PACE (“Property Assessed Clean Energy”) is an innovative financing structure that makes it possible for owners of commercial, industrial, multifamily, and nonprofit properties to obtain low-cost, long-term financing for energy efficiency, renewable energy and in Florida wind hardening projects.
PACE authorizes municipalities or counties to work with private capital providers to provide upfront financing to commercial property owners for qualifying improvement projects, and to collect the repayment through annual assessments on the property’s tax bill. Depending on the effective useful life of the product, the PACE financing term may extend up to 30 years, resulting in utility and other cost savings that typically exceed the amount of the assessment payment.