The Natural Resources Defense Council (NRDC) has filed suit against the federal agencies responsible for halting the Property Assessed Clean Energy (PACE) program.
The PACE program was implemented as part of the American Recovery and Reinvestment Act (ARRA). It allowed local governments to finance the upfront costs of homeowners’ clean energy and energy efficiency projects. Those upfront costs would then be paid back over time by an increase in property taxes.
Since those upfront costs are often the primary hindrance to homeowners taking on clean energy and energy efficiency projects, PACE diminished that concern and enabled homeowners to implement positive changes that would both pay for themselves over time and help address climate change.
Unfortunately, the Federal Housing Finance Agency, Fannie Mae, Freddie Mac, and the Office of the Comptroller of the Currency put a stop to PACE by taking a number of actions opposed to its development.
NRDC argues in its suit that those federal agencies have violated the law by issuing directives that effectively halted the PACE program, despite the $150 million in ARRA allocated to support it.