White House, DOE Announce New Residential PACE Financing Initiatives as Market Grows
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The Obama Administration's Clean Energy Savings for All Initiative
is working to provide American households with more tools to complete renewable and home energy efficiency improvements. As part of this effort, the U.S. Department of Energy (DOE) released updated “Best Practice Guidelines for Residential PACE Financing Programs
” for this growing financing tool. The guidelines
can be used by PACE program administrators, contractors, and consumers to plan, develop, and implement programs and home energy upgrades.
The Missouri Clean Energy District has partnered with Residential Network member Renovate America to bring residential Property Assessed Clean Energy (PACE) financing to the state. The Home Energy Renovation Opportunity (HERO) program allows homeowners to pay for energy upgrades over time through local property taxes, at a fixed interest rate for terms of five to 20 years. The program is currently recruiting contractors to offer the financing.
For more background, review the summary of the July 21, 2016, Peer Exchange Call, “The Return of Residential PACE—the Sequel (201).”