Property Assessed Financing (PACE)
- California HERO this program is tailored to residential single-family homes
- Figtree PACE this program is tailored to multi-family and commercial buildings
- CaliforniaFIRST this program is tailored to both residential single-family homes and commercial buildings
- California Municipal Finance Authority (CMFA) this program is tailored to residential single-family homes
- Ygrene this program is tailored to residential single-family homes
The Property Assessed Clean Energy program has been widely promoted in California as an innovative and alternative form of financing for improvements for the benefit of the public and California’s environment.
The promotion of the Property Assessed Clean Energy financing is now a popular and widespread form of alternative financing for consumers seeking solar energy, water conservation, energy efficiency, and earthquake retrofitting improvements to the benefit of all Californians.
The consumer obligation to repay voluntary contractual assessments created by the Property Assessed Clean Energy program is sometimes misunderstood and may affect the consumer’s ability to refinance their loan or sell their property.
Making residential real estate secured loans to consumers through Property Assessed Clean Energy financing for home improvements has grown rapidly, raising questions as to whether the Property Assessed Clean Energy program is adequately supported by government regulation.
In order to provide protection for customers, the California State legislature passed Assembly Bill 2693 (PACE Preservation and Consumer Protections Act) on September 25, 2016. The passage of this act promotes standardized disclosures and protections for consumers to ensure that customers understand their rights under the Property Assessed Clean Energy program.
Residential Consumer Protection Policies by program:
- Ygrene Consumer Protection Policies - Ygrene
- California Home Energy Renovation Opportunity (HERO)
- California Municipal Finance Authority (CMFA)