PACE is a state legislated program that provides long-term financing of renewable energy and energy efficiency projects for property owners. PACE funds are sourced from private or institutional investments and are secured against the property value with an assessment on the property taxes. To date over 33 states and 400 municipalities have enacted PACE legislation.
K2 is focused primarily on PACE financing in the commercial and industrial (C&I) segment, which is particularly attractive as it is typically considered off-balance sheet financing and provides an immediate benefit to net operating income. Furthermore being able to PACE finance over longer terms, up to 20 years, often results in immediate positive cash flow in the first year and for the entire duration of the project. In addition to being a leading turnkey PACE financier, K2 provides project development services directly to commercial property owners and its network of contractors and developer partners.
Energy Toolbase is a software platform used by distributed energy professionals to analyze and propose solar and energy storage projects. Hundreds of the leading solar developers and installers nationwide use the software-as-a-service product to calculate energy savings, model project economics, and create customer facing proposals. The product is widely used in C&I applications, which is a strong fit with K2’s focus on non-residential projects.
“We’ve been impressed with the Energy Toolbase platform and heard great feedback from our developer partners who use the service to run their analysis and generate proposals” said Steve Tsu, Managing Director with K2. “Being able to instantly show PACE financing quotes will allow developers to focus on the projects that make the most sense. This should enable us to rapidly scale our PACE financing deployments for solar projects”.
“It’s well documented that PACE financing for solar is really taking off, and K2 has clearly established themselves as a leader in this space for non-resi projects,” said John Gurski, founder and CEO of Energy Toolbase. “This is a great fit for our first financing partner integration. We think this combination brings a lot of value to our user base, who want the ability to quickly and accurately model PACE financing from a reputable provider into their projects.”
About K2 Clean Energy Capital:
K2 is a leading turnkey PACE financing provider. Additionally the company provides energy project development services for commercial property owners, contractors, and developers. In 2014, K2 executed the largest PACE deal in the United States. Based in California, and with an office in Texas, the company aims to be a national leader in commercial PACE project financing. Learn more at: www.k2cleancap.com
About Energy Toolbase:
Energy Toolbase is an industry leading software platform for analyzing and proposing the economics of solar PV and energy storage projects. Hundreds of the leading renewable energy developers nationwide use our software-as-a-service product to accurately, objectively and transparently analyze their projects and create customer facing proposals. For more information or to request a free trial, visit: www.energytoolbase.com
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