Financing Information

What is PACE?

PACE (Property Assessed Clean Energy) is a way to finance energy efficiency, renewable energy, and water conservation upgrades to buildings. PACE can pay for new heating and cooling systems, lighting improvements, solar panels, water pumps, insulation, and more for almost any property – homes, commercial, industrial, non-profit, and agricultural.

Property owners across the US are using PACE because it saves them money and makes their buildings more valuable. PACE pays for 100% of a project’s costs and is repaid for up to 20 years with an assessment added to the property’s tax bill. PACE financing stays with the building upon sale and is easy to share with tenants. State and local governments sponsor PACE financing to create jobs, promote economic development, and protect the environment.

Eligibility

Almost any building is eligible for PACE financing, including homes, offices, hotels, restaurants, shopping centers and other retail properties, non-profits, warehouses, garages, etc.

Energy efficiency and energy generation improvements and, in some states, water conservation and hurricane hardening, all qualify for PACE financing.

Residential PACE

Energy efficiency is the least expensive energy we can buy. Homeowners are using PACE to upgrade heating and air conditioning systems, and improve insulation and weather sealing. PACE in an effective financing tool because it:

  • Covers 100% of a home upgrade project
  • Results in savings from day one
  • Stays with the property upon sale
  • Helps lower electric, gas and water utility bills
  • Results in more comfortable buildings and improved indoor air quality
  • Lowers carbon footprint and improves the environment

Commercial PACE

Momentum is building across the U.S. for commercial PACE programs that drive energy efficiency, renewable energy, and in some places, water conservation measures. Real estate owners choose PACE financing because it:

  • Covers 100% up front financing, including project development costs
  • Provides long-term funding and results in immediate benefit to cash flow
  • Stays with the building upon sale
  • Solves split incentives by passing payments to tenants
  • Increases building value and marketability
  • Offers a range of accounting treatments

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