Financing mechanism for energy efficiency retrofits and renewable energies in residential and commercial buildings. The long-term repayment, through a special assessment added to a property tax bill, enables to overcome barriers to scale, reaching property owners with low or average creditworthiness. It also facilitaties the creation of local jobs for people with various levels of qualification.
Allows for financial saving and improves the quality of the environment.
The model has been implemented in more than 30 states across USA, achieving (as of May 2017):
148,000 homes updated
40,000 jobs created
4 billion dollars invested in the green economy.
The European Commission concluded in a study that adapting the PACE model would be much more efficient than continuing with a micro-grant policy that only produces a marginal impact.
Social Lab Garrotxa selected PACE to implement it in the region as a pilot project. With this aim, the Municipality of Olot integrates the EuroPACE consortium, that aims to adapt the model into the European framework.
In May 2017, Jane Elias, Program Manager of the Sonoma County Energy Independence Program (California) and member of the Executive Committee of PACENation, shared her experience as leader of the first -and the most successful one in terms of fundraising- PACE programme's implementation. During the workshops in Barcelona and Madrid, a growing interest in implementing the model in Spain was observed.