(Property Assessed Clean Energy)
The first project I have taken on as the Town’s recently appointed Energy Coordinator is to make available to all homeowners a method to finance both energy efficiency measures and renewable energy projects.
The primary advantage of PACE financing is that the expense of the improvements is paid back in a similar fashion to property taxes, over a period of up to 20 years. None of the cost of the improvements is paid up front. If you sell your home before your payments are completed, you are no longer responsible for the remainder of the cost! Since the value of the improvement stays with the home, the new homeowner takes over these ‘property assessment’ payments.
Some examples of these energy measures that are eligible for PACE financing include: • Building Insulation • Heating and Cooling Systems • Water Heating Systems
• Replacement Windows and Doors • Energy Audits • Solar Electric (Photovoltaic) Systems • Solar Hot Water • Biomass (wood and wood pellet) Heating Systems • Residential-scale Small Wind Systems • Micro-Hydro Systems
PACE financing requires the Town to vote, at Town Meeting, for the establishment of a special assessment district that is authorized to collect these payments. There is no cost to the Town, nor to any residents, other than to those who take advantage of PACE.
I will be holding public information sessions in the upcoming months to explain the PACE program in greater detail, and to discuss how this financing option may be able to help Londonderry homeowners lower their energy costs and move to renewable energy systems.
Bob Borella – Town of Londonderry Energy Coordinator