Strengthening Local Businesses, A Private Capital Boost to Local Economies
- Since the first PACE legislation was approved by Republican Governor Arnold Schwarzenegger nearly a decade ago, PACE enabling legislation has expanded into more than 30 states and the District of Columbia, along with hundreds of American cities and counties. Residential PACE programs currently operate in three states, but those programs support energy efficiency manufacturing jobs nationwide.
- In fact, it is estimated that PACE has created and sustained more than 30,000 local good-paying jobs at no cost to public budgets while expanding access to credit for responsible borrowers to improve residential properties.
- As an engine for local job creation, PACE financing has had a particularly meaningful impact in the local construction sector.
- More than 95% of PACE projects are financed exclusively with private capital, and no taxpayer liabilities are incurred as a result of these projects.
- 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 improved more than 150,000 homes and attracted $3.7 billion of private capital, at no expense to taxpayers. And these investments continue to increase year-over-year