Truth in Lending: 2.7.9.3.3.1 Introduction
Property Assessed Clean Energy (PACE) programs are approved by local authorities under state legislation. These programs provide a financing option for energy efficiency improvements to residential and commercial properties that serves as an alternative to traditional loan structures.490 PACE allows a property owner to finance specific improvements by voluntarily contracting to allow the addition of an assessment to the property’s tax bill secured by a lien against the property.