According to PACENow:

As of February 2013, there were 16 commercial PACE programs accepting applications to finance building efficiency projects. Most of these have been active for less than a year, and some are just now completing their first projects. As this new market develops, early-stage PACE programs have taken different approaches to program design and administration. Lessons learned from their experiences may well shape the overall success of PACE in the years to come.

Program designers and advocates believe that PACE financing structures offer significant advantages over other financing options, including:

• Zero up-front cash investment
• Immediate positive cash flow
• Long-term financing (up to 20 years)
• PACE assessment stays with the property upon sale

• Ability to pass payments through to tenants
• Low interest rates
• Higher rents and greater long-term property value because of energy efficiency
• Preservation of borrowing capacity through off-balance–sheet financing

Johnson Controls and the Urban Land Institute have published a white paper titled “Setting The PACE: Commercial Retrofit Financing,” a paper offering an overview of the commercial PACE market that is geared towards the commercial building owner community. You can download the paper here.