| There is a widespread impression that clean energy is | | | | program: |
| expensive. Well, it is, but there are ways of financing | | | | - Virtually no upfront costs and no impact on your |
| it to reduce or eliminate upfront costs. Property | | | | equity |
| owners need to be proactive in looking for these | | | | - No credit or general obligation risk |
| options. | | | | - Tax liability is transferred to the new owner and |
| PACE financing, or property assessed clean energy | | | | upgrades remain with the property if sold |
| financing, gives property owners the chance to make | | | | - Financing costs are comparable to a mortgage or |
| renewable energy and/or energy efficiency retrofits | | | | equity line |
| without any upfront costs. That's right, if you live in a | | | | - Property tax liens are senior to mortgage debt |
| participating municipality, you may qualify for a PACE | | | | making borrowers less susceptible to foreclosure |
| bond which will allow you to pay off the costs of | | | | - Financing is guaranteed as it comes from the IRS |
| retrofits through your property taxes over a 15 or | | | | - Lower energy bills and improved ROI/positive cash |
| 20 year period. | | | | flow |
| PACE bonds are an idea that originated from a | | | | - Immediate creation of jobs in renewable energy |
| Berkeley, CA finance company, Renewable Funding. | | | | and energy efficiency sectors |
| Renewable Funding partnered with the city to help | | | | The need for PACE bonds is estimated to exceed |
| provide homeowners with a way to fund the | | | | more than $500 billion in the coming years. The result |
| installation of solar energy systems and energy | | | | is a significant decrease in our greenhouse gas |
| efficiency improvements. The "Berkeley First" | | | | emissions and a strengthening of our energy |
| program allowed homeowners to borrow the money | | | | independence. PACE funding will make solar energy |
| and repay it through their home property taxes over | | | | and energy efficiency more attainable and create a |
| a 20 year period. | | | | greater demand for jobs in both industries. |
| There are several very enticing benefits to this PACE | | | | |