How the PACE Home Improvement Model Helps Communities and Homeowners Reach Their Goals
Communities across America are looking for efficient, cost-effective ways to prepare for and bounce back from extreme weather events, earthquakes, and wildfires, as well as make long-term improvements to their housing stock. Creating local jobs in the process is an important part of that effort.
Meanwhile, homeowners are always on the lookout for ways to save money on utility bills and make their homes more comfortable.
For close to a decade now, Property Assessed Clean Energy, or PACE, financing has been serving a growing number of communities working to reach these types of policy goals.
This relatively new financing mechanism enables people to make renewable energy, energy and water efficiency, and natural disaster-related upgrades to their homes, then pay for these upgrades over time through their property taxes. Homeowners pay no money upfront, and the financing is not tied to their credit score.
What’s more, because the program is approved by each community, there are especially strong consumer protections built in.
Every community has different needs, and every homeowner has a unique set of circumstances. It takes multiple programs and policies to address these needs. PACE financing is one important policy tool communities can use to help homeowners reduce the cost for energy and water, mitigate extreme weather events and create good-paying, local jobs.
