Clean Power

Published on March 20th, 2010 | by Zachary Shahan

0

PACE Comes to Florida

March 20th, 2010 by  

PACE (Property Assessed Clean Energy) financing is one of the most exciting clean energy topics of the past few years. It is also one of the hottest topics to keep an eye on, I think.

I’m not the only one who thinks so, though — Harvard Business Review has named PACE financing one of the “Breakthrough Ideas for 2010”.

If you’ve missed previous stories on the topic, very simply, PACE financing lets people pay for clean energy and energy efficiency retrofits to their homes or businesses through a slightly higher property tax over the course of 20 years. The government fronts the money and you pay it back over time while you save money on electricity. In many cases, the financial savings are greater than the increase in annual property taxes.

[social_buttons]

PACE financing started in Berkely, California in 2007, but it has been spreading across the US. Now, it has hit Florida. The Florida legislature just passed PACE financing legislation this week.

“PACE is a no-cost to taxpayers, no-mandate, consumer opt-in approach to bringing clean energy technology to homeowners and businesses which will help create jobs for Floridians at a critical time when we are working to get Florida’s economy back on track,” said Florida House Leader Adam Hasner (R-Delray Beach). “Often, the biggest hurdle homeowners face is coming up with the upfront costs to retrofit their homes with energy improvements. I commend all the members of the committee for working together to help homeowners finance the upfront costs for energy improvements. This commonsense, innovative policy initiative will remove this significant burden for homeowners and save them money.”

Florida legislators are confident PACE financing will help boost jobs, protect the environment and save individuals money.

It is good to see PACE financing coming to such a populous state (and my home state)! Plus, it is the Sunshine State — solar panels should be ubiquitous there.

With all the benefits of PACE financing, it probably won’t be long before we see it in the news again getting approved in more states or jurisdictions.

Image Credit: alternatePhotography via flickr under a CC license


Buy a cool T-shirt or mug in the CleanTechnica store!
 
Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech daily newsletter or weekly newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.

Tags: , , , , ,


About the Author

is tryin' to help society help itself (and other species) with the power of the typed word. He spends most of his time here on CleanTechnica as its director and chief editor, but he's also the president of Important Media and the director/founder of EV Obsession, Solar Love, and Bikocity. Zach is recognized globally as a solar energy, electric car, and energy storage expert. Zach has long-term investments in TSLA, FSLR, SPWR, SEDG, & ABB — after years of covering solar and EVs, he simply has a lot of faith in these particular companies and feels like they are good cleantech companies to invest in.



Back to Top ↑