On November 5, 2013, the Sacramento County Board of Supervisors authorized the Property Assessed Clean Energy (PACE) program for both commercial & residential property owners.
PACE allows businesses & homeowners to finance energy efficiency, water conservation, and renewable energy upgrades with low upfront costs. The improvements are paid for by a voluntary tax on the owner’s property tax bill. All commercial & residential property owners in the unincorporated area of Sacramento County may use this financing option.
PACE’s unique financing mechanism is tied to the property, rather than the individual.
Eligibility is based primarily on property value and equity (a minimum of 15 percent is required) rather than credit score, and the payment obligation may transfer to a new owner if the property is sold. The voluntary program addresses the financial hurdles to capital-intensive energy efficiency projects, because there are low upfront costs to property owners. Homes & businesses that participate are likely to enjoy increased property values & reduced energy costs.
PACE is administered by the Ygrene Energy Fund. Ygrene is a developer and administrator of clean energy financing programs throughout the U.S. The Ygrene Energy Center at 2600 Capitol Avenue in Sacramento offers contractor training, energy efficiency workshops, and information on cutting-edge green products.
Applications for the PACE program are being accepted now at http://www.CleanEnergySac.com.
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