Property Assessed Clean Energy (PACE)
Property Assessed Property Assessed Clean Energy (PACE) is a financing mechanism that enables low-cost, long-term funding for energy efficiency, renewable energy projects. PACE financing is repaid as an assessment on the property’s regular tax bill, and is processed the same way as other local public benefit assessments have been for decades. Depending on local legislation, PACE can be used for commercial, multifamily, nonprofit and residential properties.
Property owners across the US are using PACE financing because it lowers utility bills and may make their buildings more valuable. PACE pays for 100% of a project’s costs and is repaid for up to 20 years with an assessment added to the property’s tax bill.