PACE Financing for Energy Improvements
PACE financing offers a mechanism for homeowners and small businesses to borrow money for energy improvements and repay those loans through real estate taxes.
Financing home or business energy improvements has always been a challenge, in part because available loans are relatively short-term and there is often uncertainty about whether the property will be sold. In a few places—and soon to be many more—it’s now possible to secure energy-improvement loans and pay them back through property taxes.
This type of loan is most often called Property Assessed Clean Energy (PACE) financing. It is available in Berkeley, Palm Desert, and San Francisco, California, as well as Babylon, New York, and Boulder, Colorado.
Published March 1, 2010