SOURCE: Figtree Financing

Figtree Financing

July 09, 2015 11:14 ET

Los Angeles Approves Figtree Financing's PACE Program

Innovative Financing Program to Support Energy Efficiency, Renewable Energy, Water Conservation, and Earthquake Safety and Seismic Retrofits

SAN DIEGO, CA--(Marketwired - July 09, 2015) - With the goal of making Los Angeles cleaner, greener and safer, Figtree Financing's PACE (Property Assessed Clean Energy) Program was recently approved unanimously by the L.A. City Council to support the city's sustainability initiatives. This approval comes on the heels of nearly $4.5 million in recent commercial PACE projects successfully funded by the company. The L.A. City Council approval means Figtree's financing will be available to more than 40 percent of California commercial property owners and homeowners by fall.

"We applaud the leadership of the second largest city in the U.S. for approving our financing option and making such a wise investment in Los Angeles' long-term sustainability," said Mahesh Shah, CEO, Figtree Financing. "Our PACE Program is a great option for commercial solar, energy efficiency, and seismic improvements in the area, and we look forward to supporting the property owners who are interested in investing in their properties for attractive long term paybacks."

The June 30 City Council vote provides accessible financing for seismic retrofits, energy efficiency projects, renewable energy installations and water conservation to proactively update the building stock in Los Angeles. Figtree already has several projects in Los Angeles that it can now fund.

PACE financing allows property owners to access long-term financing that they pay back through their property taxes. Further, Figtree can finance projects as small as $5,000, including nonprofits, houses of worship, and small and medium businesses as well as properties without investment-grade credit. The company has already funded projects ranging in size from $20,000 to more than $1.5 million; fee structures vary based on project cost making it an attractive option for small or large projects.

"I'm very pleased that the City Council has passed a critical tool that will help Los Angeles implement my earthquake and sustainability plans," said Mayor Eric Garcetti. "With this lending tool, property owners will have access to financing for energy efficiency, water conservation, renewable energy and seismic retrofits that will help spur economic growth while increasing the long-term resiliency of the City's building stock."

Los Angeles has more than 80,000 commercial properties worth more than $150 billion, providing a significant opportunity for economic and environmental impact. In addition, these property improvements create local construction jobs and stimulate the local economy. Other cities in California concerned about seismic issues can also look to Figtree Financing's PACE Program to make it easier for property owners to upgrade a buildings seismic and structural safety, in addition to reducing consumption of energy and water.

Commercial PACE from Figtree Financing is now available in more than 120 cities and counties throughout California, resulting in a 10-fold increase in project activity in 2015. There is more information on Mayor Garcetti's earthquake plan at www.lamayor.org/earthquake and sustainability plan at www.lamayor.org/sustainability.

About Figtree Financing: Figtree Financing is a San Diego-based clean energy financing company providing innovative programs to enable capital for environmentally friendly products and services. The Figtree Commercial PACE Program provides PACE (Property Assessed Clean Energy) Financing to help commercial property owners improve their properties and lower their utility bills with energy efficiency, renewable energy, and water conservation upgrades. The program is available throughout California. Figtree Financing has successfully funded millions of dollars of property improvements with commercial PACE Financing. Learn more by calling 1-877-577-7373 or visit us at www.figtreefinancing.com.

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