March 6, 2017 /PRNewswire/ — Renovate America, the country’s largest provider of Property Assessed Clean Energy (PACE) financing, today welcomed a new report by investment research firm Morningstar that calls PACE a “beneficial” means by which owners can make energy and efficiency upgrades to their properties.
PACE is an innovative form of financing that was developed in California nearly 10 years ago and has since been approved by more than 30 states and the District of Columbia; residential PACE programs are currently active in three states. With PACE financing like Renovate America’s HERO Program, property owners make energy- and water-saving and renewable energy improvements and pay for them over time via an additional line item on their property tax bills. PACE can help owners save money on their utility bills by improving access to more efficient technologies, and PACE supports local economic growth in part by creating jobs that cannot be offshored or automated.
Morningstar dispelled several myths about PACE financing. The firm said there was little credit risk associated with PACE financing. It also called attention to oversight of the PACE industry by government authorities and the evolving consumer-disclosure framework that it said will increase transparency and consumer protections.
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