PACE – Property Assessed Clean Energy
Property Assessed Clean Energy (PACE) is an innovative way to finance energy efficiency and renewable energy upgrades to buildings. Interested property owners evaluate measures that achieve energy savings and receive 100% financing, repaid as a property tax assessment for up to 20 years. The assessment mechanism has been used nationwide for decades to access low-cost long-term capital to finance improvements to private property that meet a public purpose. By eliminating upfront costs, providing low-cost long-term financing and making it easy for building owners to transfer repayment obligations to a new owner upon sale, PACE overcomes challenges that have hindered adopted of energy efficiency and related projects in our nation’s buildings. (Source: http://pacenow.org/about-pace/what-is-pace/)
The NJ PACE Program has been created by the Center for Regenerative Community Solutions to help municipal officials, investors, and the general public understand and implement the features and benefits of the NJ PACE statute, as set out in Public Law 2011, Chapter 187, “AN ACT concerning the financing of renewable energy and energy efficiency systems, amending P.L.1960, c.183, and supplementing R.S.40:56-1 et seq.” that came into force in May, 2012. For more information, please see http://njpace.net.