1 / 10

Property Assessed Clean Energy (PACE)

Property Assessed Clean Energy (PACE). PACE Overview. What is PACE How PACE Works Why Vote on PACE PACE Benefits PACE Limitations Town Obligations Town (lack of) Liability Final Notes. What is PACE. Financing for energy improvements Residential properties

dyanne
Download Presentation

Property Assessed Clean Energy (PACE)

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Property Assessed Clean Energy(PACE)

  2. PACE Overview • What is PACE • How PACE Works • Why Vote on PACE • PACE Benefits • PACE Limitations • Town Obligations • Town (lack of) Liability • Final Notes

  3. What is PACE • Financing for energy improvements • Residential properties • Payments stay with the property • Longer terms • Private money, public administration • All costs covered by participants

  4. How PACE Works • Owner applies with help from Contractor • EVT reviews and approves project • Owner and Town enter assessment contract • Contractor completes work • Town distributes funds and places lien • Town collects from owner via assessment • Town removes lien with final payment

  5. Why Vote On PACE • Town collects via assement on tax bill • Lien on property • Suggested ballot language:"Shall the Town of Hartford, VT establish a town-wide Property Assessed Clean Energy (PACE) District to enable participating property owners to access funding from a non-town source to pay for eligible home energy improvements, then pay back the cost as a regular municipal assessment on that property owner's property tax bill, or other municipal bill, as provided for by 24 V.S.A. Chapter 87 (Section 3261 et seq.)?”

  6. PACE Benefits • 10-20 year terms typical • Payments follow property • Lower barriers to entry • Competitive rates • Long term community value • Local jobs

  7. PACE Limitations • Term of 20 years or less • Max. of $30,000 • 15% of assessed value or less • Max. of 90% total leverage • Eligible energy improvement projects only • Residential only • Approved contractors only

  8. Town Obligations

  9. Town (lack of) Liability • ”...all procedures and remedies for the collection of taxes shall apply to special assessments” -24 V.S.A. § 3255 • Subordinate lien (thanks FHFA) • Only the payments, not the balance • 2 tiers of reserve accounts • 2% from participating property owners • 5% from RGGI funds, up to $1M • EVT can act as PACE administrator

  10. Final Notes • Town can be more restrictive but not less • Varying from the template is disruptive • Vote only allows establishment of district • District is strictly opt-in • Enables participation on an individual basis • You don't play, you don't pay

More Related