An innovative financing arrangement pioneered in Berkeley, California, and Palm Springs, lends money to a homeowner for a solar system, to be repaid via an additional tax assessment on the property for 20 years. This allows installation of the solar system at "relatively little up-front cost to the property owner." Now known as PACE, for Property Assessed Clean Energy, it is available in 28 states. Freddie Mac and Fannie Mae have objected to the repayment of solar loans being senior to mortgage loans, and some states have relegated PACE loans to junior loans. HR 2599 was introduced to prevent interference with the PACE program by other lenders. The principle feature of the program is that the balance of the loan is transferred to the new owners in the event the property is sold, and the loan is paid for entirely through electric bill savings. Unlike a mortgage loan, no funds are transferred when the property is sold - only the repayment obligation is transferred.
PACE programs are currently operating in eight states, California, Colorado, Florida, Maine, Michigan, Missouri, New York, and Wisconsin, and are on hold in many others, pending resolution of the Freddie Mac, Fannie Mae objection.
Read more about this topic: Solar Power In The United States
Other articles related to "pace":
... Laurie Pace (born 9 February 1966) is a former judoka from Malta, who competed for her native country at three consecutive Summer Olympics, starting in 1992 ... A competitor in the women's 57 weight division, Pace also took part in the Commonwealth Games, three World Championships, four European Championships and four editions of the Small ...
... Following the 2010 election, Pace was selected by his peers as House Minority Leader for the next general assembly beginning in January 2011 ... In 2011, Pace led opposition to the proposed Fiscal Year 2011-2012 state budget, which included $250 million in cuts to education, closing the Fort Lyon Correctional Facility and eliminating an addiction recovery ... Pace announced that he would not seek reelection to his House district 46 seat in 2012, and would instead enter the race for Colorado's 3rd Congressional District ...
... Scott Norman Pace was born on January 23rd 1959 in Burbank, Los Angeles, California, USA, the only child of Ord Boorem Pace and Nobie Kamei ... In 1980 Scott Pace received a Bachelor of Science in Physics from Harvey Mudd College and went on to the Massachusetts Institute of Technology where he got Masters degrees in ...
... Pace is the chair of Mitt Romney's Space Policy Advisory Group ... Pace wrote that Romney is the only 2012 presidential candidate with "the leadership, management skill, and commitment to American exceptionalism" to restore "the U.S ... space program to greatness." Pace has stated that the 2020 date Newt Gingrich suggested for a lunar base was feasible when it was proposed in 2005, but it is no longer ...
... Pace is a village in the administrative district of Gmina Brańsk, within Bielsk County, Podlaskie Voivodeship, in north-eastern Poland ...
Famous quotes containing the word pace:
“We judge a horse not only by its pace on a racecourse, but also by its walk, nay, when resting in its stable.”
—Michel de Montaigne (15331592)
“Moving, yet still.
So they run on,
Until, with a falter,
A flicker soon gone
Their pace starts to alter....”
—Philip Larkin (19221986)
“In philosophy if you arent moving at a snails pace you arent moving at all.”
—Iris Murdoch (b. 1919)