The RAEL-supported PaceNow has launched an effort to popularize PACE (Property Assessed Clean Energy)– loans for retrofitting homes and commercial buildings. Unlike conventional loans, the money gets paid back through supplemental property tax assessments, a twist that provides a host of benefits. Fifteen states including Florida, Texas and Maryland as well as 30 municipalities have already passed PACE programs. Berkeley, Calif. became the first governmental body to issue PACE bonds in January. The House and Senate included provisions inside their versions of Waxman-Markey that would permit the federal government to guarantee the bonds, which would enhance their marketability. Federal guarantees are expected to let the demand explode, so that the program may reach up to $400 or even $500 billion.
The PaceNow bond was created by RAEL Professor Dan Kammen and Cisco DeVries, an expert on alternative energy financing.
At RAEL PaceNow it is supported by Merrian Fuller (Haas School of Business and Energy and Resources Group), Cathy Kunkel (Energy and Resources Group), and Gogi Kalka (Energy and Resources Group).