Renovate America Welcomes DOE’s Best Practices for PACE Financing
Guidelines provide important framework for expanding pace industry nationwide
SAN DIEGO — Renovate America, a residential Property Assessed Clean Energy (PACE) financing provider, welcomed the U.S. Department of Energy’s (DOE) issuance of best practices for residential PACE financing, saying the guidelines provide an important framework for expanding the innovative financing model nationwide.
PACE financing, which enjoys bipartisan support, allows owners to make energy-saving improvements such as high-efficiency HVAC and renewable energy improvements on private property and pay for them over time via their property tax bills. PACE helps owners save money on their utility bills by improving access to clean-energy technologies, and because it creates demand for contracting services, it increases employment in local communities. The residential PACE industry has helped more than 100,000 homeowners make investments in their homes that are estimated to reduce utility bills by $4 billion. It has also created more than 25,000 jobs in California, Missouri, and Florida. Several other states are enabling or considering residential PACE as well.