Developed in 2008 in California, the Property Assessed Clean Energy (PACE) model is an innovative mechanism to pay for energy efficiency upgrades to homes and buildings, which is already used at scale in the U.S.A. with funded projects of more than €4 billion. EuroPACE brings this innovation to Europe.
EuroPACE is set to deploy private capital as up-front financing to homeowners and have the costs repaid over time as a special charge added to the existing property tax bill. By doing this, EuroPACE is looking to de-risk energy efficiency investment. The project will also design standard requirements and project performance guidelines and train energy service contractors to better assist homeowners with their decisions on how to optimise the energy use of their houses.
A pilot will be deployed in the city of Olot in Catalunya, Spain. Actions will be engaged in parallel to ensure that EuroPACE becomes a growing market in Spain. The project team has assessed the readiness of national tax systems for on-tax financing in several EU countries and now aims for the adoption by leader cities in Austria, Belgium, Italy, Poland and Romania.
Check the videos:
- What is PACE Financing? https://www.youtube.com/watch?time_continue=8&v=R3Ota3uvM1E
- Why Should Property Owners Use PACE? https://www.youtube.com/watch?v=BLe_2cBT8pk
- PACENation's Anthem https://www.youtube.com/watch?v=H8GuwGF-dDQ
Visit the website: http://www.europace2020.eu/
