Grant Will Improve Low- and Moderate-Income Homeowner Access to Solar and Energy Efficiency Upgrades
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The U.S. Department of Energy’s (DOE) SunShot Initiative has selected Pace Avenue for a grant of up to $1.5 million as part of its SunShot Technology to Market 3 (T2M3) program.
The grant will fund development of “big data” and predictive analytics to identify homeowners, especially low- and moderate-income (LMI) homeowners, who could use Property Assessed Clean Energy (PACE) financing to install solar as well as make energy efficiency improvements.
“Historically, solar finance companies have offered financing designed for customers with high credit scores, which has left many folks behind,” said Gary Kremen, chairman of Pace Avenue. “PACE financing levels the playing field for homeowners who do not meet the enhanced credit standard required to finance solar using loans or leases. LMI homeowners who want to reduce their energy bills can now do so, thanks to Pace Avenue.”
The SunShot Initiative’s Technology to Market 3 (T2M3) funding program accelerates the research and development of next generation solar power technologies. To maintain its exponential growth, the solar industry needs a variety of products and services that can increase system values while reducing costs, facilitate grid integration, and increase consumer access to solar. This research enables entrepreneurs to prove the feasibility of their product and ready it for private sector follow-on support.
“Our project meets two key SunShot T2M3 program goals,” said Micah Myers, Pace Avenue’s CEO. “Using big data to identify the best candidates for PACE financing can help lower the cost of customer acquisition, which accounts for a large portion of the overall cost of residential solar today. Solar hardware costs have decreased due in part to the DOE SunShot program but soft costs have not fallen as rapidly. Equally important, data can help us expand access to solar across all demographics, including LMI homeowners who can really benefit from these technologies but have been traditionally underserved by the market.”
Pace Avenue will provide a match of up to $1.5 million for the two-year project. All T2M3 grants are subject to final negotiation between the awardee and recipient.
The U.S. Department of Energy SunShot Initiative is a national effort to drive down the cost of solar electricity and support solar adoption. SunShot aims to make solar energy a low-cost electricity source for all Americans through research and development efforts in collaboration with public and private partners.
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Companies: U.S. Department of Energy