If you own a home or business in the City of South Lake Tahoe you will soon be able to install renewable energy, energy efficiency, and water conservation improvements and pay for it with a voluntary lien against your property.
Property Assessed Clean Energy (PACE) is a volunteer program which will give property owners a chance to improve their properties. Figtree Financing and the California Enterprise Development Authority (CEDA) will facilitate the program in the city.
PACE financing allows property owners to finance 100% of the cost of eligible improvements such as solar energy systems, Energy Star windows and doors and more efficient water heaters and furnaces. An assessment on the property is paid over time through property taxes.
Property owners’ personal credit is not involved. The amount financed is based on the property’s value. It does not affect the owners’ ability to borrow for other business needs.
If money is still due on the loan after a sale, the payment obligation is tied to the property. The debt does not need to be repaid when the property is sold or transferred. The new owner assumes the obligation to
repay the remaining balance with the property taxes.
The City Council voted 5-0 to approve the program.
“There’s no impact to the city, no responsibility for repayment for the city,” said Mark Carlson, the City’s Administrative Services Director during the Council meeting. “The only thing we’re getting out of this is a great opportunity for citizens to improve their properties.”