In 2008 I said Property Assessed Clean Energy (PACE) loans “could be bigger than anything in U.S. real estate since the invention of the glass window.” But today, despite Maryland having enacted a PACE enabling law in 2014, only one PACE loan has closed in the State. By any measure, one is not an overwhelming … Continue Reading
California’s statutory changes to its existing residential Property Assessed Clean Energy (PACE) financing program, that became effective January 1, 2017, may be a model for residential PACE programs across the nation. The first residential PACE program started in Berkeley, California in 2007. Today there are laws in at least 34 states that allow some form … Continue Reading
A public hearing is scheduled tomorrow on a Property Assessed Clean Energy (PACE) loan program ordinance in Baltimore City. I have been quoted saying that PACE “could be bigger than anything in U.S. real estate since the invention of the glass window.” PACE loan programs, where payments for energy efficiency, water conservation and renewable energy … Continue Reading
Last week the U.S. Department of Housing and Urban Development and the Department of Veterans Affairs released new guidance, changing their previous positions, now widely allowing residential Property Assessed Clean Energy (PACE) financing. With the guidance, PACE financing, where payments for energy efficiency, water conservation and renewable energy improvements to real estate are made through … Continue Reading
Property assessed clean energy (PACE) programs, where payments for energy efficiency, water conservation and renewable energy improvements to commercial real estate are made through a building owner’s property tax bill are beginning to hit their stride. PACE state enabling statutes generally authorize local governments to work with private sector lenders to provide upfront low interest … Continue Reading
