Early this week, lawmakers in Albany announced that they had unanimously voted to support a municipal bond program that would finance home solar power projects.
The program, called Property Assessed Clean Energy (PACE), allows municipalities to issue low-interest bonds that provide cash for home solar installations. Homeowners who receive PACE funds pay them back over a 20-year period through an assessment on their property tax.
PACE payback is transferable from one homeowner to another, and the payback amount is less than the savings provided by the solar power system, so homeowners see immediate cost savings.
The new law removes the barrier of high upfront solar costand is an incredibly powerful tool for driving new economic opportunity, supporting green job growth and making real progress in the fight against climate change.
The federal government made $454 million available to municipal PACE programs through the Recovery Act. New York joined 14 other states that have authorized PACE to speed solar power adoption.