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We could use examples of how the program works individually; who stands to reap benefits (contractors, etc); are contractors approved by local government to protect homeowners; are there tax or other incentives? So far the concept description is a little flimsy and fraught with potential opportunities for fly-by-night contractor abuse.
Protect the property owners and the tax payers.
In 2010 Michigan passed PACE legislation: "The legislation only applies to commercial and industrial properties. In the case of loans for more than $250,000, there must be (1) ongoing measurements that establish the savings realized by the owner from the energy project and (2) a provision in the contract for the installation of an energy project that the contractor guarantee that the project will save more than its costs and that the contractor will pay the owner, on an annual basis, any shortfall in savings."
In Vermont: The law requires municipalities that establish PACE programs to (1) follow underwriting criteria consistent with standards established by the Department of Banking, Insurance, Securities, and Health Care Administration and (2) establish other qualifying criteria to provide an adequate level of assurance that property owners will have the ability to meet assessment payment obligations. The law also limits the maximum amount to be repaid for an individual improvement project to $30,000 or 15% of the property's assessed value, whichever is less.
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