P.A.C.E. for Commercial Properties
Encinitas is one of a dozen cities in San Diego County taking part in a state-backed program aimed at getting commercial property owners to invest in energy-saving projects. The PACE (Property Assessed Clean Energy Program) allows commercial property owners to finance green improvements, using their properties as collateral. Owners then can pay off their improvements through assessments added to property tax bills. This is a low-cost financing option to make buildings more energy efficient with no up-front costs.
Other local San Diego towns participating in the Property Assessed Clean Energy Program are; Carlsbad, Coronado, Del Mar, Lemon Grove, Poway, Santee, and Oceanside. The program is giving businesses a great option for pursuing energy efficiency projects that may have previously not been available. North County's partnership with CaliforniaFIRST provides a mechanism for participants to start spending less energy bills and more back into the business. This program is ran out of Oakland, CA and will create work for approximately 25,000 additional statewide jobs. Applications are available by calling 1.510.692.9995
As I mentioned in the blog on April 24, 2012 "Green Building Alert! PACE Update", for residential properties, the FHFA is still formulating the rules governing the financing of residential properties with a PACE lien on it. September 13, 2012 was the deadline to submit comments for or against the program according to the Legal Planet blog of July 24, 2012.
Would you like the opportunity to increase the energy efficiency, air quality and water conservation of your home…. remember it can add up to 9% increase in the value of your home….. and have it financed and paid through assessments added to property tax bill that remains with the property until paid off, even if you are no longer the owner?