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California PACE Financing
The Property Assessed Clean Energy (PACE) program utilizes bond financing to provide commercial property owners fixed-rate, property-based, no money down financing for energy efficient, water conservation and renewable energy retrofits to their property portafolios, significantly reducing their energy bills.
Assembly Bill 811 allows property owners in special districts to voluntarily enter into assessment contracts against their properties to finance a growing range of authorized energy and water efficiency retrofits such as solar technologies, heating and air conditioning systems, lighting control system, windows, pool equipment, etc.
The finance amount is repaid over time through annual property tax assessments. The charge appears as line item on the property tax bill. Energy and water efficiency retrofits must be installed by California PACE approved contractors.
Program Highlights |