By: Todd Woody – Green Wombat at Forbes.com
It doesn’t exactly mark the Age of Aquarius, but amid the partisan rancor paralyzing Washington, two Republicans and a Democrat have joined forces to introduce legislation to revive a popular residential solar financing program scuttled by Fannie Mae and Freddie Mac last year.
Called Property Assessed Clean Energy, or PACE, the program pioneered by the city of Berkeley, Calif., allows municipalities to float bonds to finance the installation of home solar arrays and other energy efficiency projects. Homeowners avoid the five-figure upfront cost of going solar and pay back the money through an annual surcharge on their property tax bill, typically over 20 years. If an owner sells the home, the surcharge rolls over to the buyer.
PACE seemed to be a winner for everyone and a way to accelerate the home solar market while generating clean electricity and green jobs. In short order, 28 states and the District of Columbia passed legislation authorizing PACE programs.
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