10 PACE Facts
1. PACE-enabling legislation has been approved in 33 states, and residential PACE financing is active (launched and operating) in three states: California, Florida, and Missouri.
2. PACE financing is a voluntary, free-market, and privately funded driver of economic prosperity in local communities.
3. Since 2007, PACE has helped more than 150,000 families upgrade their homes, created an estimated 30,000 local jobs. PACE is saving more than 10 billion gallons of water, and reducing carbon emissions by more than 4 million metric tons. To date, no other energy and water financing solution in America has achieved similar results.
4. PACE has already financed more than $3.6 billion of energy, water and resilience improvements for more than 150,000 homeowners and $400 million for more than 1,000 commercial building owners in communities across the country.
5. PACE financing solves upfront cost barriers by providing 100 percent financing for projects including critical efficiency and hurricane-resistance upgrades on your home. The PACE assessment covers all fees and labor costs associated with these projects and bundles the cost into one line on your property tax bill.
6. PACE allows long-term repayment of up to 25 years, depending on local statutes, making longer payback projects potentially cash flow positive and homes more valuable.
7. In 2016, the nation’s leading PACE providers worked with the Department of Energy on Best Practice Guidelines for Residential PACE Financing Programs, most of which were mirrored in the updated PACE Consumer Protection Policies, adopted by PACENation, the policy advocacy non-profit supporting PACE. These policies strengthened underwriting and contractor standard, and the industry is working with legislators on additional state and federal consumer protection legislation.
8. PACE-funded projects have a profound economic impact on local economies by creating good-paying local jobs that cannot be shipped overseas.
9. PACE creates and sustains local jobs at no cost to public budgets while expanding access to credit for responsible borrowers to improve residential and commercial properties. In comparison to the American Recovery and Reinvestment Act of 2009 (ARRA) that included $3.1 billion of taxpayer money for State Energy Programs, PACE has to-date attracted $3.7 billion of private capital, at no expense to taxpayers, and these investments continue to increase year-over-year.
10. More than 95% of PACE projects are financed exclusively with private capital, and no taxpayer liabilities are incurred as a result of these projects. All bonds associated with PACE are purchased through private placements and any cash-flow delinquencies or defaults caused by non-payment by property owners of their PACE payments are borne entirely by the bond buyers (private investors), not by the bond issuers (government).