By Staff Reports
(Apple Valley)– Residential, commercial and industrial property owners now have additional options for financing energy efficient upgrades and installations after the Town Council recently allowed for properties within Town limits to participate in Property Assessed Clean Energy (PACE) programs.
PACE programs can be used by property owners to enter into voluntary contractual assessments to finance the installation of renewable, efficient, energy infrastructure. This includes water efficiency, electric vehicle charging infrastructure, upfront costs for solar panels, and other green initiatives.
“We want our residents and businesses to have competitive financing options available to them, especially when it comes to energy efficiency,” said Mayor Art Bishop. “However, the Town does not endorse any of these programs.”
In addition to allowing this new financing mechanism to be used within Town limits, the resolution incorporates new state guidelines governing PACE financing after class action lawsuits were filed against several PACE providers for alleged predatory lending practices. The adopted resolution also includes removal of penalties for the early payoff of assessments and prohibits the use of the Town’s logo in any financing or marketing materials. The Town reserves the right to withdraw consent of these programs at any time through a written notice or subsequent resolution.
“It is the individual property owner who is best suited to determine what financing tool works best for their individual needs,” said Bishop. “These programs merely offer another option in the toolbox of our residents and business community.”
The PACE program does not replace the Town’s Residential Rehabilitation Loan Program, which continues to offer 0% interest, payment-deferred loans up to $25,000 for eligible residents. The Rehab Program can fund projects related to ADA improvements, sewer connections and septic replacement, roofing, windows, deferred maintenance and code violations.
For more information regarding local and national PACE programs, visit www.energy.gov.
For additional information regarding the Town’s Rehab Program, visit www.applevalley.orgor call (760) 240-7000 x 7208.