PACE Process

Interested property owners or contractors should contact Set the PACE to indicate their interest before developing a project and full application. Click here to access the initial interest form. Here are the subsequent steps.

1. 1. Apply: Submit a completed Set the PACE Application, along with supporting documentation, including:

      • Signed bid from Participating Set the PACE Commercial Contractor for an Eligible Project.

      • Savings Analysis detail, documenting energy savings, water savings, maintenance savings, and operations savings;

      • Notification to Set the PACE if the property will join the Better Building Challenge or enroll in the EPA Portfolio Manager. The Better Buildings Challenge establishes the goal for building owners to reduce their energy use by 20% by the year 2020. The challenge requires monitoring your energy usage using EPA Portfolio Manager and sharing your data with the US Department of Energy and Set the PACE Clean Energy District. For more information, see https://www4.eere.energy.gov/challenge/partners/better-buildings.

      • Right of First Refusal: Missouri Statute requires property owner or lender to obtain a Right of First Refusal from a bank having a presence in Missouri stating that they do not want to provide PACE funding.

   2. Get Mortgage Holder Consent: Provide written consent from the existing mortgage holder(s) on the eligible property for the proposed Financing Agreement and treat the payments under the Financing Agreement as special charges applied to the eligible property pursuant to this Program. A Request for Lender Consent form can be found here. 

   3. Set the PACE Approval: Set the PACE and its lending partner will review and approve the project if it meets the program terms.

   4. Financing Agreement with Set the PACE and Lender: The property owner, PACE lender and Set the PACE will close the financing. Loan closing requires standard bank loan documents, plus the PACE Financing Program Agreement (Tri-party agreement between CEDB, Property Owner(s) and PACE lender) contained in Appendix C.

   5. Release of Funds: The property owner will draw funds for the project directly from the lender according to the terms agreed between those two parties. No later than September 1st of each year, the PACE lender will certify the amount of special charges to be collected from the property. Lender will also provide a certificate that the work was completed accordingly and paid for by the lending institution.

   6. Pay Special Charge: The voluntarily-assumed PACE special charge will be billed on a special assessment, issued in December of each year, until the loan is fully repaid. The property owner must make this payment to the Set the PACE or otherwise face the same repercussions as those that follow non-payment of the annual property tax bill.