The League’s federal partner, the National League of Cities (NLC), alerted us to an opportunity for municipalities to comment on the Property Assessed Clean Energy (PACE) Programs. The Property Assessed Clean Energy (PACE) model is an innovative mechanism for financing energy efficiency and renewable energy improvements on private property. PACE programs allow property owners to finance the up-front cost of energy or other eligible improvements on a property and then pay the costs back over time through voluntary assessments. The unique characteristic of PACE assessments is that they are attached to the property rather than an individual.
In 2018, Congress passed the Economic Growth, Regulatory Relief, and Consumer Protection Act banking reform bill that recognizes PACE as a tax assessment and directs the Consumer Financial Protection Bureau (CFPB) to develop rules in consultation with state and local governments that ensure consumers have the ability to pay their residential PACE financing obligations. CFPB previously started this rulemaking, then paused–and now they are starting up again with consultations with city and county officials.
A call for municipal and county officials will take place on Tuesday, Jan. 31, at 4 p.m. eastern and RSVPs should be sent to IGA@cfpb.gov by Monday, Jan. 23, and include a primary point of contact, as well as the name, title, and email address for each attendee. Please cc NLC’s Carolyn Brandt on the email at Berndt@nlc.org.
Contact: Paul Penna, Senior Legislative Analyst, ppenna@njlm.org, 609-695-3481, x110.