Vermont’s Property Assessed Clean Energy (PACE) program
There is a new program available to help Vermonters invest in energy efficiency and renewable energy projects for their homes and businesses. The Vermont Energy Act of 2009, which recently became law in Vermont, includes a provision that allows for the creation of Property Assessed Clean Energy, or PACE, programs. This is a concept that has been successfully implemented in California, New York and Colorado, and is being considered in many other locations around the country.
PACE is a funding mechanism that makes renewable energy and energy efficiency more affordable to Vermonters. The key element of the program is that municipalities can serve as a conduit for low interest loans to purchase these systems, and homeowners pay off the debt as an additional amount on their property taxes. Note, a third party (not the town) loans the money.
The town of Richmond is considering implementing a PACE program so Richmonders can have this funding option available. RCAC supports this initiative. Look for a vote on PACE at Town Meeting Day this winter.
For more information about PACE, here are some informative links: