The Sacramento County Board of Supervisors this week authorized the Property Assessed Clean Energy program for both commercial and residential property owners.
PACE, offered by the county through the Ygrene Energy Fund, which administers the program, assists businesses and homeowners in financing energy efficiency, water conservation, and renewable energy upgrades. The improvements are paid for by a voluntary tax on the owner’s property tax bill.
All commercial and residential property owners in the unincorporated area of Sacramento County may use this financing option.
PACE’s financing mechanism is tied to the property, rather than the individual. Eligibility is based primarily on property value and equity — a minimum of 15 percent is required — rather than credit score, and the payment obligation may transfer to a new owner if the property is sold, according to a news release.
The voluntary program addresses the financial hurdles to capital-intensive energy efficiency projects, because there are low upfront costs to property owners.
Applications are now being accepted at www.cleanenergysac.com.