How can homeowners afford to insulate their homes or install solar electric systems in today’s economy? Many people want to “do the right thing,” but lack the money to finance energy-efficiency projects or install renewable energy systems in their homes. This hurdle has prevented many people from taking advantage of new technologies that would reduce their energy costs substantially and save them money in the long run.
An innovative funding mechanism called Property Assessed Clean Energy, or PACE, enables homeowners to overcome this barrier. Towns with PACE districts allow homeowners to borrow funds through Efficiency Vermont to finance eligible energy-efficiency and renewable energy projects for their homes. The loans are paid back through an assessment on property tax bills. The repayment period may extend up to 20 years, potentially allowing for positive cash flow throughout, and the assessment transfers to the new owner when the property is sold.
PACE financing can provide significant benefits to communities, which can use it to become more self-reliant and energy-efficient, while meeting sustainability, climate, and energy goals. The program can inject millions of dollars into the economy and provide a steady demand for good quality jobs, while decreasing energy costs and improving the value and quality of the housing stock. In Vermont, 36 towns have created PACE districts which allow the financing to occur, including Brattleboro, Putney, Westminster, Marlboro, and Halifax.
Homeowners interested in learning about the PACE program, including the latest details on when and how to apply, are invited to a public information session with Paul Markowitz of Efficiency Vermont on Wednesday, September 4 at 5:00 pm at the Marlboro College Graduate Center, 28 Vernon St. in Brattleboro.
For more information, contact Paul Cameron at 251-8135 or firstname.lastname@example.org.