Legislation to Protect PACE financing from Fannie & Freddie

Posted on August 24, 2010. Filed under: News | Tags: , , , , , , |

This summer, a storm has been brewing over Property Assessed Clean Energy (PACE) financing. This type of financing allows homeowners to finance solar installations or other clean energy investments by addding in the costs into their existing property tax payments. This allows them to spread out the costs over an extended period of time and helps make clean energy investments more affordable for more homeowners. Sounds good, right?

At the beginning of the summer, more and more states were working to implement PACE programs to help homeowners access solar and other renewable energy technologies.

States with PACE financing from Alliance to Save Energy

 But then, in late June, came the news that Fannie Mae and Freddie Mac opposed PACE programs because they felt that certain provisions of the programs were against PACE programs conflicted with their mortgage regulations. This put the breaks on many PACE programs.

Now, there are several bills proposed in the house and senate to protect PACE financing programs. In the house, Mike Thompson’s (D-Calif) H.R. 5766, and in the Senate, Barbara Boxer’s (D-Calif) S. 3642 are two pieces of legislation that include provisions that support PACE.

Check out details from the Alliance to Save Energy, PACEnow.org and Grist.

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