PACE may prove to be the most effective way to pay for energy improvements for homes. Available now throughout California, PACE is saving money for homeowners, creating jobs, and helping local governments achieve important environmental goals.
PACENow supports and encourages new residential PACE programs that can help home owners and local governments achieve their goals. We endorse programs and PACE service providers that are meeting marketplace needs at high standards that protect the interests of all PACE stakeholders.
PACENow provides advice and guidance for those interested in starting residential PACE programs. We recommend a number of PACE best practices, many of which were developed in conjunction with the US Department of Energy in 2010.
PACE is Good for the Economy
Residential PACE programs have significant positive economic and fiscal impacts. An econometric study conducted by the ECONorthwest found that $4 million in PACE funding generates $10 million in gross revenue, $1 million in combined federal, state, and local tax revenue, and 60 jobs.
Which means that spending a $1 million on residential energy efficiency or renewable energy PACE projects results in:
- Creating approximately 15 local jobs
- Creating positive economic impact ranging from $717,000 to $939,000 at the individual city level
- Total tax revenue impact at all levels of government is over $1 million
Residential PACE Market
Number of Home Upgrades
- Energy efficiency 59%
- Renewable Energy 36%
- Mixed 4%
*All estimated aggregate data is provided to PACENow by PACE programs and not independently verified.
Featured Success Stories
Duane and Mary Baker took advantage of PACE financing through the HERO Program to upgrade their home in Temecula, CA.
The Bakers decided to use HERO to upgrade to a more modern and efficient HVAC system, complete with the ability to control the temperature in individual zones of the house using their smartphones.
“The HERO Program is a great way to finance energy efficient improvements without any upfront money,” explains Duane, “and then write off the interest for the payment that’s on our property tax bill. So if we were to sell the house, it’s good to know that we wouldn’t have to continue the payments or to pay it off – it would continue with the house with the new owners.”
House Retrofit in Santa Rosa
The Energy Independence Program of Sonoma County connected homeowners with contractors who evaluated the breakdowns in insulation, possible air and exterior leaks.
The program helped navigate various incentive, rebate, and financing programs and get over $4,000 in savings and valuable financing.
We’ve done a wonderful energy upgrade of our house and the granny unit and everyone is so much more comfortable. The temperate doesn’t vary more than thee or four degrees. We are saving lots of money. The Energy Upgrade program provided us with the money to do this.”