Has Property Assessed Clean Energy Had A Federal Vote
Property Assessed Clean Energy (PACE) is a financing tool that allows property owners to fund energy efficiency, renewable energy, and water conservation improvements on their properties. PACE programs are typically implemented at the state or local level, but there has been growing interest in establishing a federal PACE program. However, so far, there has not been a federal vote on PACE.
What is PACE?
PACE programs allow property owners to finance energy efficiency and renewable energy upgrades through a special assessment on their property tax bill. The financing is repaid over a set period of time, typically 5-20 years, and is attached to the property rather than the individual. This means that if the property is sold, the PACE assessment stays with the property and is transferred to the new owner.
PACE programs have been successful in helping property owners overcome the upfront costs of energy efficiency improvements and have led to significant energy and cost savings for participants. However, the lack of a federal PACE program has limited the reach and impact of these programs.
Why hasn’t there been a federal vote on PACE?
There are several reasons why a federal PACE program has not yet been established. One of the main obstacles is the lack of consensus among lawmakers on the best approach to implementing a federal PACE program. Some believe that PACE should be regulated at the state or local level, while others argue that a federal program would provide consistency and scale to PACE financing.
Another issue is the concern among some lawmakers about the potential risks associated with PACE financing. Critics of PACE programs point to cases where property owners have been unable to repay their PACE assessments, leading to foreclosures and other negative consequences. Addressing these concerns and developing safeguards to protect property owners and lenders is crucial to gaining support for a federal PACE program.
The future of PACE
Despite the lack of a federal vote on PACE, there is growing momentum behind the idea of establishing a federal program. Advocates argue that a federal PACE program could help to drive investment in clean energy and create jobs, while also reducing greenhouse gas emissions and promoting energy independence.
As discussions about federal infrastructure investments and climate change continue, PACE is likely to be part of the conversation. Whether a federal PACE program will be established remains to be seen, but the success of state and local PACE programs demonstrates the potential benefits of expanding this financing tool to a national level.
In conclusion, while there has not been a federal vote on PACE, the concept of property assessed clean energy financing continues to gain traction as a way to drive investment in clean energy and promote sustainable development. Stay tuned for updates on the future of PACE at the federal level.