Under a bill recently approved by The House, federal loan guarantees will apply to energy efficiency projects funded through Property Assessed Clean Energy (PACE) bonds.
The PACE bonds provision is part of the Jobs for Main Street Act, which has a budget of $75 billion. Rep. Steve Israel (D-N.Y) advocated the bill. The bill enables property owners to finance energy efficiency retrofits through a loan, which is voluntarily attached to the borrower's property tax bill.
Such long-term loans are eligible for transfer along with the sale of the property in order to accelerate investment in retrofits. To date, 15 states have enacted bills allowing this kind of municipal financing. Several additional states are considering similar bills.
The Alliance to Save Energy (ASE), an advocacy group based in Washington, D.C., stands behind the House's action and said it would work closely with Israel and other congressional members to promote the program.
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