PACE's services are worthy of review since it offers financing for projects in all categories. Laws can be reviewed per state and each program has limited funding.
What is PACE?
PACE (Property Assessed Clean Energy) is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades to buildings. PACE can pay for new heating and cooling systems, lighting improvements, solar panels, water pumps, insulation, and more for almost any property – homes, commercial, industrial, non-profit, and agricultural.
Property owners across the US are using PACE because it saves them money and makes their buildings more valuable. PACE pays for 100% of a project’s costs and is repaid for up to 20 years with an assessment added to the property’s tax bill. PACE financing stays with the building upon sale and is easy to share with tenants. State and local governments sponsor PACE financing to create jobs, promote economic development, and protect the environment.
PACE is an innovative program that makes it possible for owners of commercial and industrial properties to obtain low-cost, long-term financing for energy-efficiency, water conservation and renewable energy projects.
PACE statutes authorize municipalities and counties to work with private sector lenders to provide upfront financing to property owners for qualified projects, and to collect the repayment through annual assessments on the property’s real estate tax bill. The term of PACE financing may extend up to 20 years, resulting in utility and other cost savings that exceed the amount of the assessment payment. PACE legislation for commercial property has been adopted in 29 states and the District of Columbia.
PACE may prove to be the most effective way to pay for energy improvements for homes. Available now throughout California, PACE is saving money for homeowners, creating jobs, and helping local governments achieve important environmental goals.
PACENow supports and encourages new residential PACE programs that can help home owners and local governments achieve their goals. We endorse programs and PACE service providers that are meeting marketplace needs at high standards that protect the interests of all PACE stakeholders.
PACENow provides advice and guidance for those interested in starting residential PACE programs. We recommend a number of PACE best practices, many of which were developed in conjunction with the US Department of Energy in 2010.
To learn about various laws per state, please click HERE. To learn about CA PACE laws, SB77, please click HERE. For more information about the PACE program, please visit [email protected] or visit www.PACENation.us.