The program known as PACE or Property Assessed Clean Energy, allows property owners to borrow money to pay . . . → Read More: New Law will Help Weatherize Maine Homes]]> Maine Partners for Cool Communities reports on a bill (LD 1717) recently passed by the Legislature which will help to establish an innovative financing program for energy efficiency and clean energy improvements in communities across the state.

The program known as PACE or Property Assessed Clean Energy, allows property owners to borrow money to pay for energy improvements. Unlike a loan, PACE financing is paid back over a 20 year period as an assessment on the property tax bill (or similar method) and would stay with the property throughout the life of the loan. Those individuals that pay for energy improvements are the ones benefiting from the savings generated. There are no up front costs and the program is voluntary.

The PACE legislation authorizes municipalities to establish a loan program to provide financing for clean energy improvements to property owners via local ordinance. The legislation authorizes municipalities to enter into PACE agreements with property owners, provide financing, and collect PACE assessments to repay the loans. Municipalities will be able to use federal grants or other “funds available for this purpose” to establish PACE programs.

PACE financing is designed to help the state in its goal of weatherizing every Maine home by 2030. Like other communities, York will have the option of participating in the PACE program.