For Immediate Release: December 12, 2014
A2E2-Fayetteville is State’s First PACE Financing Program to Launch
Kickoff Announcement, Contractor Seminar Held Dec. 11
Fayetteville, AR – Nearly four years after announcing his support for an innovative energy financing concept called Property Assessed Clean Energy (PACE), Fayetteville Mayor Lioneld Jordan become the state’s first Mayor to formally launch a city-wide program this Thursday, December 11.
A press conference featuring Mayor Jordan was held at the Fayetteville Public Library to formally kick off the program, called Arkansas Advanced Energy Equity (A2E2). A2E2 will be administered by A2E2, LLC, which was incorporated in Arkansas earlier this year by the Arkansas Advanced Energy Association (AAEA) and Energy Equity Funding (EEF), a company that also administers Set the PACE St. Louis.
“Fayetteville is committed to an energy future that is cleaner, more efficient and more reliable,” said Mayor Jordan. “The A2E2 energy financing program is an opportunity for Fayetteville property owners to save energy costs and make their buildings and homes more valuable. A2E2 is creating green jobs that will help build Fayetteville’s future.”
The Fayetteville City Council moved in October, 2013, to adopt an ordinance creating Energy Improvement District #1 as authorized by PACE-enabling legislation enacted by the Arkansas General Assembly in April. The District’s Board of Directors met for the first time in February of this year.
“This is wonderful day for Fayetteville and especially for all of my colleagues who volunteer on the Board of Directors for the Energy Improvement District,” said Julie Trivitt, Chairwoman. “The board embraced our role as the ‘pathfinder’ for PACE in Arkansas and took every effort to ensure this is a program that our Mayor and our community can be proud of.”
The A2E2 program offers opportunities for eligible commercial property owners within the City of Fayetteville to access 100% property-assessed financing for energy efficiency, renewable energy, and water conservation property improvements. The A2E2 loans will be secured by the property’s tax assessment.
In addition to Mayor Jordan, speakers at the press conference included David Johnson, Fayetteville Public Library Executive Director; Julie Trivitt, Fayetteville Energy Improvement District Chairwoman of the Board; and Steve Patterson, A2E2, LLC.
“A2E2 is excited to work with the City of Fayetteville Energy Improvement District Board to launch the state’s first PACE program,” said Steve Patterson with A2E2 and the Executive Director of Arkansas Advanced Energy Association (AAEA). “We appreciate the Mayor’s leadership and believe that his city’s commercial property owners will now be rewarded with tremendous energy savings opportunities.”
Following the press conference, A2E2 specialists Byron DeLear and Tom Applebaum conducted an informational seminar for contractors, energy auditors, and consultants to learn about A2E2 financing options and increased sales opportunities for contractors. DeLear and Applebaum discussed contractor participation terms and conditions, registration requirements, as well as program rules and financing criteria. More than 30 contractors attended the two hour long workshop.
“We believe that the energy contracting community will find that A2E2 is an important marketing tool that will help them increase sales and achieve customer satisfaction,” said DeLear, CEO of Energy Equity Funding. “We look forward to having strong, regional contractor participation in the A2E2 program.”
Signed into law (Act 1074) by Governor Beebe in April 2013, the Arkansas local-option PACE program authorizes the voluntary creation of energy improvement districts to fund loans for 100% of the cost of energy savings projects by interested property owners. The loans are repaid via a special assessment on the owner’s property. Loan payments must be less than the amount of energy savings achieved, so every customer experiences a net positive cash flow.
The program’s website was also launched on December 11. A2E2.net is the online portal that customers and contractors can use to explore the benefits of PACE financing and learn whether certain property improvements are eligible. Property owners may use the website to submit preliminary applications for project financing and contractors may register online to participate in the program.
To read a summary of the Property Assessed Clean Energy (PACE) legislation, click here: http://arkansasadvancedenergy.com/files/dmfile/PACESUMMARY.2.13.pdf
Arkansas Advanced Energy Equity Program (A2E2) is an innovative method for commercial property owners to finance energy improvements. The program is administered by A2E2, LLC on behalf of the City of Fayetteville, AR Energy Improvement District, Julie Trivitt, Chairwoman. A2E2, LLC was incorporated in Arkansas earlier this year by the Arkansas Advanced Energy Association (AAEA) and Energy Equity Funding (EEF), a company that also administers Set the PACE St. Louis.