Property assessed clean energy (PACE)
is a means of financing energy efficiency upgrades or renewable energy installations for buildings. Depending on state legislation, PACE can be used to finance water efficiency products, seismic retrofits, and hurricane preparedness measures. Examples of energy efficiency and renewable energy upgrades range from adding more attic insulation to installing rooftop solar panels, chillers, boilers, LED lighting and roofing.
PACE programs help home and business owners pay for the upfront costs of green initiatives, such as solar panels, which the property owner then pays back by increasing property taxes by a set rate for an agree upon term ranging from 5–25 years. This allows property owners to begin saving on energy costs while they are paying for their solar panels. This usually means that property owners have net gains even with increased property tax.
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