Thursday, April 1, 2010

Help to finance renewable energy projects arrives!

Although many of us would love to incorporate renewable energy into our homes and make those energy efficiency improvements that will lower our utility bills, the upfront financing needed can be the roadblock that makes it seem impossible. Today marked a huge win for homeowners as the PACE legislation was signed into law, providing an opportunity for Minnesota homeowners to make those green dreams come true.

Read more below (information via Fresh Energy)

PACE: Financing Small Renewable & Efficiency Projects

Among homeowners and small business owners who clearly understand the long term financial and environmental benefits of installing small renewable energy projects and energy efficiency improvements, one of the biggest hurdles is the up-front cash expenditure needed. One innovative approach is a concept called PACE (Property Assessed Clean Energy). PACE is a low-interest funding mechanism that a municipal financing district or finance company may choose to offer to homeowners or small businesses to cover the up-front costs. The loans are then repaid over a set period of time via an annual assessment on the property tax bill.

The concept is not a new one; it is very similar to tax assessments made for new sidewalks or streetlights, but only applies to an individual property where the improvement is made. The PACE strategy can result in annual individual savings outweighing the annual individual assessments. PACE adds a financing option to individual debt or home equity debt. One advantage is that it avoids the need to utilize personal credit for the loans.

15 other states have already passed legislation that enables local entities to implement PACE financing. This year Fresh Energy has been working to pass PACE legislation in Minnesota - HF 3109 and SF 2720 - to help spur small-scale renewable and efficiency projects and create clean energy jobs. Recently the bill was incorporated into the Omnibus Jobs Bill, H.F. 2695; passed by both houses; and signed in to law by the Governor on April 1, 2010. PACE will help create jobs, improve the housing and building stock in our communities, and lessen demand for energy - thereby reducing the need for expensive new power plants and transmission lines. We eagerly anticipate implementation of this legislation.

9 comments:

LEED Exam said...

I have written a paper on PACE Approach, and under the publish process in a journal..

Informative post, Thanks for sharing over the Web.

Admin @ LEED Exam Prep

Manny Amadi said...

hi, interesting post.....great site
good luck

Brooklyn air duct cleaning said...

Green homes manage to save a lot of energy setting solar panels and using natural techniques.This is also a need of the hour and demand of nature.

railroad track maintenance said...

We must support the projects which support our nature.We must save energy and try the alternative methods to save the much depleted resource.

plumbing said...

Renewable energy is a great environmental innovation that we really need to support. It is an environment friendly system that is also cost effective.

Alex P. said...

In my own personal view, I think 2012 is a good year to start out a greener home structures in order for us to at least save our environment as well as have cheaper expenses when it comes to housing prospects and a lot more. Online real estate schools should also teach their students about it as well.

Unknown said...

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