Nationally Stalled PACE Program Moves Forward in Vermont

The much-anticipated Property Assessed Clean Energy (PACE) program has been on a long and costly holding pattern in 27 states since July of 2010 (see “Mortgage Policies Threaten PACE Programs,” EBNAug. 2010). A unique financing tool allowing homeowners to install renewable energy systems or make major efficiency upgrades and then pay for them gradually through their property tax bills, PACE has been hung up over questions about defaults. However, legislative action in Vermont this year promises to restart the program there on January 1, 2012, possibly helping PACE regain momentum throughout the U.S.