California Law Creates Industry Framework for PACE Financing
Renovate America, Renew Financial welcome consumer protections in new law
SAN DIEGO/OAKLAND, Calif. — Renovate America and Renew Financial, two of the nation’s leading Property Assessed Clean Energy (PACE) financing providers, welcomed a new California law that will provide an industry-wide framework for PACE financing. The PACE program provides financing for home energy efficiency improvements, including high-efficiency HVAC, to save homeowners money on their utility bills, reduce greenhouse gas emissions, and create clean energy jobs.
Gov. Jerry Brown signed into law Assembly Bill 2693, which builds on the existing consumer protections provided by PACE financing. AB 2693, authored by Assembly member Matt Dababneh (D-Encino), codifies these protections for all PACE providers, including requiring a new disclosure modeled after the federal mortgage Know-Before-You-Owe disclosure form so that customers can easily understand all of the terms associated with PACE financing.