The Property Assessed Clean Energy (PACE) bill allows local governments to set up a program to assist business & residential property owners to implement energy efficiency, renewable energy like solar PV, and water efficiency improvements. Private or public financing is aided by having the loan repayments added to the property tax bill. The benefit to the property and the lien and repayment of the financing are tied together so change of ownership is not a problem.
There are over 1.5 million single-family dwellings in Tennessee potentially eligible for PACE funding. Energy-efficient improvements lower utility bills and put more dollars in the pockets of working families.
There are numerous commercial and industrial sites where the installation of energy-efficient or renewable energy could significantly lower operational costs.
33 states now have PACE enabling legislation (Kentucky and Virginia most recently).
To learn more about Pace visit PACEnow.org.
Contact Mary Mastin or Scott Banbury for more information.
Please Help Sierra Club Pass the Property Assessed Clean Energy (PACE) bill by emailing your message of support to the following Representatives and Senators.
Let them know you want your local government to have the option to set up a PACE program so you and your neighbors would have a better way to finance energy efficiency and home generated energy.
Click here to email the entire Senate Energy, Agriculture and Natural Resources Committee or if that dosn't work cut and paste this list into your email address bar:
sen.steve.southerland@capitol.tn.gov; sen.frank.niceley@capitol.tn.gov; sen.mike.bell@capitol.tn.gov; sen.mark.green@capitol.tn.gov; sen.dolores.gresham@capitol.tn.gov; sen.lee.harris@capitol.tn.gov; sen.kerry.roberts@capitol.tn.gov; sen.ken.yager@capitol.tn.gov
Click here to email the entire House Agriculture and Natural Resources Committee or if that dosn't work cut and paste this list into your email address bar:
rep.curtis.halford@capitol.tn.gov; rep.andy.holt@capitol.tn.gov; rep.ga.hardaway@capitol.tn.gov; rep.ron.lollar@capitol.tn.gov; rep.jay.reedy@capitol.tn.gov; rep.johnny.shaw@capitol.tn.gov
PROPERTY ASSESSED CLEAN ENERGY - SB 1043 by Southerland/HB 0237 by Dunn
PACE programs are created by cities or counties to assist property owners and businesses in financing energy efficiency, renewable energy, and water conservation projects. 31 states have PACE laws which have successfully expanded private property owners’ opportunities to implement and finance energy and water conservation projects.
Under a PACE program the private property owner can arrange for private financing (or public financing if available) and agree to repay the financing by adding the repayment to the property tax bill. This makes repayment easy and links the repayment to the benefited property.
Adoption of a PACE program requires notice and a public hearing, a description of the program and the agreements that will be used to connect the property owner, the lender, and the local property tax administration. Change or amendments must also have prior notice and hearings.
All costs of the program must be covered by the fees and charges associated with using the PACE program. The proper completion of each project must be verified by TVA or another independent agent.
Local government can choose what kinds of projects may use PACE for repayment of financing. Local Government can designate all or any part of a geographic area for a PACE program. Local governments may agree to share or contract out administration of PACE programs for efficiency.
No state or local government funds are required. As a separate decision, a local government might issue revenue bonds under the existing provisions of state law to create a loan fund that may provide PACE program project financing to property owners.
PACE financing can pay for new heating and cooling systems, solar panels, efficient , lighting improvements, water pumps, insulation, and more for almost any property—homes, commercial, industrial, non-profit, and agricultural.
PACE financing stays with the building upon sale and loan repayment can be shared with tenants. State and local governments sponsor PACE financing to create jobs, promote economic development, and protect the environment.
For more information visit pacenow.org