Dive Summary:
- U.S. property owners will spend $280 billion through 2022 on solar panels, LED lighting and technology to reduce electric bills, estimates the Deutsche Bank AG in Germany.
- Through loans and Pace bonds-- bonds sold by cities to investors and repaid over time by property owners' real estate taxes-- commercial property owners are diving into rooftop solar panels and energy-saving systems.
- Simon Property Group Inc., the biggest U.S. shopping mall owner, and Prologis Inc., the world’s titan warehouse owner are advancing their solar systems through Pace bonds which have historically struggled to capture interest.
More from the article:
“There may be a record $150 million in Pace loans extended for rooftop solar panels, energy-efficient LED lighting and power-management systems this year, according to PACENow Executive Director David Gabrielson. It’s an example of the new sources of financing that have been created in recent years as investors show growing interest in renewables.
Pace loans had a slow start since the first program was created in Berkeley, California, in 2008, partly because of doubt over their treatment in defaults. They have supported just $121 million of clean-energy projects at U.S. residential and commercial buildings in six states, according to estimates from PACENow, a Pleasantville, New York-based advocacy group. “
