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
  • Renovate America adding income review to PACE underwriting

    Source: American Banker

    Building on existing underwriting policies and consumer disclosures, Renovate America will add income review to its underwriting toolbox. Read an except from the article below:

    Patrick Moore, Renovate America’s newly appointed chief lending officer, told Asset Securitization Report that borrower income data will be used in underwriting both PACE loans and an unsecured program funding through local government entities and unsecured loans to finance a wider range of home improvement projects. It will help determine approvals as well as potential loan sizes. The company has been collecting income data for its unsecured lending product, Benji, since 2016.

    The move is being made in anticipation of proposed state legislation in California that would mandate “good faith” underwriting standards on PACE loans, including obtaining credit reports and “in some cases, verifying income, assets, and debt obligations,” according to Senate Bill 242.

    Read the full article.

    read more
    MikeRenovate America adding income review to PACE underwriting

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