|Posted:||February 5, 2013 04:48 PM|
|From:||Representative John T. Galloway|
|To:||All House members|
|Subject:||Reintroduction of HB1667 - Property Assessed Clean Energy (PACE) Programs|
|I am preparing to reintroduce HB 1667, which allows for the implementation of Property Assessed Clean Energy (PACE) Programs in Pennsylvania.
Property Assessed Clean Energy or (PACE) Programs give townships and municipalities in Pennsylvania the option to offer sustainable energy project loans to eligible property owners. Property owners will be able to finance renewable onsite generation installations and energy efficiency improvements through voluntary assessments on their property tax bills. These financing arrangements allow property owners to finance renewable generation and energy efficiency improvements through low-interest loans, repaid through the property owner's property tax bill.
Property owners benefit by avoiding upfront installation costs of renewable generation systems and energy efficiency measures. Therefore, they can finance their greening efforts with minimal financial risk. Property owners then repay the debt in fixed payments as part of their property tax bill. Property owner participation is voluntary. Improvements a property owner can choose from include renewable energy technology such as: solar panels, energy efficiency projects like a high efficiency furnace, and in some states water conservation measures.
PACE is a tool for local municipalities and townships to stimulate the local green economy, while providing a competitive financing program for commercial and residential property owners. These programs require little investment of general funds and present very low monetary risk. PACE is rooted in traditional land -secured municipal finance.
To date, 23 states have passed PACE-enabling legislation, and two more allow PACE through existing authority.
Please join me in sponsoring this important piece of legislation.
Introduced as HB1339