The market for Property Assessed Clean Energy (PACE), a financing vehicle for clean energy and energy efficiency upgrades, has been growing rapidly since its conception in 2007. Energy Programs Consortium is working to ensure that as the program continues to grow, state and local governments and other stakeholders have reliable, accurate, and up-to-date information on PACE, and that PACE programs around the country are efficiently, effectively, and appropriately meeting the needs of consumers.
EPC has published two reports on residential PACE. The first, Residential Property Assessed Clean Energy (R-PACE) – A Primer for State and Local Energy Officials, provides state and local government officials with a comprehensive resource on residential PACE history, legal and financing structures, terms and administrators. The report described how the program works, how local governments can set up their own programs and how they are financed. The report further describes PACE’s growth, the legal challenges it has faced thus far, consumer protection concerns that have been raised by consumer advocates. Finally, the report draws some conclusions and provides detailed appendices covering specific legal, policy, and contract questions.
The second report, Assessment of Low Income Homeowner Participation in the Property Assessed Clean Energy (PACE) Program in California, assesses issues associated with participation by lower-income households in the PACE program by addressing the following questions:
- Does PACE complement existing lower-income grant programs and if not, what changes need to
be made? - What is the average level of debt financed, are annual payments affordable, and how are utilitybill
savings factored into the equation? - Are lower-income families in general satisfied with the quality of work on their homes and if not,
what types of improvements need to be made? - Is PACE an appropriate product for all lower-income families, and if not, what limitations should
be placed on its use?
The report contains:
- An overview of the LMI home ownership population including assets, income and relative
ability to repay, in California and the U.S. to demonstrate the unique challenges facing lenders
reaching that population. - An analysis of a sample of 25,327 PACE households to assess the size and penetration rates of
PACE in low-income households as compared to all PACE customers. - Findings from telephone interviews with 25 low-income PACE homeowners to better understand
those families’ understanding of and response to the Program.
R-PACE Primer Documents
Residential Property Assessed Clean Energy Primer
March 2017
Slides from webinar on PACE Primer
June 9, 2017
LMI PACE Report Documents
Assessment of Low Income Homeowner Participation in the Property Assessed Clean Energy (PACE) Program in California
November 2017
Contacts
For additional information on EPC’s PACE projects, please contact:
Mark Wolfe
202-333-5915
mwolfe@energyprograms.org
Cassandra Lovejoy
202-333-5916
clovejoy@energyprograms.org