Property Assessed Clean Energy (PACE) Bonds
Organization Description:
PACE programs are currently on hold nationwide due to a lack of Federal regulator support. For more information please visit the website below.
Program:
Property Assessed Clean Energy (PACE) Bonds
Eligibility:
Property owner or an existing mortgage holder.
Use:
A PACE bond is a bond in which the proceeds are lent to commercial and residential property owners to finance energy retrofits (efficiency measures and small renewable energy
systems) and who then repay their loans over 20 years via an annual assessment on their property tax bill. PACE bonds can be issued by municipal financing districts or finance companies and the proceeds can be typically used to retrofit both commercial and residential properties.
The PACE bond market, in combination with federal loan guarantees, has the potential to dramatically accelerate the energy retrofitting of America's building stock due to the below advantages. It is estimated that the potential for PACE bonds could exceed $500 billion.
PACE Impact: Property tax lien oriented financing that dramatically improves the economics of energy retrofits (efficiency measures and micro renewable energy)
Amount:
Varies by municipality.
Timeframe:
Year-Round
Type:
Bond (the price of the renovations are added to the total cost of the project, and are attached to the property, not the borrower).
Website:
http://pacenow.org/
Additional Contact Information:
For more information, please email info@PACENOW.org
