PACE Atlantic CIC is pleased to announce the successful funding of Canada’s first multi-provincial program for homeowner efficiency and renewable energy projects under a Property Assessed Clean Energy (PACE) financing model. The Government of Canada, through the Federation of Canadian Municipalities today confirmed $14.1 million in grants and loans to support new programs in the City of Charlottetown and the Towns of Stratford in PEI as well as the Town of Wolfville in Nova Scotia. PACE Atlantic developed the programs in collaboration with those municipalities and will administer the programs for them. PACE Atlantic is bringing a turnkey approach with third party PACE administration to enable municipal carbon reduction programs at no cost to the municipalities.
As one of Canada’s first hybrid public and private companies, it is fitting that PACE Atlantic CIC will build on experience in Nova Scotia to be the first to design and administer efficiency upgrade programs on behalf of municipalities in Prince Edward Island and eventually, Ontario. PACE Atlantic CIC President Julian Boyle says this approach offers a unique model to help Canada achieve GHG reductions. “By linking smaller towns and cities together, across provincial boundaries, PACE Atlantic is providing expertise and specialist skills where individual communities don’t have capacity to rapidly scale carbon reductions”
Boyle notes that, “although PACE Atlantic CIC is less than a year old, our team has the most experience in the country when it comes to designing and operating successful Property Assessed Clean Energy (PACE) programs”. Boyle himself designed and implemented Halifax’s successful Solar City Program nearly a decade ago, which is the longest running and most successful PACE program in Canada with over $16M in solar retrofits financed, transforming the market.
“By tying the financing to the property, we can unlock many of the barriers faced by homeowners,” said Boyle. “Our integrated approach also helps homeowners every step of the way to make the switch to energy savings and a lower carbon community simple. We have proven this model works for the installation of heat pumps, solar systems, insulation and other carbon reducing technologies.”
Boyle says “Our turnkey third party administration model is also coupled with a structure to allow for many sources of financing, including private capital. We can use financing to rapidly scale efficiency and solar investments. By partnering with municipalities, we can help design truly integrated, consumer friendly programs that encompass marketing, technical support and financing. We are really excited to help PACE scale across Canada in 2021”
For more information:
PACE Atlantic Community Interest Corporation