The people who run Fannie Mae and Freddie Mac have decided that the most popular and fastest-growing way to pay for solar power in this country is too much trouble for them to deal with. So they're throwing a wrench into the works and bringing PACE loans to a halt.
According to a statement it issued on July 6, the agency 'has determined that (PACE programs) present significant safety and soundness concerns that must be addressed.'
This has an impact on El Paso, whose Sustainability Manager had been working on such a program. Now, the city will have to work with our federal representatives to try and convince the government to change its mind.
The Property Assess Clean Energy (PACE) loan program would let property owners who want to install energy saving devices such as solar panels borrow money and pay it back as property tax. The loan's attractiveness is that it's not based on income or credit. And it could be used together with other incentives such as the recent El Paso Electric upfront rebate.
You can read what's happening and take action here:(Thanks to Oscar Martinez for sounding the alarm.)
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