PACE is a financing program that makes it easier for homeowners to invest in energy efficiency renovations like adding insulations to attics, sealing leaky windows and replacing inefficient appliances and HVAC systems.
Improving the energy efficiency of a home, or Home Performance, leads to healthier and more comfortable indoor air quality, lower monthly utility bills and a cooler climate. Making America's homes more energy efficient is the cheapest, fastest way to stimulate the economy and halt climate change.
However, when homeowners consider energy renovations, they often balk at the cost, which can run up to $20,000. It's possible to obtain bank loans for energy renovations, but it's not certain that a homeowners will see a positive return-on-investment if they sell a few years later.
It typically takes 10 years to break even on comprehensive energy renovations from lower utility bills. And energy renovations, like adding insulation in the attic, have not historically improved resale values as much as sexier improvements, like adding a swimming pool or even solar panels.
PACE lowers the risk of borrowing for energy renovations by shifting responsibility from the homeowner to the property. The loan payment gets added to the property tax, so in the case of a sale, the new homeowner assumes responsibility for the loan.
And, of course, the new homeowner enjoys the benefits of the renovations - cleaner, healthier indoor air quality and lower utility bills.
For more on PACE, please visit http://www.pacenow.org/.
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