Many people want to use renewable energy, but fear the cost of installing such solutions, even if it means that they can save a lot of money on their energy bills. Luckily, property owners can take advantage of the PACE (Property Assessed Clean Energy) program. The PACE program provides property owners with 100% financing for renewable energy by using an assessment or charge system. This enables property owners to get the necessary energy upgrades and take advantage of clean energy, saving on operating costs in the process. Let us look at the benefits and the makings of the PACE program and discover why it is something everyone should take advantage of.
What is the PACE program?
PACE stands for Property Assessed Clean Energy and is a program that was created by local and state governments. The program was implemented to make the transition from fossil fueled energy sources, to renewable energy sources, a lot easier. This could be accomplished by offering full financing for the installation of renewable energy solutions.
The financing of the PACE program is not only beneficial to property owners, but it also creates many jobs in the private sector. This subsequently boosts the local and national economy.
There are also a variety of property owners that can take advantage of the PACE program, because the PACE program can be used for residential buildings and also for commercial properties. This means that not only households can save on their energy bills, but businesses as well. For this very reason, there are commercial and residential PACE programs. Each of these programs have their own unique characteristics and benefits.
How it Works?
Every PACE program consists of four basic steps. State and local governments will give certain districts the opportunity to take advantage of the PACE program. From there, property owners can decide themselves if they want to use the PACE program or not.
When an application is received, the state and the local government will execute a PACE assessment or charge. This PACE assessment or charge is implemented for all people using the PACE program because it’s used to finance the entire program. After that, the property owner will get the opportunity to evaluate all the projects available to him or her. Then the building owner can pick the project that will reduce energy costs and will be the most effective for them.
Once the project decision has been made, the local government will provide financing to the property owner and add an assessment to the tax roll. During the final step, the property owner will pay the assessment for the PACE program. The assessment can be stretched over a period of maximum twenty years. This ensures that the assessment stays affordable for property owners who want to take advantage of the PACE program.
Benefits of the PACE Program
The PACE program comes with many benefits, for property owners as well as the local economy. One of the biggest advantages for property owners is the amount of money it saves on utility bills. Many property owners pay an immense amount of money for their energy, but with renewable energy this cost belongs in the past. Another major benefit of the PACE program is that it is tax neutral and gives no exposure to general fund.
Residential and commercial property owners will experience a serious increase in cash flow, simply by reducing the cost of their energy and utility bills. The creation of local jobs is an extra benefit of this renewable energy plan and we can only be glad about that!
Fossil fuels belong in the past and that is why the PACE program is so valuable. By implementing renewable energy through the PACE program, the nation can become more independent and will no longer be influenced by the fluctuating prices of fossil fuels. Fossil fuels are also an energy source that will eventually run out, so switching to a renewable form of energy is recommended.
Renewable energy is also environmentally friendly, something that is definitely needed in our day and age. Years of using fossil fuels, have caused serious damage to our environment, so the PACE program also contributes to repairing our environment.
PACE consists of many different programs, although most of them share some basic features. The main objective of the PACE program is the promotion of energy efficiency and environmentally friendly energy solutions. Therefore, the PACE program is widely available through state and local governments. Property owners in many districts will be eligible for the PACE program, but they still choose if they want to take advantage of this program or not.
The different PACE programs are usually categorized according to the state the program is applied to. You will be able to take advantage of the PACE program in states such as Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Louisiana, Maine, Maryland, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New Mexico, New York, Ohio, Rhode Island, Texas, Utah, Vermont, Virginia, Wisconsin and the District of Colombia. The program is relatively new so many states are currently in development phases of implementing it. Even though you might have to wait a few months before you can take advantage of it, it is definitely worth checking out.
The PACE program is recommended for everyone looking to implement an energy efficient solution. Renewable energy is the energy solution of the future, so it is a good idea to take advantage of programs that can make it more affordable.
Nobody can deny there are many benefits to this program. The implementation of renewable energy and the use of the PACE program creates permanent jobs, more environmentally friendly neighborhoods, lower energy bills and a serious boost to local and nationwide economies.
In conclusion, when considering the costs associated with a renewable energy source, such as solar panels, the PACE program should be part of that solution to make it more affordable. The installation of such system can be quite pricy without the proper financing, so having a program like PACE is a great help.
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Do you have more questions about solar energy and the PACE program? Contact YellowLite today. We're happy to answer any of your questions.