Property Assessed Clean Energy (PACE) financing allows property owners to make energy efficiency, renewable energy, and water conservation improvements to their property and repay the costs over time on their property tax bills. A PACE provider will place an assessment on the property that is paid back to the lender through the County Tax Collector. As with any lender, PACE Providers are privately funded and have fees associated with their services.
A key component of PACE financing is that the improvements made to the property and repayment obligation are carried over to the new owner in the event of sale. It is important to note that there have been instances in which a lender has required that the assessment be paid prior to sale.
There are currently three PACE providers operating in San Luis Obispo County:
- HERO Program
- Renew Financial CaliforniaFIRST
- Ygrene Works
The 2016 PACE Activity Report for San Luis Obispo County is now available.