PACE programs provide long-term private funding for solar power and energy efficiency, with no burden to taxpayers or ratepayers. Homeowners make repayments for the installations in their homes through property tax assessments over many years.
The Federal Housing Finance Agency effectively killed PACE last year because of concerns over seniority of liens.
The newly-introduced PACE Protection Act (HR2599) seeks to restore these innovative and wildly popular programs while satisfying FHFA’s concerns.
The Vermont Legislature passed a bill at the end of this last session, making PACE liens secondary to mortgage loans.
This is a net gain for all concerned, using no taxpayer dollars. We must do all we can to help folks move to energy efficiency and using renewable energy.