Property Assessed Clean Energy (PACE) is a powerful financing tool for energy efficiency, renewable energy, and water management upgrades to buildings. PACE financing is provided or arranged by a unit of local government and is then repaid, over a term of up to 20 years or more, as an assessment on the property's tax bill. Like other property taxes and assessments, PACE assessments can remain with a property upon sale of a building, and may be more easily shared with tenants.

Over just the last three years, projects ranging from $50 thousand to $7 million have been completed for nearly every type of commercial building. PACE financing can make even long pay-back projects immediately cash flow positive, and may be the ideal solution for projects with clear benefit that owners and managers are unwilling to consider with traditional financing methods.

Seminar Objectives
  • Discover how PACE financing works, and why every building owner or manager who is considering an energy or resource efficiency project should consider using it.
  • See a snapshot of the current PACE market, understand how PACE financing compares with other sources of funding and the steps typically involved in using PACE, and case study examples of completed projects.
  • Learn how you can contribute to enabling legislative efforts and simple ways to implement programs.
Seminar Information
Date Presented:
April 07, 2015 2:00 PM Eastern
1 hour
PACE Financing for Commercial Real Estate

Jessica Bailey
Senior Fellow,
PACENow and former Executive Director,
Connecticut Green Bank PACE Program

Jessica Bailey founded Greenworks Lending, LLC (GWL) in 2015 with the goal of accelerating PACE financed clean energy projects. Prior to GWL, Bailey was with the Connecticut Green Bank as the Director of Commercial and Industrial Property Assessed Clean Energy (C-PACE), where she joined in August 2012. In this role, she designed an award winning state-wide PACE program that allows building owners to access financing to perform clean energy improvements on their properties. In its first two years, the program approved $75 million in clean energy projects and executed the first securitization of commercial efficiency assets. Bailey worked from 2004-2012 at the Rockefeller Brothers Fund (RBF), an $800 million foundation based in New York. As the Fund’s program officer for sustainable development, she co-managed a $7 million portfolio of grants focused on combating climate change and promoting clean energy. In 2014, Bailey was selected as a Senior Fellow at PACENow, the leading industry association and advocacy organization for PACE. She was named a “Champion of Change” by the White House for solar deployment in 2014. The Hartford Business Journal dubbed her a “Green Warrior” for her work to design the successful Connecticut C-PACE program. She sits on the board of the New England Clean Energy Council. She received her graduate degree from Yale University and undergraduate from the University of Notre Dame. She lives in Connecticut with her husband and three children.


George Caraghiaur
Senior Fellow,
PACENow and former SVP for Sustainability,
Simon Property Group

George joined PACENow as Senior Fellow in April 2014. Until recently, he was SVP, Sustainability for Simon Property Group, an S&P 100 company and a global leader in the retail real estate industry, where he was responsible for developing and implementing the company’s sustainability strategy, including energy efficiency, waste recycling, renewable energy, tenant engagement, sustainable construction, and transparent reporting. George holds a Master of Science from Penn State University, and a Bachelor of Engineering from École Polytechnique de Montréal.


David Gabrielson
Executive Director,

David was introduced to PACE while developing Energize Bedford, an energy efficiency financing program for homes in Bedford, New York, where he has served as an elected Councilman since 2008. Before his careers in energy and politics, David spent over 20 years as an investment banker to state and local governments, financing a wide range of capital facilities and programs at national firms including Credit Suisse First Boston and J.P. Morgan. David earned a bachelors degree in Economics at the University of California at Berkeley and holds a Masters Degree in Public and Private Management from Yale University.


Karen Penafiel, Vice President of Advocacy, Codes & Standards, BOMA International

Karen Penafiel joined the Building Owners and Managers Association (BOMA) International in December, 1989 and serves as vice president of the advocacy, codes and standards division of the association. In this capacity, Karen leads BOMA’s federal and state advocacy programs and oversees BOMA’s model building codes and voluntary standards efforts. As the association’s chief lobbyist, she works with Congress and the federal agencies on a wide range of issues affecting the commercial real estate industry. 

Karen has taken the lead on energy and sustainability issues for BOMA for the past decade and is the author of BOMA International’s two guidance documents on electricity deregulation. She is currently leading the association’s market transformation efforts and helped develop BOMA’s green lease guides. 

Karen is a graduate of Hamilton College, where she received a Bachelor of Arts degree in Government. She lives in Centreville, Virginia with her three children. 

Individual topic purchase: Selected
BOMI International
Continuing Professional Development Credit: 1.00
BOMA Member Price:$0.00
Non-Member Price:$0.00