News & Blog

Largest Ag project to use Property Assessed Clean Energy Completed

PLEASANT HOPE, Mo. — The Show Me PACE Clean Energy District has announced the completion of the largest agricultural PACE project in the country – a farm-to-plate hog processing facility in southwest Missouri which utilized $4 million in Property Assessed Clean Energy (PACE) financing for energy and water improvements.

The project is a unique blend of a commitment to healthy food production, sustainable farming and preservation of natural resources. The driving force of facility owner/operator Moon Ridge Foods, LLC is to produce the safest, highest-quality, best-tasting pork products possible while enhancing the lives of their workers, local communities and supplying farmers – all while being good stewards of the environment.

Moon Ridge Foods retrofitted a 75,000-sq.-ft. steel-framed facility in Pleasant Hope, Missouri to accommodate their progressive production and processing methods. PACE financing paid for HVAC upgrades, a high-efficiency boiler, a solar photovoltaic system, an energy-efficient hog harvesting system, an insulated roof upgrade, LED lighting and energy-efficient packaging equipment.

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MikeLargest Ag project to use Property Assessed Clean Energy Completed

Executive Director’s Column: R-PACE and FHA

Dear PACENation members,

Last month, the US Department of Housing and Urban Development and its Federal Housing Administration issued long-awaited guidance that leads us on a path for broader availability of residential PACE financing throughout the United States. These two tremendously important federal agencies have, after thorough review, concluded that PACE is an entirely valid use of the local government assessment financing mechanism, used for decades by nearly 40,000 assessment districts throughout the US to fund projects that benefit property owners and meet a clear public purpose.  PACENation applauds and strongly supports the guidance, and you can read our full statement here.

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MikeExecutive Director’s Column: R-PACE and FHA

PACE Guidance from HUD/FHA is an Important Step Forward

PACENation applauds and strongly supports guidance for residential PACE issued today by the U.S. Department of Housing and Urban Development (HUD). The guidance clearly shows the Obama Administration’s strong commitment to Property Assessed Clean Energy financing, a bipartisan initiative adopted by 18 states thus far that encourages home owners to make energy efficiency and renewable energy upgrades to their properties. To date, over 100,000 households have made their homes more valuable, healthier and comfortable using PACE. The nearly $2.25 billion spent has created 22,000 jobs, many of them in the communities that offer PACE, and will save the equivalent of 12.5 billion kWh’s over the life of the measures.

The guidance issued today by HUD’s Federal Housing Administration (FHA) sets standards that will allow qualifying homes with PACE assessments to be purchased or refinanced with mortgage products provided by FHA.

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MikePACE Guidance from HUD/FHA is an Important Step Forward

IRS says PACE interest falls under mortgage deductibility guidelines

The IRS June 20, 2016 update on deductible taxes includes language that clarifies an issue which has been a source of confusion and disagreement among many in the PACE community: whether or not all or a portion of a property owner’s PACE payment may be deducted from one’s income tax. The IRS finds that subject to various restrictions, the interest portion of a PACE payment can be treated as a deduction to personal income taxes.

Here is the relevant excerpt from the IRS guidance, which can be found at https://www.irs.gov/taxtopics/tc503.html:

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MikeIRS says PACE interest falls under mortgage deductibility guidelines

HERO Program Partners with Missouri Clean Energy District to Offer Residential PACE in Kansas City Area

Renovate America and the Missouri Clean Energy District partner to give home improvement contractors new tools for their customers to finance energy-efficient upgrades

KANSAS CITY, Mo., July 5, 2016 /PRNewswire/ — Renovate America, the leading provider of residential Property Assessed Clean Energy (PACE) financing in the U.S., and the Missouri Clean Energy District (MCED) today announced a recruitment effort to register local contractors to offer new kinds of financing for Missouri homeowners to make energy-efficient and renewable energy improvements. HERO, Missouri’s new residential PACE program, will give local contractors an important new tool for growing their businesses and reaching more customers with energy-saving technologies. The program enables clean energy upgrades to be paid for over time through local property taxes, at a fixed interest rate for terms of five to 20 years, based on the useful life of the product. The name HERO stands for Home Energy Renovation Opportunity.

“Every year, one in six homeowners replaces a system that consumes energy. Three-quarters of the time they choose inefficient technology that ends up costing them more over the long term in higher energy bills,” said Joe Suggs, Vice President for Operations in Missouri for Renovate America. “HERO can solve that marketplace failure while helping homeowners save on energy bills, local contractors create clean energy jobs, and local governments reduce emissions.”

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MikeHERO Program Partners with Missouri Clean Energy District to Offer Residential PACE in Kansas City Area
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