Pace Financing Programs

Floor Speech

Mr. McNERNEY. Mr. Speaker, I rise today to ask my colleagues to join me in supporting clean energy initiative financing programs like PACE to help people and businesses invest in renewable energy and energy efficiency technologies.

Thanks, in part, to increased energy efficiency, consumption of energy is down 5 percent nationally from 2007 levels. However, the growth of new renewable energy capacity has slowed down from 18 gigawatts installed in 2012 to 5.4 gigawatts in 2013, in part, due to a lack of access to capital.

PACE financing programs allow property owners to pay back the costs of clean energy technologies over longer periods of time. Property owners can recoup their investments through property assessments.

By encouraging distributed energy production and energy efficiency, property owners quickly increase the value of their properties. PACE programs are voluntary, and property owners across the country are eager to sign up.

Source