New York Communities Receive PACE Funds
The U.S. Department of Energy has awarded New York communities $40 million infederal stimulus funds to help property owners implementenergy-efficiency projects and small-scale renewable energy projects.
New York City and the New York State Energy Research and DevelopmentAuthority and a consortium of 14 northern Westchester towns, led byBedford, N.Y., received grant awards through the federal RetrofitRamp-Up Program.
In their grant applications, the jurisdictionsproposed using the Property Assessed Clean Energy (PACE), which allowsproperty owners to pay off the projects through an incremental charge on their property taxes over an extended period of time of up to 20 years.
Current New York law, however, only authorizes use of the PACE program withfederal funds, Vote Solar points out. The organization believes thestate should expand this economic opportunity to more New Yorkers byamending the existing legislation to allow cities, counties and townsthroughout the state to leverage federally supported programs with morefunds, and for others to implement such programs with other fundingsources, including private funding sources.
Doing so would alsocreate significant business opportunities for the mortgage bankingcommunity, which can participate in various stages of the PACE financing system, Vote Solar adds.
Search 26k+ Solar Articles
- Securitization and Renewable Energy
- The All-Electric Fiat 500e
- The Energy Supercomputer
- A Breakthrough or Just Another PV Module?
- Bloom Energy Sees Revenue Drop in Q1
- Catching Photosynthesis in the Act
- Top 5 Ways The U.S Military is Utililizing Renewable Energy
- New Solar Technology to Increase Efficiency
- The Rise Of The Green Machines
- Solar Savings: Tax Credits and Solar
- Australian Scientists Printing Solar Cells Down Under
- Why are Auto Dealers Hating on Tesla?