U.S. Rep. Sean Maloney, D-Cold Spring, announced at an event in Somers on Tuesday a bill that would, in the words of a news release issued by the congressman, “spur local job creation and increase energy efficiency by enabling State and local governments to develop and implement PACE programs through local government financing of residential and nonresidential energy efficiency improvements.”
PACE, of course, is an acronym. It stands for Property Assessed Clean Energy and creates a financial incentive for property owners to make their buildings more energy efficient. Basically, it allows property owners to pay for energy retrofits as part of their property tax.
Maloney’s bill, the PACE Assessment Protection Act of 2014, HR 4285, would reverse a Federal Housing Finance Agency policy that stopped Fannie Mae and Freddie Mac from backing mortgages that included PACE assessments.
What’s it all mean? Here’s the congressman on the issue:
“With my neighbors already facing astronomical energy costs, we need to get rid of needless bureaucracy and start helping our homeowners invest in the technology of the future.
“Communities like Bedford, Somers and Pound Ridge are leading the nation to reduce energy consumption through PACE financing, and we need to cut through the red tape to ensure they can continue create jobs and increase energy efficiency by expanding this innovative program.”