Take Action Now

Use this tool to tell your representatives that you oppose HR1958 and S838, aka “The PACE Act of 2017.” Just enter your address and send your message.

Click “Take Action Now” to send an email to your Senators and members of Congress, members of the Senate Banking Committee, and the bill’s cosponsors.

Help stop this assault on PACE: Oppose the “PACE” Act of 2017

The facts:

Senators Cotton, Rubio and Boozman recently proposed a bill, titled the “PACE Act of 2017”, that would kill one of America’s most successful forms of financing for clean energy and energy efficiency: Property Assessed Clean Energy (PACE).  It is part of a coordinated effort by the banking lobby to kill PACE as a competitor and amounts to the latest attack on clean energy.

The bill would, in practice, define PACE as a mortgage loan by making it subject to the Truth in Lending Act (TILA) rules that regulate mortgage lenders. For example, it would:

  • Require local governments to alter the way they collect property taxes and assessments,
  • Require local governments and contractors to become licensed as mortgage brokers,
  • Impose what could be lengthy delays in funding projects.

Under the guise of consumer protections, and at the behest of the banking lobby, this new bill would kill one of America’s most successful energy efficiency and clean energy financing models. It must be rejected.

Listen to the National Call

PACENation held a national call on the PACE Act of 2017 on April 19th. Listen to the call here or download using the link to the right. Panelists included:

  • Ken Alex, Director of the Governor’s Office of Planning and Research, and Senior Policy Advisor to Governor Jerry Brown and the Chair of the Strategic Growth Council
  • Kerry O’Neill, Vice President of Residential Programs at the Connecticut Green Bank
  • Kathleen C. Ryan, Counsel at Buckley and Sandler
  • Largest-ever PACE Transaction Closed at $40 Million

     CleanFund, Petros and Renew Financial collaborate to provide critical seismic improvements to Seton Medical Center

    Seton Medical Center campus, Daily City, California (PRNewsfoto/CleanFund Commercial PACE Capit)

    Seton Medical Center campus, Daily City, California

    DALY CITY, CA (May 23, 2017) – Today, CleanFund Commercial PACE Capital, Petros PACE Finance, and Renew Financial

    completed funding for $40 million of seismic upgrades to the Seton Medical Center, owned by Verity Health Systems, in Daly City, CA. This project is the largest PACE financing in history, quadrupling the previous record of $10 million on a single project.

    Renew Financial administered the project through the CaliforniaFIRST PACE Program. CleanFund originated the transaction, bringing in PETROS and each provided $20 million to fund the critical safety improvements, which will allow the building to meet California’s mandatory Hospital Seismic Safety Act (SB 1953).

    read more
    MikeLargest-ever PACE Transaction Closed at $40 Million

Resources

PACENation’s press release

Letter to the PACE community


C-PACE and The “PACE” Act of 2017

CDFA’s letter in support of PACE

Rocky Mountain Institute’s letter in support of PACE

NRDC: “Congress Should Reject the PACE Act of 2017”

CleanTechnica: “Republican Senators Push Alternate Facts on PACE Financing”

HousingWire: “PACE Industry Responds to Congressional Efforts to Change Program’s Rules”

ACEEE: “What the Wall Street Journal Got Wrong About PACE”

Morningstar: “Clearing the Air: Addressing 3 Misconceptions about PACE”

New Bill Could Kill PACE Financing If Approved, Industry Warns

ACEEE: “New bill would treat PACE like a mortgage and take away consumer choice”

 Coalition of environmental groups urge congress to save PACE (Brightline Defense)

Homeowner testimonials

MikeSave PACE