Tuesday, August 3, 2010

Save PACE

PACE stalled

Just as Colorado was getting up to pace with a statewide Property Assessed Clean Energy (PACE) finance program to provide homeowners and businesses with low interest upfront loans for energy efficiency and renewable energy improvements, Fannie Mae, Freddie Mac and the Federal Housing Finance Agency threw a wrench in the program by declaring PACE loans "high risk".   

Supporters push back 

According to a New Jersey report:

A consortium of U.S. senators, including Vermont’s independent Sen. Bernard Sanders, came out swinging when news hit of Fannie Mae and Freddie Mac’s refusal to hold mortgages with PACE liens. More recently, a group of 30 U.S. House members introduced a bill that will force Fannie and Freddie — government-sponsored corporations — to adopt standards that support PACE. 

Action across the country has also been broad and bold, coming from many of the 23 states that have authorized PACE programs.  

The overwhelming and swift response is largely because PACE offers significant potential to finance clean-energy improvements where it’s so desperately needed — in people’s homes. It’s also because the economic implications of punting on PACE are significant (up to $1 billion in new projects and 20,600 construction jobs according to the Wall Street Journal).

What's next?

A National Campaign to save PACE solar financing is gaining momentum.  Senator Barbara Boxer (D-Calif.) introduced the PACE Assessment Protection Act (H.R. 5766) and grassroots groups all over the country are taking action.   To find out how you can help get the San Luis Valley, Colorado and the nation back up to PACE go to our ACTION page or visit the PACE Now Action Center.