Sacramento keeps PACE with clean energy
The City of Sacramento and Ygrene Energy have launched what they are calling the first 100 percent privately funded clean energy financing model (property assessed clean energy, or PACE, program) in the nation.
Clean Energy Sacramento provides funding to local commercial and residential property owners for energy efficiency, renewable energy and water conservation upgrades at no up-front cost and is expected to help achieve Sacramento's goal of reducing energy use 15 percent by 2020.
Under Clean Energy Sacramento, property owners repay capital costs for clean energy upgrades and retrofits via property taxes over a period of up to 20 years. The property tax payback mechanism makes it possible for both the efficiency savings and investment to transfer with the property upon being sold. All commercial properties are projected to deliver financial benefits that exceed additional property taxes, delivering a reliable return for property owners.
The Ygrene Energy Center will serve as a community hub for the program, providing contractor trainings and energy efficiency workshops, as well as information on cutting-edge green products.
The financing model is expected to be rolled out in Florida and Georgia (establishing the Clean Energy Green Corridor and Clean Energy Atlanta) later this year.
- see this article
Clean Energy Sacramento a "game changer" for the city