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PCCS-11-Pike-ResearchP C P P PACE Consum Propert Published E Fina mer Pr ty-Asse d 1Q 2011 ancing referen essed 1 g Con ces an Clean nsum d Attitu Energy er Su udes ab y Finan urvey bout ncing P Bri Researc Clint W Program an Davis ch Analyst Wheelock President ms s t k t © 2011 Pike Re All Rights Rese express written 1.1 Figure 1. search LLC. rved. This publication permission of Pike Re Introdu As effor invest in regulato improve long pay an effo innovativ Under a back in Under s little or n of owne assessm upfront began t 2010, 16 1 States On July state an risk ma The ins may be used only as esearch LLC. uction rts to curb en n energy savi ors, activists a ements is ofte yback periods rt to assuag ve financing p a PACE financ the homeow uch a progra no upfront co ership, rema ment is tied to costs and re taking steps t 6 states had P s with PACE- 6, 2010, the nd local gove nagement ch spiration for t s expressly permitted Se EXECUT nergy demand ng home imp and industry en deterred b s when the a ge these co plans known cing program wner’s annual m, a homeow osts and repay ining payme o the property eturn on inve to make PAC PACE-enablin -Enabled Leg Federal Hous rnments to p hallenges for this statemen P by license from Pike 1 ection 1 TIVE SUM d turn to the provements h players. Will by high costs verage home oncerns, loca Property Ass , the cost of e property tax wner could ins yment plans nts would b y. This financ stment. As CE programs ng legislation gislation: Ma sing Finance ut PACE prog lenders, ser nt has been PACE Fina Research LLC and m 1 MARY residential s has become a lingness to in s and a reluc eowner move al and state essed Clean energy efficien xes via a spe stall solar pan of 15 to 20 y be made by cing approach a result, num available to in place. arch 2010 (Sourc Agency (FHF grams on pa rvicers and m attributed to ancing Con may not otherwise be ector, enablin an increasing nvest in energ tance to inve es every five t governmen Energy (PAC ncy home imp ecial assessm nels or additio years. In the the new ow h helps allevia merous muni their homeo ce: PACENOW.o FA) released use citing “un mortgage se o the concer nsumer Su accessed or used, w ng homeown ly hot topic a gy efficiency est in projects to seven yea ts began of CE) programs provements is ment on the h onal insulatio event of a tra wner becaus ate concerns cipal governm owners. By M org) a statement u nusual and d curities inves rns of govern rvey without the ers to among home s with rs. In ffering s. s paid home. n with ansfer e the about ments March urging ifficult stors”. nment © 2011 Pike Re All Rights Rese express written 1.2 search LLC. rved. This publication permission of Pike Re mortgag These a PACE lo default o added ri Since th Howeve Californ had PAC Freddie have als PowerS saving h event of In light o interest campaig efficienc relevant related s demogra homeow attitudes Key Fin  42% fina wer  Sin sign Wit 39%  Sol imp  The ma may be used only as esearch LLC. ge-finance ag agencies, wh oan’s senior or foreclosure isk for mortga he FHFA’s st er, efforts to ia, the Natur CE programs Mac’s refusa so begun to aver, which home improve f a transfer of of the roadbl in such prog gn to reinstate cy measures t. This white specifically to aphically ba wners. This s and prefere ndings % of single fa ancing. This i re either “not gle family ho nificantly less thin the group % indicated in ar panels an provement op e most popula rgin, was the s expressly permitted encies Fannie ich guarantee position to th e, the PACE age lenders lik tatement, a n revitalize PA al Resources s in place hav al to accept lo take shape insures priva ements. Unl f ownership. ocks created rams may se e PACE prog makes consu epaper exami o PACE finan alanced sam group of res nces toward t mily homeow is significantly very” or “not omeowners sp s interest in p of responde nterest in PAC nd tankless w tions, each b ar reason for additional fin P by license from Pike 2 e Mae and Fr e more than hat of the m loan would ke themselve number of ac ACE program s Defense Co ve filed lawsu oans with PAC including the ate lenders t ike PACE, a by the FHFA em less perti grams and Pr umer attitudes ines the resu ncing program mple of 1,04 pondents wa the concept o wners were eit y more than t at all” interes pending less PACE progra nts spending CE versus 62% water heaters eing chosen b a lack of inte nancial liability PACE Fina Research LLC and m reddie Mac, w half of U.S. ortgage. Th be repaid be es. ctive PACE ms are gaini ouncil, and a uits against th CE financing a e Federal Ho to offer loans PowerSaver A, Fannie Ma inent. Howev resident Obam s towards fina ults of the Pi ms. Within th 42 consume as asked a se of PACE finan ther “extreme the quarter of sted in the con than $200 p ams than tho the least on % of those sp s were the m by 63% of PA rest in a PAC y associated w ancing Con may not otherwise be who are regul mortgages, t is dictates th efore a first m programs ha ng momentu a handful of c he FHFA citin as illegal. Alt using Author s of up to $ loan must be ae and Fredd ver, recent de ma’s directive ancing model ke Research he nationally r ers, 669 we eries of ques ncing. ely” or “very” i f single family ncept. per month on ose spending electricity (les pending more most popular ACE intenders CE financing p with the home nsumer Su accessed or used, w lated by the F ook issue wit hat in the eve mortgage, cre ave gone dor um. The sta communities g Fannie Ma ternatives to P rity’s new pro 25,000 for e e paid in full die Mac, cons evelopments e to enable e s like PACE h consumer s representativ ere single f stions dealing nterested in P y homeowners electricity sh g more than ss than $100) e than $200. r energy effic s. program, by a e improveme rvey without the FHFA. th the ent of eating rmant. ate of which e and PACE ogram energy in the sumer in the energy highly survey e and family g with PACE s who howed $200. ), only ciency a wide nt. © 2011 Pike Re All Rights Rese express written 2.1 Chart 2.1 search LLC. rved. This publication permission of Pike Re Overal Since P the conc these re “Som Asse to h insu sma prog year the l Based o this app Chart 2 “very” in family h 1 Interes may be used only as esearch LLC. PA C l Interest in PACE financin cept were on espondents to me local and s essed Clean homeowners lation, energy ll renewable grams require rs via an annu loan is repaid on this descrip proach for fina .1 above sho nterested in P omeowners w st in PACE F Somew interest somew disinteres 32% Not very intereste 14% s expressly permitted Se CE FINAN n PACE Fina ng programs nly asked to o the concept, state governm Energy (PAC to make en y efficient hea energy syste e no upfront ual assessme d, it is transfer ption, the surv ancing energ ows that 42% PACE financi who were eith Financing Pr what ted/ what sted, % y ed Not at all interested 11% P by license from Pike 3 ection 2 NCING PR ancing Prog are only ava respondents , the following ments are con CE) financing. ergy efficienc ating and coo ems such as investment, ent on their pr rred to the new vey asked res y efficiency a of single fam ng. This is s her “not very” rogram (Base PACE Fina Research LLC and m 2 ROGRAM grams ailable to hom owning sing g description w nsidering a ne PACE progr cy improvem oling, high-ef solar panels and homeow roperty tax bil w homeowne spondents to and renewab mily homeow significantly m or “not at all” e: Single Fam (Sour Extremely interested 16% Ver ancing Con may not otherwise be S meowners, qu le family hom was provided ew financial t rams provide ments for the fficiency hot w or small win wners pay th lls. If you sell er.” o provide their le energy ho ners were eit more than the interested in mily Home O rce: Pike Resear ry interested 26% n=669 nsumer Su accessed or used, w uestions rega mes. To intro d: tool called Pro e low-cost fina eir home incl water heaters nd turbines. P hem back ov l your home b r level of inter me improvem ther “extreme e quarter of the concept. Owners) rch) rvey without the arding oduce operty ancing luding s, and PACE ver 20 before rest in ments. ely” or single © 2011 Pike Re All Rights Rese express written 2.2 Chart 2.2 search LLC. rved. This publication permission of Pike Re Interes In an ef respons     Chart 2 segmen educatio and gen in PACE as they 2 Interest (Base: S 4 2 Tech s H Le EducationIncomeA may be used only as esearch LLC. st in PACE F ffort to revea ses to this que Education Income Gender Age group 2.2 below s ntation analys on revealed i nder segment E financing. H showed sligh t in PACE Fin Single Famil 65 or 4 3 Und Fe More than $35K to Less than $ Graduate s c year college de year college de school/some c o igh school grad ess than high sc TO E GenderAges expressly permitted Financing b l trends betw estion were so hows “extrem sis. This an nconsistent r s. Across ag However, this htly less intere nancing by D ly Home Own 10% 1 11% 14 1 16 15 16 11% 1 0% older 45-64 30-44 der 30 Male emale $75K $75K $35K chool egree egree ollege duate chool OTAL Extremely inter P by license from Pike 4 by Demogra ween interest orted based o mely” or “ve nalysis yielde results and le ge groups, old trend did not est than home Demographic ners) 7% 23% % 20% 4% 18% 6% 20% 24% 5% 21% 6% % 23% 6% 24 2 10% 20% rested Ve PACE Fina Research LLC and m aphic Segm in PACE fina on the followin ery” intereste ed few signif evels of intere der homeown t apply to the eowners betw c Segment (Sour 4% 26% 25% 30% 27% 26% 26% 29% 22% 23% 18% 32% 25% 23% 26% 3 %30% ery interested ancing Con may not otherwise be ment ancing and d ng responden ed response ficant finding est were sim ers tended to youngest ag ween the ages rce: Pike Resear % 31% % 35% 43% 48 42% 46% 41% 45% 45% 42% 38% 38% 47 36% 46% 42% 40% 50% nsumer Su accessed or used, w demographic nt characteris es based on s. Differenc ilar across in o be less inter e group (und s of 30 and 64 rch) 8% % 55% % % %60% n=667 rvey without the traits, stics: n this ces in ncome rested er 30) 4. © 2011 Pike Re All Rights Rese express written 2.3 Chart 2.3 Monthly Electric Bill search LLC. rved. This publication permission of Pike Re Interes In additi respons to adopt As illust more di monthly homeow interest respond in PACE PACE fi large up characte consum high ene can own This ana of techn homeow in the co a strong 3 Interest (Base: S Tech early More t $20 $10 Less may be used only as esearch LLC. st in PACE F on to demog ses were calc t new technol trated in Cha stinct trends y spending o wners spendin in PACE pro dents spendin E versus 62% inancing offer pfront investm eristic is grea er survey suc ergy demand n, control and alysis also re nology had s wner. Over tw oncept versus g target marke t in PACE Fin Single Famil 0% y adopters than $300 00 to $300 00 to $200 than $100 TOTAL Extr s expressly permitted Financing b raphic segme culated based ogies. art 2.3 below, in PACE fin on electricity ng less than ograms than ng the least o % of those sp rs homeowne ment. The d ater than othe ch as demand ding homes a add to their h vealed that h significantly wo-thirds (69% s 43% interes et for many en nancing by B ly Home Own 39 23% 25% 16% 15% 16% %20 remel y intere P by license from Pike 5 by Behavior entation, perc d on the resp this breakdo nancing intere y and intere $200 per mo those spend n electricity ( pending more ers the oppor disparity betw er energy effic d response (D are more draw home’s value homeowners w greater inter %) of the “tec sted among a nergy efficien Behavioral S ners) 9% 26% 24% 26% 0% ested V PACE Fina Research LLC and m ral Segmen centages of “e pondents’ mon own of the re est. There is est in a PA onth on elect ding more th (less than $10 e than $200. rtunity to cut ween interest ciency conce DR) programs wn to energy e. who identified rest in PACE ch early adopt all homeowne ncy-enabling c Segment (Sour 30 38% 37% 42% 39% 43% 40% Very intereste ancing Con may not otherwise be nt extremely” an nthly electric espondent ba s a strong co ACE program tricity showed an $200. W 00), only 39% This is an in their electrici t levels acro pts covered i s. This sugge y efficiency m d themselves E programs ter” segment ers. This beh concepts. rce: Pike Resear 0% 62% 62% 60% ed n nsumer Su accessed or used, w nd “very” inter bill and inclin ase provides orrelation bet m. Single f d significantly Within the gro % indicated in ntuitive trend ty usage with oss this beha in Pike Resea ests that own measures tha s as early ado than the av expressed in havioral segm rch) 69% 80% n=669 rvey without the rested nation some tween family y less oup of nterest since hout a avioral arch’s ners of t they opters verage nterest ment is © 2011 Pike Re All Rights Rese express written 2.4 Chart 2.4 High effi search LLC. rved. This publication permission of Pike Re Preferr Respon asked t impleme multiple As show popular conditio selected four we replacem The lea 12% an PACE in by a sig 4 Preferre (Base: R H Pr iciency air cond may be used only as esearch LLC. red Home E dents who es o identify sp enting if they energy efficie wn in Chart selections, e ners/evapora d by 58% of h ere higher ment as one o st chosen op d 15% respe ntenders sugg nificant marg ed Home Ene Respondents High efficiency Wood/p Insulatin Small w Reflective roo rogrammable th Insulating exte Air sealing/du Storm High efficien Solar hot w ditioner/evapora So Tankless hot w s expressly permitted Energy Effic stablished an pecific energy participated ency improve 2.4 below, s each being c ative coolers homeowners efficiency ap of the more e ptions were h ectively. Nota gesting that w in. ergy Efficien s Interested Other pool pump pellet stove ng shutters ind turbine of shingles hermostats erior doors uct sealing m windows ncy furnace water heater Insulation ative cooler olar panels water heater 0% P by license from Pike 6 ciency Impr interest in P y saving hom in a PACE p ements. solar panels a chosen by 63 and insulat interested in ppliances in ffective meth high efficienc ably, small w wind power st ncy Improvem in PACE Pro 4% 12% 15 10% 20 PACE Fina Research LLC and m rovements PACE financin me improvem program. Re and tankless 3% of PACE tion were clo PACE. Amo dicating tha ods to reduce cy pool pump wind turbines till trails solar ments with P ograms – Mu (Sour % 5% 23% 0%30% ancing Con may not otherwise be ng (PACE int ments that the espondents w s water heate intenders. ose behind ong the top s t consumers e energy cons ps and wood/ were selecte r power in con PACE Financ ultiple Respo rce: Pike Resear 37% 40% 41% 46% 47% 48 48 40% 50% nsumer Su accessed or used, w tenders) were ey would con were able to ers were the High efficien with each o six options ch s view app sumption. /pellet stoves ed by only 37 nsumer prefe cing onses Accep rch) % % 8% 8% 51% 58% 58% 63% 63% %60% 7 n=285 rvey without the e then nsider select most cy air option hosen, liance s, with 7% of erence ted) % % 0% 5 © 2011 Pike Re All Rights Rese express written 2.5 Chart 2.5 I am improv My I d I w o search LLC. rved. This publication permission of Pike Re Reason Turning Researc respons results. The mo margin majority consum electricit cited se percenta respond unintere efficienc 5 Reason Interest I am not interes efficiency imp r I am not t not interested i vements such a wind tu home is alread don’t really unde program ould not want to financ may be used only as esearch LLC. ns for Lack our attention ch asked the ses were acc ost popular re was the add y (56%) chos ers that the ty cost saving econd most (3 age (19%) s dents cited a ested in renew cy improveme ns for Lack o ted in PACE sted in making rovements to m the owner of m in renewable en as solar panels o urbines y very energy e erstand how th m would work o take on the ad ial liability s expressly permitted k of Interest n to the home ese respond cepted for th eason for a la ditional financ se this optio cost of ener gs. A lack of 30%) by hom stated that t a lack of in wable energy ents. of Interest in Program – M 0% energy my home y home nergy or small Other efficient he PACE ditional P by license from Pike 7 t in PACE Fi eowners who ents why th his question. ack of interes cial liability a on demonstra rgy efficiency f understandi meowners unin their home w nterest in th y improvemen PACE Finan Multiple Resp 4% 6% 9% 11% 10%2 PACE Fina Research LLC and m inancing Pr were not inte he concept d Chart 2.5 st in a PACE associated wi ating an exis y improvemen ng how the P nterested in t was already e improvem nts and only 4 cing Program ponses Acce (Sour 19% 3 20% 30% ancing Con may not otherwise be rogram erested in PA did appeal to below shows E financing p ith the home sting percept nts is higher PACE program the concept. y very energ ents themse 4% were unin m (Base: Res epted) rce: Pike Resear 30% 40% nsumer Su accessed or used, w ACE financing o them. M s summarize program by a e improvemen tion among than the pot m would wor A slightly sm gy efficient. elves – 9% nterested in e spondents N rch) 56 50% 60 n=384 rvey without the , Pike ultiple es the a wide nt. A many tential k was maller Few were energy Not % % © 2011 Pike Re All Rights Rese express written search LLC. rved. This publication permission of Pike Re While th Researc consum efficienc this opp barriers solution upgrade the prop since th eliminat than the Manufac furnaces survey’s PACE fu or evap furnaces efficient participa also fall financin Adoption investm an over not inte addition low cos recovery global e availabil may be used only as esearch LLC. SUM he future of ch’s consum ers. These cy home impr portunity is l faced by ho to concerns es remains a perty and not his is the ele ing this aspec e results of thi cturers of ene s are likely to s results. A unds to inves porative coole s. With such appliances, ate in the crea l in this cate g for a solar p n of energy ents required all decrease rested in PA al financial lia st financing y is required economy slow lity of attractiv s expressly permitted Se MMARY A PACE finan er survey in findings illus ovement fina ikely to insp omeowners s s about achie challenge for the owner th ment of the ct of PACE fin is survey indic ergy efficient o benefit from majority of t in tankless o ers. A near h high levels suppliers of ation of simila egory given t panel installat efficiency h d. This situat in consumer ACE financing ability that an programs lik before many wly recovers a ve financing w P by license from Pike 8 ection 3 ND CONC ncing program ndicate that strate that a ncing program pire similar p seeking to m eving a fair r these progra rough tax ass program tha nancing may cate. appliances s m financing p PACE intend or solar hot w majority (48 of interest i f these produ ar financing p that 63% of tion. home improv tion is worsen r spending. O g, 56% state n energy-savin ke PACE he consumers c and the appe will be a key c PACE Fina Research LLC and m 3 CLUSION ms remains interest in t clear market ms such as P programs tha ake their ho return on inv ams. The PA sessments fa t raised conc result in a we such as wate programs su ders stated th water heaters 8%) indicated n using PAC ucts are prim plans. Provid PACE intend vements suff ned when po Of the single ed that they ng home imp elp to allevia consider thes eal of energy component to ancing Con may not otherwise be S uncertain, th the concept t opportunity PACE. In the at help overc mes more e vestment for ACE solution aces serious v cerns at the eaker level of er heaters, ai ch as PACE hat they wou , high efficien d an interest CE programs me candidate ders of reside ders would c fers due to oor economic e family home were unwillin provement wo ate these co se types of inv efficiency im o the market’s nsumer Su accessed or used, w he results of is strong a y exists for e absence of P come the fin nergy efficien r energy effic of tying the lo viability challe FHFA. How f consumer in ir conditioner E, according t uld consider ncy air conditi in high effic to finance e es to suppor ntial solar sys consider usin the large c conditions le eowners who ng to take o ould require. oncerns, econ vestments. A mprovements s developmen rvey without the f Pike among energy PACE, ancial nt. A ciency oan to enges wever, nterest rs and to the using ioners ciency energy rt and stems ng the capital ead to were on the While nomic As the grow, nt. © 2011 Pike Re All Rights Rese express written Section 1 Executive 1.1  1.2  Section 2 PACE Fin 2.1  2.2  2.3  2.4  2.5  Section 3 Summary Section 4 Table of C Section 5 Table of C Section 6 Scope of Survey M search LLC. rved. This publication permission of Pike Re 1 ................... e Summary . Introduction . Key Findings 2 ................... nancing Prog Overall Intere Interest in PA Interest in PA Preferred Ho Reasons for 3 ................... y and Conclu 4 ................... Contents ..... 5 ................... Charts and F 6 ................... f Study ......... Methodology may be used only as esearch LLC. ..................... ..................... ..................... s .................... ..................... grams .......... est in PACE F ACE Financin ACE Financin ome Energy E Lack of Intere ..................... usions .......... ..................... ..................... ..................... Figures......... ..................... ..................... ..................... s expressly permitted Se TABLE O ..................... ..................... ..................... ..................... ..................... ..................... Financing Pro ng by Demogr ng by Behavio Efficiency Imp est in PACE F ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... P by license from Pike 9 ection 4 OF CONT ...................... ...................... ...................... ...................... ...................... ...................... ograms .......... raphic Segme oral Segment . provements .... Financing Pro ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... PACE Fina Research LLC and m 4 ENTS ..................... ..................... ..................... ..................... ..................... ..................... ..................... ent ................ ..................... ..................... ogram ........... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ancing Con may not otherwise be ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... ..................... nsumer Su accessed or used, w ...................... ...................... ..................... ..................... ...................... ...................... ..................... ..................... ..................... ..................... ..................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... rvey without the ....... 1  ....... 1  ....... 1  ....... 2  ....... 3  ....... 3  ....... 3  ....... 4  ....... 5  ....... 6  ....... 7  ....... 8  ....... 8  ....... 9  ....... 9  ..... 10  ..... 10  ..... 11  ..... 11  ..... 11  © 2011 Pike Re All Rights Rese express written Chart 2.1  Chart 2.2  Chart 2.3  Chart 2.4  Chart 2.5  Figure 1.1 search LLC. rved. This publication permission of Pike Re Interest in Interest in Interest in Preferred Reasons 1 States wi may be used only as esearch LLC. TABL n PACE Finan n PACE Finan n PACE Finan d Home Energ for Lack of In ith PACE-Ena s expressly permitted Se LE OF CH ncing Program ncing by Dem ncing by Beh gy Efficiency nterest in PAC abled Legislat P by license from Pike 10 ection 5 ARTS AN m .................. mographic Seg avioral Segm Improvement CE Financing tion: March 2 PACE Fina Research LLC and m 5 D FIGUR ..................... gment .......... ment ............... ts with PACE g Program ..... 010 .............. ancing Con may not otherwise be ES ..................... ..................... ..................... Financing .... ..................... ..................... nsumer Su accessed or used, w ..................... ..................... ..................... ..................... ..................... ..................... rvey without the ....... 3  ....... 4  ....... 5  ....... 6  ....... 7  ....... 1  © 2011 Pike Re All Rights Rese express written Pike Rese energy eff improvem interest in provides a Great car unbiased survey res introduced Pike Res questionn balanced chance to +/- 3 perc search LLC. rved. This publication permission of Pike Re earch has pr ficiency mark ments. One o n PACE fina an evaluation re was taken results poss sponses that d in the marke search condu naire. The s sample of co o win prizes i cent with a 95 may be used only as esearch LLC. repared this kets with a stu f the major o ancing, renew of key attitud n in construct sible. Howeve will accurate et. S ucted a web- survey invita onsumers wh n exchange f percent conf s expressly permitted Se SCOP report to pro udy of consum objectives of wable energy des and beha ting a survey er, it should ely predict the SURVEY M -based surve tion was se o are membe for their parti fidence interv P by license from Pike 11 ection 6 E OF STU ovide participa mer demand f f the report i y and energy aviors that are y questionnai be noted tha eir purchase b METHODO ey of 1,042 nt to a natio ers of a large cipation. The al. PACE Fina Research LLC and m 6 UDY ants involved for PACE fina s to impartia y efficiency e relevant to th ire that would at consumers behavior for p OLOGY U.S. consum onally-repres e online pane e margin of e ancing Con may not otherwise be d in the rene ancing and en ally assess le retrofits. Pi his market. d yield the m s often have products that mers using a entative and l. Responde error for thes nsumer Su accessed or used, w ewable energy nergy-saving evels of cons ke Research most accurate difficulty prov have not yet a structured o d demograph ents were offe e survey resu rvey without the y and home sumer h also e and viding t been online ically- ered a ults is © 2011 Pike Re All Rights Rese express written This publ expressly distributed Pike. Not obtained f in this pu accessing search LLC. rved. This publication permission of Pike Re lication is pro permitted by d, displayed, twithstanding from public s blication). If y g or using this may be used only as esearch LLC. ovided by P y license from modified, ex the foregoin ources found you do not ha s publication. s expressly permitted Publ ©2010 P 1320 Pea Boulder Tel: + http://www ike Research m Pike and m xtracted, acce ng, Pike mak d in this public ave a license Please conta P by license from Pike 12 ished 1Q 2011 Pike Research arl Street, Suite r, CO 80302 U 1 303.997.760 w.pikeresearch h LLC (“Pike may not otherw essed or used kes no claim cation (wheth e from Pike c act Pike to obt PACE Fina Research LLC and m LLC e 300 USA 09 h.com e”). This pub wise be repro d without the m to any Gov her or not the covering this tain a license ancing Con may not otherwise be blication may oduced, reco e express wri vernment dat owners of su publication, p e to this public nsumer Su accessed or used, w be used on rded, photoco itten permiss ta and other uch data are please refrain cation. rvey without the nly as opied, ion of r data noted n from