PACE (Property Assessed Clean Energy) is an acronym for a set of programs designed to allow homeowners to finance renewable energy systems in their homes.
It is conceptually quite simple: Instead of a homeowner having to borrow $20,000 for a solar energy system (or come up with it out-of-pocket), and then get partial rebates or tax credits, the city, county or state where the owner lives would front the money (using funds typically raised from bonds). The homeowner would pay back the money so lent over a period of years through an additional property tax assessment, so much per year. If the property is sold, the tax assessment remains -- the debt is transferred to the new owner.
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