The Property Assessed Clean Energy, commonly known as the PACE program, provides business owners with an incredible opportunity never offered before; the local legislation is providing the initial upfront cost of solar panels or energy efficient retrofits. In the areas where the program has been approved the local government offers a specific bond to investors and then turn around and loan the money to consumers or businesses.
The loaned money gives the owners an opportunity to pay for the upfront cost of green initiatives, than the owner simply pays back an increased property tax at a set rate semi-annually over the course of twenty years. This gives the owners the ability to begin saving immediately. The cities involved with the PACE program also receive an added benefit from clean energy, which assist local governments in reaching the goals of Assembly Bill 32, also known as the Global Warming Solutions Act of 2006.