On November 16, 2009 the New York Senate and Assembly voted unanimously to pass legislation authorizing municipal loan programs for renewable and energy efficiency improvements on homes and businesses. The Property Assessed Clean Energy Program (PACE) eliminates the upfront cost of installing energy improvements and allows property owners to pay for the measures over 15-20 years through an increase in their annual property taxes.
PACE programs are allowed in several other states, including California, Maryland, Ohio, New Mexico, Oklahoma and Wisconsin, and the model is recognized for its benefits to both home owners and municipalities: homeowners experience savings from lower electricity bills and municipalities see clean energy job creation.
NY PACE programs are set to receive $454 Million from the federal government in Recovery Act [1] funds.
Press Release [2]
Links:
[1] http://www.c2es.org/docUploads/Pew-Summary-ARRA-Key-Provisions.pdf
[2] http://www.prnewswire.com/news-releases/new-york-state-passes-pace-finance-enabling-legislation-70276767.html