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The White House on July 19 announced the Clean Energy Savings for All Initiative, a joint effort from the Environmental Protection Agency and the departments of Energy, Agriculture, Veteran’s Affairs, Housing and Urban Development and Health and Human Services to increase access to solar energy, promote energy efficiency and ensure homeowner access to solar options.
To continue supporting all American communities in deploying renewable energy while creating jobs and reducing carbon pollution, the Administration is announcing the following actions:
Supporting the Scale Up of Property-Assessed Clean Energy (PACE) Financing: Since 2009, the Obama Administration has been working to provide homeowners the opportunity to finance solar and energy efficiency improvements at no upfront cost through a mechanism called PACE, including through the Middle Class Taskforce and by releasing a Policy Framework for PACE Financing Programs. Today, the Obama Administration is taking a number of new actions to allow American homeowners, including low- and moderate- income households and veterans to use PACE financing. This innovative financing mechanism allows homeowners to benefit from energy improvements immediately and pay back the cost over time through their property taxes. If the property is sold, including through foreclosure, the remaining PACE assessment will stay with the more energy efficient property and the next owner will become responsible for the remaining PACE assessment. The PACE initiatives announced today will unlock alternative sources of capital for low- and moderate- income Americans and veterans to scale up solar, promote energy and water efficiency retrofits, and create more resilient homes, leading to reduced energy bills, more empowered consumers, and cleaner communities.