The Carlsbad Chamber of Commerce is reviewing a new and unique program that provides financing for renewable energy projects while reducing energy usage.
It's green. It's clean. It’s meaningful to businesses that can improve energy efficiency using a program that provides reasonable long-term financing.
It’s also endorsed by the Carlsbad City Council.
The PACE program (Property Assessed Clean Energy), according to Mayor Matt Hall, "has the potential to significantly improve our local economy by creating jobs, reducing property owner utility bills, increasing economic activity and adding value to our building inventory."
PACE is a local government initiative that allows property owners to finance energy efficiency measures and renewable energy projects using funds paid back over time through their property taxes, reducing the burden of large up-front costs.
The program can work for residences, but is especially useful for businesses.
The PACE financing concept is not new. It has been used for decades by municipalities to pay for improvements in the public interest.
Projects can range from weather sealing and insulation upgrades, to more efficient heating and cooling and solar installations, paid back over as long as 20 years.
What's more, the repayment obligation can be transferred, like other property assessments, to the next owner if the property is sold.
One of the critical needs of a local program, if one is established in the county, is the availability of immediate financing, a qualification not always available through traditional government programs.
By working with the private sector to secure financing, PACE programs overcome a major hurdle.
That's why Mayor Hall has written to county Supervisor Bill Horn urging support for a program that has committed funding, is locally managed and follows a model that has been successful in other regions.
I encourage you to endorse and support an open, competitive market," Hall wrote, "where property owners and contractors can immediately access the financing they need from multiple capital providers… the entire San Diego region stands to greatly benefit."
The Center for Sustainable Energy has more information on PACE at www.energycenter.org.
It's green. It's clean. It’s meaningful to businesses that can improve energy efficiency using a program that provides reasonable long-term financing.
It’s also endorsed by the Carlsbad City Council.
The PACE program (Property Assessed Clean Energy), according to Mayor Matt Hall, "has the potential to significantly improve our local economy by creating jobs, reducing property owner utility bills, increasing economic activity and adding value to our building inventory."
PACE is a local government initiative that allows property owners to finance energy efficiency measures and renewable energy projects using funds paid back over time through their property taxes, reducing the burden of large up-front costs.
The program can work for residences, but is especially useful for businesses.
The PACE financing concept is not new. It has been used for decades by municipalities to pay for improvements in the public interest.
Projects can range from weather sealing and insulation upgrades, to more efficient heating and cooling and solar installations, paid back over as long as 20 years.
What's more, the repayment obligation can be transferred, like other property assessments, to the next owner if the property is sold.
One of the critical needs of a local program, if one is established in the county, is the availability of immediate financing, a qualification not always available through traditional government programs.
By working with the private sector to secure financing, PACE programs overcome a major hurdle.
That's why Mayor Hall has written to county Supervisor Bill Horn urging support for a program that has committed funding, is locally managed and follows a model that has been successful in other regions.
I encourage you to endorse and support an open, competitive market," Hall wrote, "where property owners and contractors can immediately access the financing they need from multiple capital providers… the entire San Diego region stands to greatly benefit."
The Center for Sustainable Energy has more information on PACE at www.energycenter.org.