PACE is a program where property owners can invest in energy-saving improvements by utilising a government-sponsored loan. The monthly loan payments cannot exceed the dollar amount of monthly energy savings realised, thereby limiting the original amount of the loan. Government is guaranteed payment by placing a lien on the property, and the loan is treated as a first mortgage (meaning that government is paid before the mortgage companies). So far, FHFA refuses to allow such loans for residences, but PACE is being implemented in state after state for commercial properties. It is successful, it saves valuable energy, it improves the value of properties, and above all, it creates construction jobs.
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