ALBANY, NY--(BUSINESS WIRE)--In a special session held yesterday, New York State lawmakers unanimously passed legislation authorizing municipal loan programs for renewable and energy efficiency improvements on homes and Businesses. Called PACE (Property Assessed Clean Energy) financing, these municipal programs allow homeowners to go solar and make efficiency improvements without any upfront cost. Advocates at the national grassroots organization Vote Solar applauded the Governor, New York legislators, and Rep. Steve Israel (D-NY) for their leadership in passing this exciting clean energy legislation.
"PACE programs remove the single greatest barrier to solar adoption - upfront cost. That makes PACE an incredibly powerful tool for driving new economic opportunity, supporting green job growth and making real progress in the fight against climate change," said Shaun Chapman, East Coast Campaigns Director for Vote Solar. "Thanks to leadership from Governor Paterson and the State Legislature, New York can now take advantage of this innovative approach to clean energy finance. Congressman Israel also deserves special recognition for his particular commitment to advancing this bill and New York's renewable energy future. I look forward to seeing local governments throughout the state implement PACE and pass its many benefits on to New Yorkers."
"Through my '45 by 15' clean energy initiative, New York has significantly expanded energy efficiency and renewable energy incentive programs that are helping residents and businesses reduce their energy costs," Governor David A. Paterson said. "Now, thanks to the leadership of President Obama and Congressman Israel, the federal government is offering programs that encourage the use of PACE loan programs. But to strengthen New York's ability to tap this federal funding, we needed to pass this legislation, which will authorize municipalities to administer PACE loan programs. I want to thank the Legislature for recognizing this opportunity and for agreeing to pass this critical legislation in the extraordinary session."
Both the New York Senate and Assembly voted unanimously in favor of amending state law to authorize municipalities to establish PACE programs. Recognizing the model's job creation and economic benefits, the federal government has also recently announced that $454 Million in Recovery Act funds will be made available to support PACE programming. The deadline for municipalities to apply for federal PACE funds is December 14, 2009. For more information, visit: www.eecbg.gov
How PACE Works:
Cities or counties set up special clean energy finance districts capable of issuing low-interest bonds. The bonds are used to cover the costs of renewable energy and efficiency improvements on private property, and participants pay the loan back through a long-term assessment on their property taxes. This arrangement spreads the cost of energy improvements across a 20-year payment plan that is easily transferable to the next property owner. The property tax assessment is typically less than the electricity bill savings generated by the new solar system, delivering immediate cost savings to the propertyowner. The programs are entirely voluntary: there is no requirement for either municipalities to create PACE programs or for homeowners to participate in them.
PACE is now allowed by state law in California, Colorado, Florida, Louisiana, Maryland, Nevada, New Mexico, New York, Ohio, Oklahoma, Oregon, Texas, Vermont, Virginia and Wisconsin. For more information, visit:
http://votesolar.org/city-initiatives/solar-municipal-property-tax-financing
About Vote Solar:
Vote Solar is a non-profit grassroots organization working to combat climate change and foster economic development by bringing solar energy into the mainstream. Since 2002 Vote Solar has engaged in state, federal and local advocacy campaigns to remove regulatory barriers and implement policies needed to bring solar to scale.
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