Property-Assessed Clean Energy (PACE) is a way to finance energy efficiency and renewable energy projects for new or existing buildings of commercial, industrial, nonprofit, and multihousing property owners.
Energy-saving projects done by the property owners receive PACE financing and are repaid as a separate item on their property tax assessment for a set period.
PACE financing helps overcome barriers to doing energy-related projects. It eliminates high up-front costs, reduces dependence on credit, and allows for comprehensive projects.