New York Governor Signs PACE Financing Law

NEW YORK– On November 17, New York lawmakers unanimously voted to authorize municipal finance programs for clean energy improvements on homes and businesses. This bill, A40004A was subsequently signed into law on November 19.  Under this Property-Assessed Clean Energy (PACE) type of financing, cities set up special clean energy finance districts capable of issuing low-interest bonds. Participating property owners can opt-in to use the bond money to pay for renewable energy and energy efficiency improvements. They then pay the loan back through a long-term assessment on their property taxes. This type of financing is significant because it has been relatively successful in bolstering renewable energy investment in places it has been implemented. Fifteen states so far have taken the route to allow PACE financing, including: California, Colorado, Illinois, Louisiana, Maryland, Nevada, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Texas, Vermont, Virginia and Wisconsin.

 

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