Do residential property assessed clean energy (PACE) financing programs affect local house price growth?

Millar, Melanie I.; White, Roger M.

doi:10.1016/j.jeem.2024.102936

Journal of Environmental Economics and Management

2024

DOI: 10.1016/j.jeem.2024.102936

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Do residential property assessed clean energy (PACE) financing programs affect local house price growth?

Melanie I. Millar,

Roger M. White

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2024

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Benefits of Property Assessed Clean Energy Programs and Securitization of Property Assessed Clean Energy Loans

Liaw

2024

Commodities

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Property Assessed Clean Energy (PACE) programs finance energy efficiency and renewable energy improvements to residential and commercial properties with a special tax assessment added to property taxes. This paper surveys the literature and documents the quantitative estimates of the environmental and economic benefits. This paper extends to discuss the securitization of PACE loans. The issuance of PACE green bonds frees up capacity for more PACE improvements. In addition, we summarize the concerns raised after the programs have been implemented. Those concerns include consumer protection, audit after program implementation, and lien-related risks for lenders. We discuss those concerns and suggest measures to continue to grow PACE financing. The success of PACE programs will contribute to reducing carbon emissions, mitigating climate change and to achieving six of the seventeen United Nations Sustainable Development Goals (SDGs).

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Benefits of Property Assessed Clean Energy Programs and Securitization of Property Assessed Clean Energy Loans

Liaw

2024

Commodities

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Do residential property assessed clean energy (PACE) financing programs affect local house price growth?

Cited by 1 publication

References 75 publications

Benefits of Property Assessed Clean Energy Programs and Securitization of Property Assessed Clean Energy Loans

Benefits of Property Assessed Clean Energy Programs and Securitization of Property Assessed Clean Energy Loans

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