Making your building more energy efficient increases its value, it is excellent for the environment and sets a good example for the others to follow. And while all this sounds remarkable, this kind of idea can be hard to implement since technologies that produce energy and are energy efficient cost a lot of money, especially if you are on a tight budget.
However, the state of California enabled PACE in 2007 with the passage of AB811, which amended the state’s existing laws to allow PACE financing for renewable energy and energy efficiency improvements to homes and businesses. PACE stands for Property Assessed Clean Energy and is here to cover the full cost of your project with a repayment plan that works for you. Namely, you have the option to choose a plan of 10, 15 or 20 years of repayment.
This energy-efficient program can be used to upgrade lighting, insulation, heating and cooling systems, as well as the motor, the water pumps, and even help you install solar panels if that’s what you need.
How PACE Works:
You can access all the funding by the program by contacting your nearest PACE provider. After filling the needed forms and gathering all the documents required, PACE will help you figure out exactly what your building requires, and will also find a local contractor who will get the job done for you, installing the technology you need.
As for the funding, PACE will arrange a 100% cost coverage of the expenses you’ll have with a possibility to repay the money in a period of up to 20 years with an assessment added to your tax bill. What is convenient about their funding is that it stays with the building upon sale and is easy to share with tenants.
Statistics show that the monthly energy bills will more than offset your assessment payments so investing in energy-efficient technologies under the PACE coverage is well worth it.
Who Can Benefit From PACE?
The program works well with just about any property: commercial, industrial, non-profit or agricultural, and multi-family properties can be also eligible to apply and receive the PACE funding.
Besides the property owners, another group of people who benefit are the service contractors since PACE connects them with the property owners who want to integrate an energy-saving technology. This for them means easy job finding and a more stable income. The state and local governments sponsor PACE financing to create jobs, promote economic development, and protect the environment.
Where To Find PACE?
PACEnation.org is the digital way of getting in touch with the program. However, for general information regarding the program and eligibility, contact the individual PACE provider in your area that you can search for here. And in case you have any questions or concerns about the program, you can submit them here.
If you’d like more information on the San Fernando Valley or Los Angeles, or to have help looking for your next home, please feel free to reach out! I’m happy to help, no obligation.