Bi-Partisan Coalition Introduces PACE Bill

Thompson, King, Maloney Introduce Legislation to Create Local Jobs, Increase Energy Efficiency

Insurance News Net, March 27, 2014

U.S. Reps. Mike Thompson (D-CA-5), Pete King (R-NY-2) and Sean Patrick Maloney (D-NY-18) introduced the bipartisan Property Assessed Clean Energy (PACE) Assessment Protection Act of 2014. The legislation, HR 4285, helps spur local job creation and increase energy efficiency by enabling State and local governments to develop and implement PACE programs through local government financing of residential and nonresidential energy efficiency improvements. PACE programs – currently available in 31 states and theDistrict of Columbia – allow property owners to finance the purchase and installation of energy retrofits to their homes and businesses and then pay for them each year as part of their property tax.

“Not only is PACE one of the most innovative and successful solutions to our nation’s energy crisis, it’s a proven job creator that saves property owners money by lowering their energy costs and maintaining, and in some instances increasing, the value of their homes and properties,” said Thompson. “With PACE, homeowners and businesses’ utility costs are lowered, people are put to work, and our nation gets the benefit of reduced energy use, increased energy independence and a cleaner environment – all at no cost to the taxpayers. Our bill will allow every community in America to take advantage of this great program.”

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