The U.S. Department of Energy has updated its guidelines for property-assessed clean energy financing for homes, as residential property-assessed clean energy programs begin to blossom beyond California.
In a few short years, the residential PACE market has grown from nearly nothing to more than $2 billion. Most of the projects are in California, but there are also expanding markets in Florida and Missouri.
PACE programs allow investments in water- and energy-efficiency retrofits and distributed renewable generation to be paid back through property taxes, which lowers the risk for both lenders and property owners.
PACE financing can potentially open up a far larger swath of the energy-efficiency market than traditional programs have been able to. For example, in a few short years, PACE has become one of the largest loan programs by volume, according to Lawrence Berkeley Lab, with the Mass Save HEAT Loan program being the other leader.
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