Property Assessed Clean Energy (PACE) can be a great way to finance Energy Efficiency and Renewable Energy projects on residential and commercial properties, which together use about 45% of the energy consumed nationwide each year.
Energy efficient retrofits are a highly effective way to reduce energy consumption and green house gas emissions. However, high upfront and short-term ownership benefits have often made these retrofits impractical for many owners. The PACE Program helps overcome these problems. Through PACE, your financing is repaid through an increased assessment on your property tax bill.
Approved projects are expected to create an economic benefit, because your energy cost saving and other associated savings should be greater than your increased assessment. Should you decide to sell your property before the assessment is paid in full, any remaining balance may be able to transfer to a new property owner.
The PACE program will accept applications for the following property types:
Applications for qualifying properties will be accepted for energy efficiency and renewable energy projects which address any acquisition, installation, or modification –on public or private property — designed to reduce the energy consumption of the property. This includes a wide variety of project types. Nearly any project which can show an energy saving with a reasonable payback qualifies.