Ygrene Energy Fund President and CEO Rocco Fabiano today issued the following statement concerning PACE legislation introduced in both the U.S. Senate and House of Representatives, the ‘Protecting Americans from Credit Entanglements Act of 2017’ or ‘PACE Act of 2017’.
“The legislation titled ‘Protecting Americans from Credit Entanglements Act of 2017’, if passed as currently drafted, would endanger one of the most innovative and popular forms of home improvement financing available today. Property Assessed Clean Energy (PACE) programs provide low-cost, accessible financing to all qualified homeowners seeking to install critical energy efficient, water conservation and storm resilient improvements in their homes. PACE financing uses 100% private capital to fund projects in communities from California to Florida at no cost to taxpayers, while promoting energy independence and supporting local communities through job creation. PACE is good for homeowners, communities and the country – endangering it, as this legislation would do, is not in the best interests of ordinary Americans.
“Ygrene Energy Fund is committed to delivering the highest levels of consumer protection and transparency to homeowners. We support strong disclosure requirements for the PACE industry and have worked with a wide range of stakeholders to put such disclosures in place. We are proud of our working partnerships with more than 350 state and local governments across the country. Congress has the ability to advance existing requirements and codify them into law for everyone, and should do so in a way that protects and strengthens PACE financing. PACE has been an indispensable tool for both homeowners and governments in meeting important policy objectives. Ygrene is dedicated to working with legislators to continue strengthening consumer protections in ways that ensure affordable financing continues to be available to all Americans in the future.”