Problem: Many residential and commercial property owners want to make their homes and buildings more energy efficient, but are unable to pay for the upfront retrofit costs.   

Solution: Enable municipalities to provide upfront investments through a Property Assessed Clean Energy (PACE) program.   

Details: PACE allows homeowners and building owners to finance energy efficiency and renewable energy improvements on their buildings through an additional assessment on their property tax bill, rather than bearing the cost upfront. PACE has been adopted by 18 states across the country. 

The proposed legislation enables cities and counties in Missouri to voluntarily establish a Clean Energy Development Board, which can issue bonds for the purpose of financing energy efficiency and renewable energy improvements. The Board then creates and manages a local PACE Program.  Missourians apply to use PACE financing for energy efficiency (like more insulation, better windows, and improved HVAC systems) and renewable energy (like solar electric systems and geothermal heat pumps)) improvements to their homes and businesses, and repay project costs over a 20 year period through a special assessment on their property taxes.   

Projects financed through PACE are required to save money (economic benefits outweigh costs), energy audits may be included in the cost of the program, and upon sale of the property, and remaining tax liability transfers to the next owner, along with the energy savings.

Local Clean Energy Development Boards establish specific criteria for projects financed by PACE.

HB 1692, in full, signed by Gov. Nixon
Summary of HB 1692

PACEnow.org has tools for passing PACE bonds on a federal level. We need people urging their Representatives and Senators to save PACE.

[VIDEO] PACE/Financing Policy Webinar with Congressman  Israel and Matthew Brown (the webinar starts at 7:25 after many introductions)

Votesolar.org has a helpful overview of PACE in their PACE white paper.