Close to 150,000 Californian homeowners have made energy and efficiency improvements through Property Assessed Clean Energy (PACE) financing. For the most part they are success stories, but there are isolated reports of problems with “independent solar, plumbing and roofing contractors who pitch the loans and sign up consumers through online software.” The California state legislature responded with two bills providing increased protection for PACE customers. Continue reading Two Bills Providing Increased Protection For PACE Customers→
Seven years ago, the White House released policy guidelines that would allow homeowners to finance home energy improvements through their property taxes. The Property-Assessed Clean Energy (PACE) is a local government/corporate partnership, in which private companies supply 100% of the initial funding and are paid back over time. If this remarkably simple program were not classified as tax, it would have been adopted offered through-out America years ago. Taxes take priority over mortgages, should the homeowner default. So Fannie Mae and Freddy Mac urged local governments to put their PACE programs on hold. Yesterday, the US Department of Housing and Urban Development (HUD) announced the obvious solution. Aside from the length of time it took the government to adopt a painfully obvious solution, there are no surprises in HUD’s PACE guidance.
After two years of operation, any concerns that the public held appear to be a thing of the past. County Supervisors Dianne Jacob (at podium) and Dave Roberts (grey suit) recently held a press conference to describe how PACE programs heat up San Diego’s economy.
Water is a finite resource. According to Stephanie Feldstein of the Center of Biological Diversity, “Every time you turn on the tap, that water is coming from rivers, lakes and streams that wildlife depend on.” With Levi Strauss & Co’s help, the Center created the “Don’t Be a Drip” to identify some of the most wasteful activities and counties in the United States. Despite a four year long drought, they discovered Californians waste a lot of water.
It has been eight years since Cisco DeVries invented Property Assessed Clean Energy (PACE) loans. They were meant to spur the mass adoption of residential solar, but have also proven to be an effective means of financing other energy and water saving devices. If PACE weren’t classified as a tax, it would have been offered through-out America years ago. Instead, five years ago Fannie Mae and Freddy Mac urged local governments to put their PACE programs on hold and the vast majority of PACE projects have been in California. That is about to change. Cisco DeVries explains how PACE is changing.