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    Missouri Municipal League PACE Article from the Review July 2010

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    Missouri Municipal League PACE Article from the Review July 2010

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    225 views2 pages

    Missouri Municipal Review Pace Article

    Uploaded by

    2391136
    Missouri Municipal League PACE Article from the Review July 2010

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 2
    MISSOURI SETS THE PACE FOR GREEN JOBS AND LOWER ENERGY BILLS n May, the Missouri General Assembly passed a bill called Property Assessed Clean Energy (PACE). PACE [fj has the potential to create jobs, save money and create more prosperous and sustainable communities. Best of all, these programs can be designed, financed, and implemented at the local level with very little or no start-up cash. PACE has been named one of Scientific American’s top 20 world-changing ideas and is ca- pable of reenergizing Missouri's local economy. PACE began in Berkeley, California, when a local official created an innovative solution for a problem facing his community. Cisco DeVries, the mayor's chief of staff, noticed residents could not pursue energy efficieney or renewable energy upgrades to their homes because of the high upfront costs, To address these costs, DeVr- ies used the City’s existing authority to issue bonds to pay for the energy upgrades with the home-owners then paying the City back through a special assessment on their property taxes over 20-year period, California passed the first legislation for this type of financing and started the BerkeleyFIRST in 2008; thus, creating what would later become known as PACE. In Missouri, PACE was supported by a broad coalition of groups and passed the Missouri General Assembly as part of a bi-partisan effort by a vote of 14411 in the House as part of House Bill 1692 In Missouri, the PACE bill re- quires the financial savings to outweigh the special assessment on an annual basis yielding projects that are cash- flow-positive from the start. Upon sale of a home, the special assessment and. energy savings are passed on to next owner. By spreading out the payments, over time, the energy savings gained each month on electric bills make the upgrades cost-effective from day one. “PACE efficiency or renewable EeCmn re a

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