Property Assessed Clean Energy (PACE) programs are a financing option that allows property owners to finance energy efficiency and renewable energy projects through a special assessment on their property taxes. These programs are designed to help property owners overcome the upfront cost barriers associated with energy improvements by spreading out the cost over a longer period of time.
States with PACE Programs
As of 2021, PACE programs are available in the following states:
California
California was the first state to adopt PACE legislation in 2008. The state’s PACE program, known as the CaliforniaFIRST program, allows property owners to finance a variety of energy efficiency and renewable energy projects, including solar panels, HVAC upgrades, and insulation.
Florida
Florida has several PACE programs available to property owners, including the Florida PACE Funding Agency and the Ygrene Energy Fund. These programs offer financing for energy upgrades such as solar panels, energy-efficient windows, and water-saving appliances.
Texas
Texas also has a PACE program called the Lone Star PACE program, which allows property owners to finance energy efficiency and water conservation projects. Eligible improvements include solar panels, energy-efficient HVAC systems, and rainwater harvesting systems.
Missouri
Missouri has the Show Me PACE program, which provides financing for energy efficiency and renewable energy projects. Property owners can use the funds to make improvements such as insulation upgrades, energy-efficient lighting, and geothermal heating and cooling systems.
Connecticut
Connecticut’s C-PACE program offers financing for energy upgrades to commercial, industrial, and multifamily properties. Eligible improvements include solar panels, energy-efficient lighting, and HVAC upgrades.
Benefits of PACE Programs
PACE programs offer several benefits to property owners, including:
- Low-cost financing
- No upfront costs
- Long repayment terms
- Increased property value
- Energy cost savings
Overall, PACE programs are a valuable tool for property owners looking to make energy improvements to their properties. By spreading out the cost of these upgrades over time, PACE programs make it easier for property owners to invest in energy efficiency and renewable energy projects.
