R-PACE Market Interest, Size, and Potential Volume for a Virginia R-PACE Program
A simple analysis of PACE growth in California from 2009 -2015 tells you the market interest is substantial once awakened and has clearly demonstrated explosive exponential growth. The conclusion illustrated is: PACE is a truly effective energy transformation catalyst! Will it enable a smart transition to conservation and renewable energy? The resounding answer is: YES!
R-PACE will be a program that would benefit 100% of all homeowners in Virginia, all the time. It does not add any burden to the taxpayers or the public coffers. Such a program will attract business by keeping energy costs low because it will reduce demand, and it will, add to our energy independence, improve our air quality and help develop jobs in our local communities. Yes, R-PACE can do all that.
By all reports, solar PV is a fast-growing industry. Indexing the national dollar investment for 2009 solar PV installs at 1.00 and establishing solar growth from this starting point to 2015, the index in 2015 stands at 5.5. That is an astounding growth rate of 39% per year. I’m sure we agree that more growth occurs in states with better incentives. Virginia has almost none. Loudoun County is teh ne exception I am aware of.
Establishing a 1.00 index for all C(ommercial)-PACE program investment in 2009 and across the same period C-PACE investments have grown and yield a current index of 10.84. In other words, twice the growth rate of solar. The R(esidential) PACE index is at 30.58. This means the growth in investment in energy conservation and renewable energy for homeowners is growing at 76.5% per year with an R-PACE program in place.
Graph is omitted.
Notes 1. Solar and Geothermal data is national,
2. C-PACE is almost national while R-PACE data is primarily from certain parts of California. R-PACE is also offered in Missouri and Florida.
3. C-PACE has a split incentive issue in owner tenant properties.