We need your help now to ask Congress to take immediate action by passing “The PACE Assessment Protection Act of 2010” so that our nation can use this innovative local government tool to unlock investment in clean energy and create jobs. There are three main activities that you can engage in to help out.

-Contact your Member of Congress and Senators today – and urge them to pass legislation immediately to save PACE (see letter template in item E. below)

-Contact your local newspaper (see PACE Media Memo in H. below for guidance)

-Pass a resolution in your city or county supporting PACE (see Sample Municipal Resolution for guidance in I. below)

In this PACE Grassroots Action Toolkit, we have provided materials to assist you in your effort to communicate to Congress. Our work is urgent: Congress will only be in session for 8 more weeks in 2010. The focus of our effort is the Senate Banking Committee and House Financial Services Committee. But all members of Congress need to hear from us.

A. Guide to Action – Local and State Governments

B. Guide to Action – Businesses

C. Guide to Action – Individuals

D. PACE Summary for Legislators (7-12-10)

E. Congressional Letter Template (7-19-10)

F. Response to FHFA/OCC July 6th letters (7-12-10)

G. Congressional Outreach Contact Info (7-14-10)

H. PACE Media Memo (7-14-10)

I. Sample Municipal Resolution and Staff Report (7-19-10)

J. PACE Presentation to Senate Banking Committee (7-22-10)

Please send all copies of all congressional letters to congress@pacenow.org

A PACE bond is a bond where the proceeds are lent to commercial and residential property owners to finance energy retrofits (efficiency measures and small renewable energy systems) and who then repay their loans over 20 years via an annual assessment on their property tax bill. PACE bonds can be issued by municipal financing districts or finance companies and the proceeds can be typically used to retrofit both commercial and residential properties.

The PACE bond market has the potential to dramatically accelerate the energy retrofitting of America’s building stock due to the below advantages.

PACE Impact: Property tax lien oriented financing that dramatically improves the economics of energy retrofits (efficiency measures and micro renewable energy)

To see who supports PACE please see our PACE Legislation Endorser List.

See Other Letters to FHFA and Congress

PACE Basics

A. Slide Introduction to PACE – Senate Banking Committee Presentation (7-22-10)
B. 2009 Milken Institute PACE Finance Panel (Audio) (4-29-09)
C. Details of PACE Programs
D. PACE Market Sizing (Commercial) – Johnson Controls Estimate
E. PACE Explained in Simple Terms

Advantages of PACE Financing:

Our Nation:

• Significant job creation
• Accelerates movement toward energy independence & reduces GHG emissions
• Very low fiscal cost & high probability of success

Property Owner:

• Lower energy bills and substantially reduced upfront costs for energy retrofits
• Improved return on investment/positive cash flow on retrofits (annual savings > cost)

States, Cities & Municipalities:

• Immediate job creation
• No credit or general obligation risk
• Obligation is liability of real estate owner
• Greenhouse gas reductions/energy independence
• Opt in: Only those real estate owners who opt in pay for it

Existing Mortgage Lenders:

• Borrowers cash flow/credit profile improves (energy savings > annual tax cost)
• Property/collateral value increases

Lender:

• Virtually no risk of loss as property tax liens are senior to mortgage debt
• 97% of property taxes are current & losses are less than 1%

The ability for our nation to finance energy retrofits with PACE bonds emerged in 2008 with the passage of enabling legislation in California. In recognition of the large benefits of PACE finance, the following states have recently passed enabling legislation: CA, CO, FL, GA, IL, LA, ME, MD, MN, MO, NV, NH, NM, NY, NC, OH, OK, OR, TX, VT, VA, WI, and legislation is pending in Arizona. Florida and Hawaii have existing ability to launch PACE programs. The first PACE bond was issued by Berkeley, CA in January, 2009.