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El Dorado County Property Assessed Clean Energy Program (PACE)
Property Assessed Clean Energy (PACE) Program allows eligible property owners in the unincorporated areas of El Dorado County to improve the energy and water efficiency of their commercial and residential properties by financing qualifying improvements through an assessment lien or special tax lien where the annual repayment amount is added to the annual property tax bill.
The El Dorado County Board of Supervisors approved resolutions that make PACE available to eligible property owners in the unincorporated areas of the county. PACE programs are not operated by the County. They are operated by authorized outside entities.
If you live within the city limits of Placerville or South Lake Tahoe, check with your city regarding available PACE programs.
PACE may provide 100 percent financing to eligible residential, commercial, industrial and agricultural property owners who voluntarily enter into financing agreements for a wide range of eligible property improvements, such as energy efficiency projects, water conservation improvements, electric vehicle charging stations and renewable electricity generation installations. The loan repayment is made through an assessment or special tax amount that is added to an owner’s annual property tax bill with repayment terms ranging from 5 to 20 years.
Risk Considerations for Participating Property Owners: The PACE program allows for property owners to freely and willingly enter into contractual agreements with contractors and PACE financing providers for clean energy improvements. As with any contractual agreement, the borrower/property owner enters at their own risk. PACE improvements are loans, which have inherent risks that should be considered by all applicants. The Federal Housing Finance Agency (FHFA) has expressed concerns regarding the PACE program. According to FHFA, the central risk is that these loans create an additional potential for the loss of a property through a tax sale or foreclosure if the owner cannot meet the extra debt burden. Some lenders may not purchase mortgages with existing PACE liens. Property owners may be required to pay off the PACE assessment balance at the time of refinance or sale. All PACE programs now include disclosures regarding FHFA's position regarding PACE programs in applications, financing documents, and closing statements.
Contact the following independent PACE providers for further information and program details: