close and a seamless end-to-end experience. When we commit to fund we always deliver.
10. SECURING LENDER CONSENT
PACE financing doesn’t mean losing any rights or remedies to protect the security interests of primary lenders. We have a track record of getting lenders on board through our comprehensive and effective in-house lender consent process.
11. When everything else was complicated PACE Equity stood out as easy.
David Crisafi, Principal Ceres Enterprises
12. CIRRUS Low Carbon: Lower financing rates for lower carbon buildings.
13. WE HELP YOU MEET THE LOWER CARBON REQUIREMENTS WITH OUR LOW CARBON DESIGN TEAM.
14. OUR GREEN BUILDING OPTION
LOWER RATES FOR LOWER CARBON The ONLY private financial product in the country with a differentiated cost of capital for low carbon buildings. Use our unique program to achieve the financial benefits of lower rate financing that is non-recourse and long-term. Enjoy the brand benefits of the CIRRUS Low Carbon status you can promote to tenants.
15. Significant rate reduction Verified at design so you can promote the property as CIRRUS Low Carbon before Certificate of Occupancy No costs for application participation or verification
16. DESIGN SPECIFICATION FOR ENERGY EFFICIENCY
17. LOWER RATES FROM PACE EQUITY
18. MARKETING & PROMOTION PACKAGE INCLUDING BUILDING PLAQUE
19. LOW RATES FOR SOLAR/RENEWABLES PACE Equity finances solar or other renewable energy projects with our CIRRUS Low Carbon fund which means you qualify for a lower cost of capital. Use our funding to deliver strong returns for your energy generation project.
20. Realize even stronger returns when you combine our renewable energy funding with federal or local tax incentives. PACE Equity works well in the capital stack with a variety of funding sources.
21. High equity requirements reduced bank leverage or escalating capital costs? We have solutions. Boost returns Lower WACC Reduce your equity investment Maintain larger ownership percentage Replace expensive mezzanine pref or debt funds Fill the gap from reduced bank leverage
22. CONVENTIONAL DEBT/EQUITY WITH PACE EQUITY
23. EQUITY AND/OR MEZZANINE 40–60%
24. 15–30% EQUITY 15–20%
25. DEBT 40–60% DEBT 40–60%
26. DESIGN GUIDANCE TO ENSURE YOU QUALIFY FOR CIRRUS LOW CARBON We offer (at no additional cost) an Engineer and Building Optimization professional to support your design team. Our Engineer will provide specific and thoughtful guidance for the energy and water-consuming systems in the building (HVAC hot water heating lighting envelope etc.) with the goal of meeting the CIRRUS Low Carbon design specification at the lowest cost. This Design Guidance is part of the service at PACE Equity when you sign a funding commitment with us.
27. End-to-end process with world-class customer satisfaction.
28. From our upfront Binding Commitment to our 100% delivery record let us manage the process while you benefit from the improved returns.
29. A funding offer is not certain until the required energy study is complete. Work with the company that does the energy study for you. Our highly experienced engineers and building optimization professionals will maximize your funding potential.
30. LOW-COST CAPITAL. IN-HOUSE REQUIRED ENERGY ENGINEERING. PROJECT GOVERNANCE.
31. Customers Love Our Process. They’ve told us as much by rating us with nearly perfect customer satisfaction.
32. ANALYZE COMMIT Program Adoption & Application
33. Verbal Lender Approval Document Collection
34. Maximize Eligible Spend Scope & Term
35. Building Design Optimization Authorization to Close Legal Engagement
36. Execute Closing Documents
37. Closing Calls
38. Program Approval
39. Initial Analysis Financial Review State Statute Review Second Review
40. Avoid Roadblocks from Required Energy Study We have an in-house team who know the design criteria so you get the highest funding available for the longest possible term. The required energy study determines the funding amount and amortization term.
41. Be Confident of Your Closing PACE Equity has a 100% delivery record with our funding commitments. When we commit we always deliver.
42. No External Reviews to Slow You Down We have our own direct fund backed by institutional investors. No outside credit committees to delay or stop your closing!
43. COMMITTED TO LOCAL PACE Equity is available in states and cities across the U.S. and continues to grow. We believe in working locally and building long-term relationships. As PACE legislation expands so do we.
44. Visit us at www.pace-equity.com for the most current map of available states. You can also “meet” our team of Managing Directors.
45. MEET WITH YOUR LOCAL MANAGING DIRECTOR TO LEARN MORE AND GET STARTED.
46. SCHEDULE A MEETING ON OUR WEBSITE: www.pace-equity.com/schedule-a-meeting/
47. PACE EQUITY IS A PIONEER First PACE new construction projects for: hospitality office multifamily retail
48. First PACE projects to include: TIF/NMTC/HTC/OZ Brownfields
49. First PACE projects with verified low carbon designations.
50. PACE EQUITY FINANCING
51. GREEN BUILDING DESIGNATION
52. We offer a unique program that provides the brand benefits of a verified green building with lower rate PACE Equity financing. Learn about our CIRRUS Low Carbon program at: www.pace-equity.com/lowcarbon.
53. They explained the end-to-end proven process which outlined our expectations... and it all went according to the plan.
54. Josh Jeffers, Owner J. Jeffers Company
55. The specification was clear and achievable. The lower rate made CIRRUS Low Carbon absolutely the right thing to do.
56. Shawn Neece, Principal Renew Partners
57. I have honestly never experienced such thorough and professional execution.
58. Brett Maru, Owner and Managing Partner A and B Chino Hotels LLC
59. VISIT OUR WEBSITE TO DOWNLOAD CASE STUDIES OF PROJECTS JUST LIKE YOURS. www.pace-equity.com/case-studies/
60. Let’s get started.
61. 833.201.5740 WWW.PACE-EQUITY.COM
62. 555 E Wells Street Ste. 1510 Milwaukee WI 53202 pace-equity.com ©2022 PACE Equity. All rights reserved. ADV_R17_042023
63. GUIDANCE FOR THE PERMITTING OF SOLAR ENERGY SYSTEMS ON NEW JERSEY LANDFILLS
64. New Jersey Department of Environmental Protection Division of Solid and Hazardous Waste
65. Updated February 2020
66. Guidance for the Permitting of Solar Energy Systems on Landfills in New Jersey
67. Table of Contents
68. Section A. Introduction
69. B. Process Overview
70. C. Permit Coordination
71. D. Landfill Assessment
72. E. Landfill Closure and Post-Closure Care
73. F. Specific Issues Regarding Solar Energy Systems
74. G. Other Permits/Approvals/Requirements
75. H. Division of Solid & Hazardous Waste Contact Information
76. I. Office of Brownfields Reuse Contact Information
77. J. Resources for Additional Information
78. Page #
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89. i
90. A. Introduction
91. New Jersey’s 2019 Energy Master Plan outlines the main strategies necessary to reach the goals of 100% clean energy and 80% emissions reductions from 2006 levels by 2050. Among these strategies is the acceleration of deployment of renewable energy including solar.
92. Properly closed landfills may be suitable locations for solar energy systems. As of February 2020, solar installations have been completed on approximately 20 landfills with another 10 projects under construction or applications under review. In addition to providing a source of renewable energy, the installation of solar energy projects on landfills can offset the costs of closure and post-closure care and provide long-term revenues for landfill owners.
93. This guidance provides information about the process for obtaining approval to install solar energy projects on closed sanitary landfills under New Jersey’s Solid Waste Regulations N.J.A.C. 7:26 et seq. and other Department programs. This guidance describes the approvals that are necessary from the DEP’s Division of Solid & Hazardous Waste (DSHW) and provides a list of the permits or approvals from other programs in the Department and other agencies that may be required. It also describes some of the special issues that must be addressed when placing solar energy systems on sanitary landfills.
94. To find information about the location of landfills in New Jersey visit the DSHW’s Landfill Database website at: http://www.nj.gov/dep/dshw/lrm/landfill.htm.
95. B. Process Overview
96. The process for obtaining approval from the Department and constructing landfill solar projects will generally follow this path depending on site-specific situations:
97. Permit Readiness Checklist: The Permit Readiness Checklist and initial GeoWeb site suitability review are provided by the Department’s Office of Permit Coordination and Environmental Review (OPCER). The applicant completes the Readiness Checklist. See section C below.
98. Pre-application meeting: A pre-application meeting provides an opportunity early in the planning process for the applicant to meet with Department representatives discuss the project and proposed schedule and determine what will be required to obtain the appropriate permit approvals for the project. See section C below. For projects within the New Jersey Pinelands Area, inclusion of Pinelands staff at the pre-application meeting is advisable.
99. Landfill Assessment: If the landfill has not been properly closed, the applicant will have to perform an assessment of the landfill and its surroundings to determine the environmental controls, maintenance, and monitoring necessary for closure and post-closure care. If a physical investigation of the landfill is needed to complete the assessment, e.g., soil borings, test pits, well installation, the applicant must obtain a Minor Disruption Approval pursuant to N.J.A.C. 7:26-2A.8(j). See section D below.
100. Approval for Construction Under New Jersey’s Solid Waste Rules
Generally, applications for construction of solar energy systems on landfills under New Jersey’s Solid Waste Rules will be processed by the Bureau of Solid Waste Permitting in the DSHW. Under certain circumstances, if the landfill is also required to comply with the Department’s Site Remediation Rules N.J.A.C. 7:26C and E, applications for Solid Waste approvals may be processed by the Department’s Office of Brownfields Reuse in the Site Remediation Program. Depending of the specific regulatory circumstances of the landfill, approval of the project may take a variety of forms:
a. Landfill Closure and Post-Closure Plan: If the landfill has not been verified as properly closed, the owner must prepare and submit for approval a Closure and Post-Closure Plan in accordance with N.J.A.C. 7:26-2A.9. A proposal to install the solar energy system may be included in the plan initially or the owner may implement the approved closure plan and apply for modification of the plan for the solar energy project at a later date. See section E below for more information.
b. Closure and Post-Closure Plan Modification: If a Closure and Post-Closure Plan has already been approved and closure implemented to the satisfaction of the Department, then the owner will be required to submit an application for a modification of the Plan that addresses installation of the solar energy system and any changes or modifications to any previously installed environmental control systems under the original Closure and Post-Closure Plan Approval. (N.J.A.C. 7:26-2A.9(d)6)
c. Sanitary Landfill Major Disruption Approval: Under certain limited circumstances, the Department may approve the installation of a solar energy system on a properly closed landfill through a Sanitary Landfill Major Disruption Approval in accordance with N.J.A.C. 7:26-2A.8(j). Such circumstances include projects located at landfills that have completed their post-closure care period or landfills that had been previously properly closed under the EPA’s Super
