Like practical, business-friendly energy efficiency financing? Meet PACE

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When it comes to addressing climate change, reducing greenhouse gas emissions and advancing energy efficiency go hand in hand. Property Assessed Clean Energy (PACE) projects, for example, are a compelling way for businesses and property owners to make financial gains while decreasing their environmental impact.

Here’s how PACE energy efficiency financing works, in a nutshell: Property owners evaluate measures that achieve energy savings and receive 100% financing, repaid as a property tax assessment for up to 20 years.

“In many ways, PACE is a good example of what happens when we commit to reducing energy costs for businesses and make the shift towards renewables more affordable,” explains Joaquin McPeek, Environmental Defense Fund’s California Media Director. “PACE programs also help to create jobs and are proving to spur local economic development when local solar/wind/HVAC installers and renewable energy companies partner with the program.”

That job creation he mentioned is not just wishful thinking. For example, Sacramento Mayor Kevin Johnson recently announced the largest PACE project in the country, which McPeek noted will create 50 jobs.

Kate Daniel, an EDF Climate Corps fellow, is working on PACE projects in the mayor’s office, so it was neat to see Kate and Climate Corps praised in his speech. The mayor even asked Kate to take the stage!

Learn more about the work being done in Sacramento in a write up from Kate on our California Dream 2.0 blog, and check out the links below for more on our energy efficiency efforts.

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Dan Upham

Dan Upham

Dan is a writer and editor at EDF.

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Comments

This is an interesting idea, but is there a web site or other means to find out if there is a pace program in my area? Without this information, this is only a "gee that's nice," instead of "man, I'm gonna look into that.