This integration will allow Energy Toolbase users to instantly receive indicative PACE financing quotes from K2 for solar photovoltaic and energy storage projects. This is the first direct financing partner integration onto the Energy Toolbase platform.
PACE is a state legislated program that provides long-term financing of renewable energy and energy efficiency projects for property owners. PACE funds are sourced from private or institutional investments and are secured against the property value with an assessment on the property taxes. To date over 33 states and 400 municipalities have enacted PACE legislation.
K2 is focused primarily on PACE financing in the commercial and industrial (C&I) segment, which is particularly attractive as it is typically considered off-balance sheet financing and provides an immediate benefit to net operating income. Furthermore being able to PACE finance over longer terms, up to 20 years, often results in immediate positive cash flow in the first year and in the entire duration of the project. In addition to being a leading turnkey PACE financier, K2 provides project development services directly to commercial property owners and its network of contractors and developer partners.
Energy Toolbase is a software platform used by distributed energy professionals to analyze and propose solar and energy storage projects. Hundreds of the leading solar developers and installers nationwide use the software-as-a-service product to calculate energy savings, model project economics, and create customer facing proposals. The product is widely used in C&I applications, which is a strong fit with K2s focus on non-residential projects.
Weve been impressed with the Energy Toolbase platform and heard great feedback from our developer partners who use the service to run their analysis and generate proposals said Steve Tsu, Managing Director with K2. Being able to instantly show PACE financing quotes will allow developers to focus on the projects that make the most sense. This should enable us to rapidly scale our PACE financing deployments for solar projects.
Its well documented that PACE financing for solar is really taking off, and K2 has clearly established themselves as a leader in this space for non-resi projects said John Gurski, founder and CEO of Energy Toolbase. This is a great fit for our first financing partner integration. We think this combination brings a lot of value to our user base, who want the ability to quickly and accurately model PACE financing from a reputable provider into their projects.
