PACE for Property Owners
For Property Owners
In today’s economy, few people have the funds to retrofit their homes or businesses or invest in clean energy solutions. PACE removes the biggest single obstacle for property owners who want to make energy-efficient improvements – the big up-front cost. The program allows owners to pay back costs over a period of up to 20 years, while enjoying the immediate benefit of lower utility bills right away. Payments are incorporated into a special assessment on their property tax bill. If the property is sold, the debt – and the improvements – goes with the property.
What are the benefits of PACE for property owners?
· Save money right away.
Many property owners find that their energy savings on monthly utility bills more than makes up for the property tax assessment, resulting in a positive net cash flow.
· Add to the value of your property without upfront cost.
PACE allows participants to install solar panels and other energy savers without requiring cash out of pocket. This may add significantly to the value of the property and enhance its potential resale.
· Pay back over time.
Incremental property tax payments are low and fixed over a period of up to 20 years. Because the debt is secured by a property lien, if the property is sold, the new owner assumed the repayment responsibility as well as the benefit of the improvements.
· Save energy and reduce pollution.
PACE properties experience a significantly lower demand for energy, thus reducing greenhouse emissions.
· Stimulate the local economy.
PACE programs are designed to operate at the municipal or county level. A successful program creates local jobs for contractors and service providers.