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→
As the Wallstreet Journal once put it, “Morningstar stands alone” in their field. The Chicago based research firm has provided the leading qualitative and quantitative analysis of more than 540,000 investment stocks, mutual funds, and similar vehicles. Thus their opinion of the Property Assessed Clean Energy (PACE) program is weighty and their new report makes it obvious that Morningstar approves of PACE.
The United States largest Property Assessed Clean Energy (PACE) providers do not anticipate any complications. Both Renovate America and Ygrene believe they are already inline with most of what the government is suggesting. After months of review, the Department of Energy (DOE) released the United States’ PACE Guidelines.
Last July, Leon County (home to Tallahassee) became the first Florida municipality to adopt the HERO PACE Program. Several other Florida counties and cities followed suit. The latest was Orlando, whose city council approved the program yesterday. These are a few of the milestones, with HERO PACE expanding into Florida & Missouri.
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.