Investing in Our Future, A Vital Program Operated under Local Control
- Through a public-private partnership, local governments control and implement PACE, partnering with third-party capital providers, which make upfront funding for the improvements available with no public investment.
- It is estimated that since its inception PACE financing has pumped more than $5 billion into local economies across the country. And all of this is being accomplished at no cost to public budgets.
- At its core, PACE is fundamentally a property rights issue. PACE financing is 100% voluntary, and it enables property owners to access long-term private financing in order to make their homes and businesses more efficient and secure.
- In addition, PACE offers local communities a critical tool for reducing energy use, increasing grid reliability and making the most efficient upgrades affordable.
- In fact, PACE has proven to be one of the most effective tools we have in spurring the installation of residential energy efficiency, water conservation, and other qualified home improvement products.
- A national laboratory study showed one PACE program (Renovate America’s HERO PACE program) and the Massachusetts Save HEAT Loan Program together accounted for 46% of energy efficiency home improvement financing volume nationwide in 2014.
- And over the lifetime of products installed, PACE is on track to reduce carbon dioxide emissions by more than 4 million tons, save more than 15 billion kilowatt hours of energy, which is the equivalent of powering more than 1.5 million homes a year, and conserve more than 10 billion gallons of water.