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→
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.
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.
The Environmental Protection Agency recognized three local governments for their “Innovative Partnerships” with a PACE provider in their 2016 Climate Leadership Awards. Their partner runs the HERO PACE program, the EPA recognizes Renovate America as a Climate Leader.
Renovate America CEO J.P. McNeill does not give many press conferences. In fact, this is the first I have attended in the three years I have covered this company’s HERO PACE, but yesterday was a watershed. HERO has financed $1 billion of PACE projects.