In order to meet our climate targets, British Columbians need to retrofit 3% of our building stock — that's 30,000 homes, 17,000 apartment units, and 3 million square metres of commercial space — every year until 2050. (Calculations by the Pembina Institute) By offering property owners the ability to borrow money for clean energy improvements and repay the balance via an assessment on their property tax bill, the creation of a BC PACE program can play an irreplaceable role in the climate solutions puzzle.
Before that can happen, the BC government must enact PACE enabling legislation that create the legal conditions for a PACE sector to thrive. We're calling on the BC government to immediately enact PACE enabling legislation that:
- Ensures PACE is available for a broad spectrum of improvements including most energy efficiency upgrades and renewable energy projects.
- Establishes broad PACE funding options that allow for capital investment from the private sector.
- Makes PACE available for both residential and commercial property owners.
- Ensures PACE is available for retrofits and new builds.
- Ensures PACE loans can be tied to the property, and not the individual borrower, such that in the event of a property sale, remaining loan payments become transferable to the new owner.
- Allows PACE to refund 100% of the projects hard and soft costs.
- Allows PACE programs to be administered by third-party, non-governmental organizations that minimize the administrative burden on local municipalities.
- Ensure PACE programs are available for retroactive financing for 3-5 years.
Sign our petition to tell the BC government to enact PACE! Let's #PickupthePACE today!