Property Assessed Clean Energy, or PACE, has taken off like wildfire since the concept was first introduced in Berkeley, Calif. in October ’07. PACE allows private property owners to pay for energy efficiency and renewable energy projects through an addition to their property tax bill, overcoming the high upfront costs that prevent most property owners from investing in such retrofits.
PACE financing has the capacity to be transformative: property owners realize immediate savings on their utility bills with minimal money down; local green jobs are created through increased demand for retrofitting goods and services; and greenhouse gas (GHG) emissions are dramatically reduced. With America’s building stock responsible for approximately 40 percent of its demand for energy, these kinds of improvements have the potential to get us significantly closer to our GHG reduction targets. Recognizing the potential of this model, Scientific American magazine recently named PACE one of the top 20 ideas that can change the world.
States around the country are recognizing the potential of PACE. Over the past 18 months, 16 states have adopted legislat... Read more