Clearing the Air on Property Assessed Clean Energy (PACE)

Jan 19, 2018

Property Assessed Clean Energy (PACE) financing is one of the fastest growing types of financing in California – and for good reason. Since 2007, PACE has helped more than 150,000 California homeowners make much-needed improvements to their homes that conserve energy and water, increase property values and lead to overall happier homeowners. Homeowners don’t pay anything upfront. Rather, PACE program administrators use private capital to cover 100 percent of the costs for projects like efficient air conditioning, solar panels, new roofs or other property upgrades. Homeowners repay the cost of the improvements on their property tax bill with fixed interest rates that can be paid over an extended period of up to 30 years.

As the President of the Los Angeles Business Council (LABC) representing over 450 businesses focused on energy, economic development, housing and transportation, I’ve seen firsthand how PACE financing is powering our local and state economies while improving the lives of California homeowners. PACE financing has been an overwhelming success for Californians, which is why I’d like to clear up some misconceptions in The Signal column, “Real Estate Talk: FHA bars solar PACE loans,” published on Jan. 3. The column was written as a response to a recent Federal Housing Administration (FHA) decision to decline to insure future mortgages on homes with PACE assessments. It is worth noting that this decision will affect only a very small fraction of the PACE market.

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