From Wikipedia: “PACE stands for Property Assessed Clean Energy. In areas with PACE legislation in place municipality governments offer a specific bond to investors and then turn around and loan the money to consumers and businesses to put towards an energy retrofit. The loans are repaid over the assigned term (typically 15 or 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 used to retrofit both commercial and residential properties. One of the most notable characteristics of PACE programs is that the loan is attached to the property rather than an individual.”
Pretty interesting. If you knew your utility bill would go down by more than your “assessment” would go up, who would NOT do something like that? Financed over 20 years, efficiency, insulation, solar hot water and probably even solar panels make economic sense, and would be cash flow positive from day 1. Not to mention the secondary job creation benefits.
Wonder why PACE programs haven’t taken off in Seattle? City Light? PSE?« Previous Story Next Story: Debunking Green Building Myths