July 15th, 2010
California Attorney General Edmund G. (Jerry) Brown Jr. is suing mortgage companies over their refusal to allow PACE funding for clean energy improvements on homes.
PACE (Property Assessed Clean Energy) money allows homeowners to finance energy efficiency projects like solar panels through their property taxes. Cities that offer the plans can sell bonds to generate the money for PACE loans, which are then attached to a homeowners’ property tax bill. The plan provides homeowners with the upfront money they need for big improvements, and allows them to stretch out their payments over 20 years, making large capital improvements like solar arrays possible.