SAN DIEGO, Nov. 18, 2016 /PRNewswire/ -- Renovate America, the nation's leading residential Property Assessed Clean Energy (PACE) financing provider, today welcomed the U.S. Department of Energy's (DOE) issuance of best practices for residential PACE financing, saying the guidelines provide an important framework for expanding the innovative financing model nationwide.
PACE financing, which enjoys bipartisan support, allows owners to make energy-saving and renewable energy improvements on private property - and pay for them over time via their property tax bills. PACE helps owners save money on their utility bills by improving access to clean-energy technologies, and because it creates demand for contracting services it increases employment in local communities. The residential PACE industry has helped more than 100,000 homeowners make investments in their homes that are estimated to reduce utility bills by $4 billion, and has created more than 25,000 jobs in California, Missouri and Florida. Several other states are enabling or considering residential PACE as well. "We applaud the Department of Energy for developing best practices for PACE financing and encouraging their broader adoption so that this industry can continue to scale nationwide," said J.P. McNeill, founder and CEO of Renovate America. "The HERO Program, our PACE offering to nearly 500 communities, already meets many of the standards outlined by DOE. We pledge to make these best practices the operating manual for our program going forward." Ari Matusiak, Renovate America's Executive Vice President for Market Development and External Affairs, said the DOE best practices build on the PACE guidance issued in July by the Federal Housing Administration and the Department of Veterans Affairs, which signaled greater acceptance of PACE and recognized its importance to meeting key public-policy objectives. "PACE creates jobs and facilitates investment in infrastructure while helping our communities meet their energy efficiency and renewable energy goals," Matusiak said. "But it also empowers homeowners to transform their homes - and these standards provide real safeguards for that process." Industry observers and participants also welcomed the DOE's best practices for the PACE industry.