One of the biggest drawbacks in implementing solar and other alternative energy programs is the need for long term funding. Since solar power systems and other alternative energy systems will stay in the same place, tying the cost of the implementation to the property and financing the project through a long term loan paid through the property tax roles provides solutions for homeowners that want to invest in alternative energy and businesses that set up the systems.
PACE emerged in 2008 with a pilot program in California and quickly caught the attention of communities around the country. In just two years, enabling legislation was passed in 23 and is being considered in nearly 20 more. Early California programs in Sonoma County and Palm Desert were soon followed by ones in Boulder County, CO and in Babylon, NY. Before programs were stopped by the Federal Housing Finance Agency FHFA, Fannie Mae, and Freddie Mac, over 2,000 homes and commercial buildings had used PACE to finance efficiency and renewable energy projects. Here, you can find information on:PACE Program Basics – information on understanding PACE and its fundamentals.PACE Senior Lien – the precedent for senior lien status and its importance.Making PACE Safe – the steps taken to make PACE safe for all program participants.How to Establish PACE in Your State – with sample letters to legislators and links to legislation in other states.
via About PACE | PACENow.