Property Assessed Clean Energy (PACE) Programs Available in Emeryville
The City of Emeryville has authorized California Statewide Development Communities Development Authority (CSCDA) Open PACE commercial projects. "Commercial" includes multi-family properties with four or more units. Visit the links below for more information about approved commercial PACE providers and a short PACE program overview.
What is PACE?
PACE financing allows property owners to fund energy efficiency, water efficiency, and renewable energy projects with little to no upfront costs. Commercial property owners in Emeryville can finance up to 100% of their project and pay it back over time as a voluntary property tax assessment through their existing tax bill.
The first PACE programs were established in California in 2008. Emeryville authorized its first PACE provider in 2010, and later opted to restrict PACE to commercial properties, based on a 2018 City Council decision.
Why Use PACE Financing?
- PACE can eliminate the need to pay out of pocket for your project by offering up to 100% financing on qualifying improvements.
- Depending on the type of improvements made, repayment may be gradually written off over a period of 20 years, keeping monthly payments low. In fact, monthly payments may even be low enough that utility savings exceed the payment, creating a net positive cash flow.
- Interest may be tax deductible.
- PACE ties the loan to the property, not an individual, so the loan may transfer upon sale or refinancing of the property.
What Does PACE Finance?
Eligible products and improvements vary by individual PACE providers and administrators. However, most products that are permanently affixed to a property and reduce on-site electric, gas, or water consumption are generally considered eligible. For example, attic insulation, heating, ventilation, and air conditioning replacements, solar photo-voltaic and thermal systems, and low-flow toilets would all be eligible for PACE financing. For questions regarding specific product eligibility, please contact Emeryville's approved PACE providers.