PACE BC is supported by
BC needs to retrofit 30,000 homes, 17,000 apartments, and 3 million square metres of commercial space every year until 2050 in order to meet our climate targets.
Imagine a world where renewable and energy efficiency building upgrades are profitable for businesses and affordable for homeowners. PACE creates that world.
The US PACE sector has resulted in 240,000 residential and commercial projects so far, and created over 60,000 jobs.
Scientific American called PACE one of the top 20 world changing ideas
“Property Assessed Clean Energy” (PACE) is an innovative financing tool that allows property owners to borrow money to undertake a broad spectrum of clean energy improvements to their buildings. The loan is paid back on the owner’s property tax bill, with the energy bill savings created by the improvements, often resulting in net gains for the property owner. In 2009, Scientific American magazine predicted that PACE would be “one of the top 20 world changing ideas,” and it has since financed hundreds of thousands of retrofits in the US, creating over 60,000 jobs in the process.
PACE financing programs allow property owners to fund 100% of the upfront cost of energy and resource improvements to their properties and repay the financing over time through their property taxes. There are many key action takers in a successful PACE ecosystem:
Once the upgrade has been carried out it is repaid by the property owner through their property taxes. The payments can be spread out over 20-30 years allowing the repayments to be affordable. Often the energy saved, through a new boiler, insulation or new windows, or the energy produced, through solar panels, more than offsets the cost of the repayment. In the event of the property being sold the remaining loan payments become transferable to the new owner, as the financing is tied to the property, not the individual owner.
In BC we’ll need to retrofit a whopping 30,000 homes, 17,000 apartments, and 3 million square metres of commercial space every year until 2050 in order to meet our new provincial climate targets! The development of a robust and thriving PACE program, would have unprecedented potential to deliver the number of retrofits needed, resulting in deep and swift reductions in greenhouse gas emissions, while creating thousands of new green jobs. This could all be achieved without additional government subsidies.
PACE’s success is directly attributable to two key factors: it is perceived as a valuable financing tool which serves the borrower’s needs, and it creates an engaged private sector market of investors and contractors who all engage in promoting and selling PACE to create business for themselves. Some of the key features of a robust PACE program include:
Check out this informative video from PACE Nation - who advocate for PACE programs in the US.