This new method of financing will support commercial energy efficiency and renewable energy projects.
“By offering another method of financing for energy efficiency projects, PACE will help Delaware further our goals to improve economic development, lower energy costs and reduce greenhouse emissions,” Carney said.
PACE loans are funded by private lenders and paid back through a voluntary assessment on the property’s county tax bill. The Delaware Sustainable Energy Utility (DESEU) will serve as the administrator of the program.
“Our next step is to begin working on the program design,” said Tony DePrima, executive director of the DESEU. “We hope to have PACE up and running in the first quarter of 2019.”
More than $688 million has been invested in clean energy projects nationwide since 2009, according to PACENation, the national organization that advocates for PACE. That investment has generated 10,300 jobs and reduced CO2 emissions by more than 3.1 metric tons.
Sponsor of the bill in the House, State Representative Trey Paradee, praised the potential economic benefits of the legislation. “Delaware’s C-PACE legislation gives our counties a new tool to boost economic development and job growth. More clean energy projects in Delaware means lower energy bills for our businesses, more work for our local contractors, and more jobs in the clean energy sector.”