Building Performance Association Applauds White House Move to Advance Access to Residential PACE for All American Homeowners
July 19, 2016
Today the Obama Administration announced the guidance for Property-Assessed Clean Energy (PACE) financing, placing a new tool in the toolbox for homeowners to make energy efficiency improvements. The payback on the clean energy loan will be included with the property taxes. An innovative aspect of residential PACE is that, at the time of sale, the PACE assessment will stay with the property itself and remain with the new owner. According to The White House Press Release, “the PACE initiatives announced today will unlock alternative sources of capital for low – and moderate – income Americans and veterans to scale-up solar, promote energy and water efficiency retrofits, and create more resilient homes, leading to reduced energy bills, more empowered consumers, and cleaner communities.”
“This is a full win for PACE residential and an important step toward scaling the home performance industry. As an alliance of like-minded organizations working to ensure all homes are healthy, comfortable and energy efficient, these new actions supportthe Association’s cause to create efficient and sustainable homes and communities, for all Americans, of all income levels,” said Brian Castelli, President and CEO of the Building Performance Association. With a mission to address key technical and policy issues preventing the development of a vibrant home performance industry capable of delivering healthier and more energy efficient homes, HPC strongly supports this Obama Administration announcement.
“The PACE Assessment will stay with the property on the property taxes. The new homeowners will continue to receive the energy savings from the energy efficiency and solar improvements while they pay off the loan through their property taxes. This is good public policy and we hope states across the country begin to upgrade homes using PACE financing where applicable,” said Kara Saul-Rinaldi, Building Performance Association’s Vice President of Policy & Government Affairs.