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Local Option - Property Assessed Clean Energy (Michigan)
EZFeed/Relevant Yes  +
Incentive/Active true  +
Incentive/ApplDsc Commercial  + , Industrial  +
Incentive/AuthCode MCL 460.931 et seq.  +
Incentive/AuthDtEff 2010-12-14  +
Incentive/AuthDtEnact 2010-12-14  +
Incentive/AuthLink  +
Incentive/EnergyCat Renewable Energy Incentive Programs  + , Energy Efficiency Incentive Programs  +
Incentive/ImplSector State/Territory  +
Incentive/Name Local Option - Property Assessed Clean Energy  +
Incentive/Summary '''''Note: In 2010, the Federal Housing Fi
'''''Note: In 2010, the Federal Housing Finance Agency (FHFA), which has authority over mortgage underwriters Fannie Mae and Freddie Mac, '''''[ '''''directed''''']''''' these enterprises against purchasing mortgages of homes with a PACE lien due to its senior status above a mortgage. Most residential PACE activity subsided following this directive; however, some residential PACE programs are now operating with loan loss reserve funds, appropriate disclosures, or other protections meant to address FHFA's concerns. Commercial PACE programs were not directly affected by FHFA’s actions, as Fannie Mae and Freddie Mac do not underwrite commercial mortgages. Visit [ PACENow] for more information about PACE financing and a comprehensive list of all PACE programs across the country.''''' Property-Assessed Clean Energy (PACE) financing effectively allows property owners to borrow money to pay for energy improvements. The amount borrowed is repaid via a special assessment on the property over a period of years. With the passage of HB 5640, Michigan has authorized local governments to establish such programs, as described below. (Not all local governments in Michigan will choose to offer PACE financing; contact your local government to find out if it has or intends to establish a PACE financing program.)<br> <br> The State of Michigan signed PACE legislation into law on December 14th of 2010, authorizing municipalities to establish a loan program to provide financing for clean energy (energy efficiency and renewable energy project) improvements to '''''commercial and industrial property owners via local ordinance'''''. The legislation authorizes municipalities to enter into PACE agreements with commercial and industrial property owners, provide financing, and collect PACE assessments to repay the loans. Municipalities may choose to use federal grants, such as Energy Efficiency and Conservation Block Grants (EECBG), or other "funds available for this purpose" to establish PACE programs. Presently, 193 counties in Michigan have commercial PACE funding under the '''''[ Lean and Green Michigan Program.] '''''Refer to their website to see which counties qualify. Michigan's legislation stipulates that PACE assessments for property owners with outstanding mortgages must receive written consent from mortgage holders. In addition, qualifying energy efficiency technologies may include ''electric vehicle charging ''and ''water reduction'' infrastructure costs.
''water reduction'' infrastructure costs.  +
Incentive/TechDsc Lighting + , Chillers + , Furnaces + , Boilers + , Heat pumps + , Central Air conditioners + , Heat recovery + , Energy Mgmt. Systems/Building Controls + , Caulking/Weather-stripping + , Duct/Air sealing + , Building Insulation + , Windows + , Roofs + , CHP/Cogeneration + , Solar Water Heat + , Solar Space Heat + , Photovoltaics + , Landfill Gas + , Wind + , Biomass + , Ground Source Heat Pumps +
Incentive/Type PACE Financing +
OpenEI/PageDescription Local Option - Property Assessed Clean Energy: energy incentive program.  +
OpenEI/PageKeyword Energy Incentives  + , Michigan  + , PACE Financing  +
Place Michigan: Energy Resources +
Categories Financial Incentive Programs , Pages with reference errors , Incentive with Authorities
Modification date
"Modification date" is a predefined property that corresponds to the date of the last modification of a subject and is provided by Semantic MediaWiki.
22:15:24, 12 February 2015  +
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