Property Assessed Clean Energy (PACE) Funding is an economic development tool designed to assist commercial and industrial building owners to access affordable, long-term financing for clean energy improvements to their buildings.
PACE allows building owners to finance efficiency and renewable energy improvements through a voluntary assessment on their property tax bill. The repayment obligation transfers automatically to the next owner if the property is sold. Capital is secured by a priority lien on the property, so long-term debt capital can be raised from the private sector.
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