November 30,2022 Update - Ygrene has opted to temporarily suspend operations of new PACE residential or commercial program activity due to loss of its investor relationship. This includes any future insulation grant activity. This is an allowable option in the agreement anticipating periods of financial market shift.
The Village participates in the PACE (Property Assessed Clean Energy) program. PACE is a financing platform which eliminates the barrier of high upfront costs by allowing property owners to pay off energy efficient and/or green energy improvements through an assessment on their property tax bill.
The PACE program enables property owners to borrow money to install equipment like solar panels, wind generators, insulation or shutters on their homes. Funding is provided through bonds issued by a special district and backed by property tax liens on the residences of owners who are awarded PACE loans from the bond pool. The property owner repays the loan over a 10, 15 or 20-year period through an increase on their annual property taxes approximately equal to one-twentieth of the loan, plus interest.