About Property Assessed Clean Energy (Pace) Programs
State legislation enables cities and counties to allow property supported financing in which property owners voluntarily obtain financing for the acquisition and installation of energy efficiency, water conservation and renewable energy improvements to real property, including homes and commercial buildings. Property owners would repay the financing through payment assessments or special taxes on their property tax bills over a set period of time.
PACE financing addresses two major financial hurdles to capital-intensive energy efficiency and renewable energy projects: the high up-front costs and the potential that those costs will not be recovered upon sale of the property. With PACE financing, there is a low upfront cost to the property owner, and if the property is sold before the investors are repaid, the new owner may assume responsibility for the remaining assessments as part of the property’s annual tax bill.
Finance a Variety of Products
PACE Programs help finance a variety of products, including: solar panels; electric vehicle charging stations; wall, attic and roof energy efficiency projects; central air conditioners, lighting controls, automatic pool covers, artificial turf, drought tolerant landscaping, rainwater catchment systems and other improvements.
On March 17, 2015, The Danville Town Council authorized the CaliforniaFIRST, Figtree and Ygrene PACE programs to operate within the town limits.