If you lease panels from Sungevity, you know that the ability to put solar on one’s roof without huge upfront costs is key. Unfortunately, the Solar Lease is not yet available in all parts of the country. That’s where the PACE program comes in.
In the last couple of years, local governments in 25 states have set up Property-Assessed Clean Energy (PACE) programs as financing mechanisms to help their residents go solar or make major energy efficiency improvements. The PACE program fronts homeowners the money to install solar and the homeowner pays back the city over 15-20 years through a special assessment on their property tax bills.
Sounds pretty good, right? But here’s the problem: Last July, the Federal Housing Finance Agency told Fannie Mae and Freddie Mac to stop underwriting mortgages with PACE assessments. Since Fannie and Freddie own or guarantee half of all U.S. mortgages, their policy struck a crippling blow to PACE.
PACE advocates have organized a Congressional policy briefing on February 10: Ask your representatives to attend. Until Sungevity serves all states, homeowners and the planet need PACE.