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PACE: Property Assessed Clean Energy
Two things stop people from doing energy efficiency work--the high upfront cost and the risk on not seeing a financial return on that investment if the property is sold. Energy efficiency improvements pay for themselves long term by reducing energy costs, but it can take years before the savings offset the initial investment.
PACE (Property Assessed Clean Energy) is a local government program that helps property owners overcome the those two hurdles. PACE offers low-interest financing for energy efficiency improvements. The loan is paid back through an assessment on the property tax. Often the decrease in money paid for utilities will cover the loan payments. The loan is automatically transferred to the new owner if the building is sold, which reduces the financial risk. PACE funds can also be use for small scale renewable energy. Read a summary. (PDF 110 kb)
In order for local municiipalities to have the option to offer PACE, NYS legislation is needed. The Senate already has a bill pending, S7683 (PDF 56 kb) A companion bill in the Assembly in also needed for PACE to move forward. Some local municipalities are passing resolutions, similar to this sample resolution,
Improving the energy efficiency of homes has many benefits.
- People are more comfortable in homes that are not drafty in winter and sweltering in summer.
- More money is available once the loan is paid off.
- That money can be spent locally, busting the local economy, or it can be saved, increasing a families financial security
- Greenhouse gases and contributions to global climate change are reduced
Last updated: January 14th 2011 - 4:32pm