An innovative new program to finance renewable energy retrofits for homes and businesses is in development in New Mexico. Called Property-Assessed Clean Energy or PACE, the program gives people the opportunity to install Solar Thermal, Solar Photovoltaic, geothermal systems or wind generators with little or no upfront costs and at a low interest rate. PACE has been successfully implemented in many areas of the United States.
In 2009, the New Mexico state legislature passed two laws to enable county governments to raise money through the issuance of bonds to fund clean energy projects for their residents.
The loan is paid over a set number of years through a special tax or assessment on the
property tax bill of those home or business owners who chose to enroll in the program. The
lien is actually on the property and not the individual. If the property is sold before the
loan is satisfied, the new property owner inherits the payments as well as the system.
PACE has many advantages for the State of New Mexico.
Implementing PACE will:
• Finance clean energy systems for everyone including low-income home owners.
• Decrease carbon pollution in our state.
• Lower energy bills for New Mexicans especially those who heat with expensive propane.
• Encourage job growth and economic stimulus for New Mexico.
To date, the PACE programs have been stalled nation-wide due to objections made by Fannie
Mae and Freddie Mac. Many high-powered people are fighting for Pace but they need our help.
We encourage you to call your legislatures on the federal, state and county levels to ask
them to support PACE.
For more information about PACE, go to:
NM Dept. of Energy, Minerals and Natural Resources:
http://www.emnrd.state.nm.us/ECMD/CleanEnergyTaxIncentives/CleanEnergyFinancing.htm
Renew Santa Fe: https://renewsantafe.com/systems/energy
PACE NOW: http://pacenow.org/blog/
Vote Solar: http://votesolar.org/
Solar Energy Industries Association: http://www.seia.org/
Friday, July 30, 2010
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