What is a PACE program?
The Property Assessed Clean Energy (PACE) program is a way of financing energy efficient home improvements by borrowing money and tying the payments to a property rather than the owner. PACE financing payments can be transferred to a new homeowner at any time, including before the assessment has been paid off.
To view the complete details of the PACE program, please see: PACE Program Description and Guidelines.
In order to participate in the PACE program, your home must be in a town that has formally adopted a program. Residents of the following towns are currently eligible to enroll:
- Burlington (view BED's PACE page)
- Hyde Park
- East Montpelier
The following towns have begun the process of adopting a PACE program, but the program is not currently active. Contact your town administrator to find out when your town is expected to formalize a program.
- Barre City
- Newport Town
Don’t see your town listed?
PACE programs are voted in by your town. Contact your town administrator to find out whether your town is developing a plan to adopt a PACE program in the future.
Benefits of PACE:
PACE can help homeowners overcome financial obstacles to investing in energy improvements to their homes. Unique from traditional financing mechanisms, PACE includes the proposed energy savings provided in the estimated cash flow analysis as income when being considered for approval.
By linking the improvements with the property rather than the individual, it allows financing to be transferable to a new homeowner before the assessment has been paid off. This ensures that homeowners make an investment that will serve them in the short term and serve future residents of the home through lower energy bills and improved comfort. Alternatively, PACE financing can also be paid off in full at any time.
Assessment payments are repaid with low fixed payments for a period of up to 20 years. By providing access to low-cost, long-term financing, PACE makes it easy for homeowners to finance energy improvements.
It also improves the housing stock of a town, contributes to a town’s energy goals, and promotes job growth in the field of energy efficiency.
Is PACE right for you?
Walk through the following questions to determine if PACE is right for you. If your answer is yes, learn more about the eligibility requirements and how to pursue this option.
Contact Efficiency Vermont at 888-921-5990 or PACE@EfficiencyVermont.com