What is s-pace?
S-PACETM combines the resources of SGIP administrators, PACE funders and energy storage solutions providers to offer the commercial/industrial marketplace in California a coordinated, centrally-managed funding and rebate process. It delivers all the steps of program administration (from application to funding) for both SGIP and Commercial PACE through a single application. The S-PACETM program facilitates commercial storage adoption by delivering cashflow savings to California businesses, often from the day their storage system is commissioned.
Working with many US funders participating in this program, S-PACE finds no-money down, 100% financing using Commercial PACE financing (see information on C-PACE below). The financing can be from a five to a 20-year term, depending on the equipment's warranty. The Energy Solutions Provider (participating manufacturer, developer, or contractor) facilitates the application by providing all of the key component information and project cost data to our team, via the application (available below). The SGIP program then provides a rebate through several payments over the initial period of the financing, allowing the property owner to use those rebate checks to cover financing payments over the first couple of years. There is no cost to initially file an S-PACE application, and none for the C-PACE financing side of the application, but processing the SGIP portion after the initial rebate estimate costs $500. That charge can be added to the project financing.
About SGIP and C-PACE
What is Self-Generation Incentive Program (SGIP)
SGIP is a ratepayer-funded rebate program overseen by the California Public Utilities Commission and available to retail electric and gas customers of the major California investor-owned utilities (PG&E, SCE, SDGE, SoCalGas). Municipally-owned utilities may have independent programs, but do not participate in the SGIP program, so properties with meters within those areas, like the City of Los Angeles, are not eligible for S-PACE. The amount of the SGIP rebate differs with the utility, system design, and use of the storage solution, among other factors. But an effective estimate can be provided at the application stage. Note that the California state SGIP program requires a deposit to process an application, in order to prevent frivolous applications that block access to funds by other applicants. The deposit is for 5% of the anticipated rebate amount, and is refunded with the disbursement of the rebate.
What is Commercial Property Assessed Clean Energy financing (C-PACE)
California created PACE as a mechanism to attract private capital to invest in private property infrastructure efficiency upgrades. PACE, which stands for Property Assessed Clean Energy financing, allows residential and commercial building owners to easily obtain long-term financing for electricity, water and/or water-related building improvements. The process is overseen by Joint Powers Authorities, or districts, which counties and cities opt into. The district places the amortization schedule for the financed amount on the property’s annual tax bill. Funders join one or more district(s)and take applications for projects that meet their financing guidelines, as well as the requirements of the corresponding district.
Established in 2014 to bring capital to clean energy projects, water efficiency upgrades and seismic retrofits, CleanFinancing LLC is a leading Commercial PACE agency in the US. The for-profit Los Angeles-based company represents numerous PACE funders, active in each of the main California PACE Joint Powers Authorities as well as across 6 other C-PACE states in the nation. The company also delivers tax equity participation to renewable energy and storage projects via PACE-backed PPA and Lease structures. CleanFinancing LLC helps package financing for retrofit and new construction.
S-PACE, the program and the trademark, are owned by CleanFinancing LLC.
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Energy Outlet Inc was established in 2013 to maximize the benefit for all stakeholders involved in energy projects, specialized in the area of energy and utility incentive programs nationwide. Energy Outlet Inc., based in Riverside County, CA, provides a utility program administrative service for energy solutions; making it faster and simpler to process required paperwork. Energy Outlet Inc supports contractors in navigating the rules and requirements to meet utility program guidelines, enabling contractors to pursue more energy opportunities and grow their business.