PACE Expanded Act

Bill 117 HR 9209, also known as the PACE Expanded Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to expand the Property Assessed Clean Energy (PACE) program, which provides financing for energy efficiency and renewable energy projects for residential and commercial properties.

The PACE program allows property owners to finance the upfront costs of energy improvements, such as solar panels or energy-efficient appliances, through a special assessment on their property taxes. This assessment is repaid over time, making it easier for property owners to invest in clean energy upgrades.

The PACE Expanded Act seeks to make the program more accessible by removing barriers that have limited its effectiveness in the past. This includes expanding eligibility criteria to allow more properties to participate, streamlining the application process, and providing additional funding for outreach and education efforts. Supporters of the bill argue that expanding the PACE program will help create jobs, reduce energy costs for property owners, and lower greenhouse gas emissions. However, critics have raised concerns about the potential risks associated with PACE financing, such as the possibility of placing a lien on the property if the assessment is not repaid. Overall, the PACE Expanded Act aims to promote clean energy investments and help property owners reduce their carbon footprint. It is currently being debated in Congress, and its future remains uncertain.