Renewables are the fastest-growing source of energy in the United States, accounting for over half of new generating capacity added in 2015. This growth has been bolstered by government incentives such as the Solar Investment Tax Credit and property-assessed clean energy (PACE) programs, which incentivise the switch to renewables by individuals and small businesses.
Renew Financial, which specializes in PACE and other energy efficiency financing, has raised a $70m Series D round with participation from Angeleno Group, Apollo Capital Management, Claremont Creek Ventures, LL Funds, NGEN Partners and Prelude Ventures.
Some of the money will be put into existing construction projects, but a good portion of it will be used to scale the business and continue to expand across the country. “We want to help accelerate the clean energy economy,” said CEO Cisco DeVries, who also co-invented the PACE concept. Renew, he added, works with thousands of contractors and has helped upgrade tens of thousands of homes. Under PACE, solar projects and efficiency upgrades for homes or commercial buildings are financed through a supplemental property tax assessment. Ideally, the energy savings cover the cost of the financing so in the end the upgrades pay for themselves and then some.