Mike Cary, 62, has just joined Poppy Bank to lead a new PACE division looking to the future of the planet – one he is happy to inherit from his two teenage girls.
The energy expert was brought aboard Santa Rosa Bank as Senior Vice President on September 20 to keep pace with the resurgent market as it seeks to reassure companies of the benefits of using C-PACE funds to install Convincing energy efficiency improvements like solar. Heating and cooling systems and insulation.
C-PACE stands for “Commercial Property Values Clean Energy”. Commercial finance for businesses includes funding for energy efficient upgrades, water conservation, renewable energy equipment, and disaster resilience improvements. The latter is something we know a lot about the North Bay company.
Although PACE agreements are structured like loans with payment schedules and amortizations, they act like loans but really serve as a valuation. They are paid back as line items on property tax invoices.
Poppy Bank executives were optimistic about Cary’s potential to lead the division.
“We are very excited to add C-PACE’s finance department to our institution,” said President and CEO Khalid Acheckzai. “This endeavor comes at a time when our community needs it most.”
With a competitive pricing structure, the Community Bank is ready to develop strategies for the specific challenges facing companies in North Bay. For one, some companies have tried replacing their HVAC systems to improve the air quality in their offices with the possibility of COVID-19 pathogens contaminating the air.
“There are literally hundreds of improvements commercial property owners can make,” he said.
For four years, the Fairfield-based Chief Revenue Officer was with the Ygrene Energy Fund, which the Business Journal reported as one of the best PACE lenders in the country back in 2006.
Prior to that, he worked for Citibank, Virginia for over 11 years, which recruited him at the age of 24 as it “changed the financial sales culture,” he told the Business Journal.
The experience helped improve his sales skills and financial acumen while capitalizing on his competitive ambitions and teamwork skills. Cary grew up playing baseball and soccer in Richmond, Virginia.
“It helps to work with others towards a common goal,” he said.
PACE programs have “grown significantly” over the past decade, particularly in California, Florida, and Texas. The program has since developed in Ohio and New York.
According to advocacy group PACENation, the commercial program could be worth $ 677 million in investments nationwide.
Commercial buildings consume a large part of the energy consumed in the country. Poppy Bank hopes that C-PACE is seen as the economic engine for small business growth, leading to more jobs and environmental sustainability.
Over the past few decades, the green movement has ensured that energy efficient projects, because of their enormous potential and needs, help rather than hinder business.
The first PACE project started a decade ago in Berkeley, and Sonoma County’s energy independence program started a few years later.
The residential side has experienced legal issues and a loss of support from Fannie Mae and Freddie Mac while failing to enter into agreements with PACE assessors. According to national law firm Tiffany & Bosco, these government-bound financiers have labeled the residential programs “detrimental to the mortgage industry.”
Still, Poppy Bank plans to only deal with the commercial business, which Cary defines as a “more sophisticated market” to work with.
“It wasn’t a problem on the commercial side,” said Cary.
Poppy Bank, which opened in Sonoma County in 2005, has grown to assets of more than $ 3 billion and has offices in the San Francisco Bay Area, Roseville, and Southern California.