The state of California approved a $10 million mortgage reserve program to make PACE energy efficiency programs more bankable.
The reserve will backstop Property Assessed Clean Energy programs which allow homeowners — as well as owners of commercial property — to finance energy improvements via property tax payments over five, 10 or 20 years.
“PACE enables homeowners to buy solar panels, install low-flow toilets and make other smart investments that save energy and water without breaking the bank,” Gov. Jerry Brownsaid in a news release. “As California confronts a severe drought and a rapidly changing climate, this program gives homeowners another opportunity to do their part.”