Definition

Definition: Property-assessed clean energy (PACE) is a financing tool for property owners to fund energy or water efficiency or renewable energy installations. Structure: PACE is a secured loan that attaches to the property as a voluntary assessment on the property taxes. To be eligible for a PACE loan, the building must be located in a local jurisdiction where the City or County has passed a resolution to participate in a PACE program. PACE financing is often a public-private partnership between a private finance company and a public agency.Transfer? The loan may be transferred to the new owner upon sale of the property with the approval of the system owner. Real or Personal Property? If seller owns and not a third-party, then renewable system is typically considered real property and tax credits and maintenance requirements, etc. belong to the property owner. Terms: Loan terms can vary between 5 and 30 years. Some programs also allow PACE to finance solar leases and power purchase agreements (PPAs). Due to the complexities of PACE financing, NAR and states like California have provided statements which are worth further consideration. NAR - http://www.realtor.org/articles/administration-issues-pace-guidance; CAR - http://www.car.org/newsstand/newsreleases/2015releases/fhapacelien

 

Lookup Value: Property-Assessed Clean Energy


Legacy OData Value: PropertyAssessedCleanEnergy

Lookup Name: CurrentFinancing

Synonym(s):  PACE

Element Status: ACTIVE

BEDES: --

Revision Date: APR 27 2016

Version Added: 1.5.0

Lookup Name ID: e234874

Lookup ID: 925ee56

References: RESI,RLSE,RINC,LAND,MOBI,FARM,COMS,COML,BUSO

Spanish (Lookup Display Name): Energía Limpia Evaluada por la Propiedad

French-Canadian (Lookup Display Name): --

Lookup Status Change Date: JUN 21 2016


Usage

CurrentFinancing (Property)

  • No Lookup Data Available

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Page Revision Date: Nov 08 2023

Form: LookupValue