Property Assessed Clean Energy, or PACE, is an innovative way to finance energy efficiency, renewable energy, and water upgrades to residential and commercial buildings. Property owners can finance up to 100% of the project, for up to 30 years, as a tax assessment on their property bill. The assessment obligation may be assumed by the new owner upon property sale, and under most leases, can be shared with tenants.
By providing low-cost long-term financing and making it easy for building owners to transfer repayment obligations upon sale, PACE aims to spur greater energy efficiency in existing buildings. PACE began as a pilot program in 2008; today 31 states and the District of Columbia have adopted legislation that enables local governments to offer PACE benefits to building owners.
Benefits: PACE financing provides a way to improve the efficiency of your home or business with little or no money down. In addition, repayment may be amortized for a period of up to 30 years, which can keep monthly payments low enough such that utility savings may exceed payments (net positive cash flow). Another benefit is that the interest may be tax deductible. Marin CLean Eenergy (MCE) recommends consulting with a tax professional to understand if tax benefits apply to you.
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