On July 12th, The Department of Energy’s SunShot funding program awarded Pace Avenue a $1.5 million grant! Earlier this week, we commenced the 2 year project to drive adoption of solar energy in households across most of America.
The main objective of the SunShot program is to reduce the cost of solar energy for the average American homeowner. The program awards green energy creation businesses funding to research and develop technology that will improve access to a broader client base, increasing affordability of solar energy.
As a company, our goals align perfectly with the SunShot Grant. Our mission is to help 10 million homeowners finance energy efficient projects that will save electricity and reduce oil dependence in California. However, historically, the SunShot program has been focused on cost-reducing technology innovations.
While a lot of the technology costs have come down over the past 10 years, bringing that technology to the mass-market remains an expensive endeavor for any company. Upfront installation costs can be daunting for customers and the cost of finding and helping a customer is also high for the solar provider, and only getting more expensive as most of the would-be early adopters have signed up.
As pointed out by the DOE, many homeowners can benefit from solar power and other energy efficient technologies, but the upfront costs are discouraging. When a homeowner finances a solar project, they are essentially paying for 30+ years of electricity upfront. This is not affordable for many Americans, which is why historically, it has been wealthier homeowners with easy access to financing who have taken advantage of solar.
Pace Avenue and the Department of Energy are on a shared mission to explore ways that make solar accessible for everyone, especially in underserved communities that traditionally do not have easy access to financing. We are talking to consumers who never would have thought that they could make these home energy-efficiency upgrades.
PACE makes financing available to homeowners who otherwise would not qualify by allowing customers to attach the financing to their properties, rather than their credit. This makes lenders comfortable with financing projects by homeowners with lower credit scores or incomes.
We are going to help achieve the DOE’s mission in two ways:
- Collect data from homeowners and develop strategies to help lower the cost of acquiring a customer
- Pace Avenue will research and survey homeowners and use the feedback to make improvements that will make it easier for both contractors and financing partners to engage with homeowners in this segment of the market
Join us in forging a green solution to our nation’s dependence on polluting fossil fuels by improving your home’s energy efficiency and converting it into a green energy creator!