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Benefits of Property Assessed Clean Energy Programs and Securitization of Property Assessed Clean Energy Loans

Author

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  • K. Thomas Liaw

    (Economics and Finance Department, Tobin College of Business, St. John’s University, 8000 Utopia Parkway, Queens, NY 11439, USA)

Abstract

Property Assessed Clean Energy (PACE) programs finance energy efficiency and renewable energy improvements to residential and commercial properties with a special tax assessment added to property taxes. This paper surveys the literature and documents the quantitative estimates of the environmental and economic benefits. This paper extends to discuss the securitization of PACE loans. The issuance of PACE green bonds frees up capacity for more PACE improvements. In addition, we summarize the concerns raised after the programs have been implemented. Those concerns include consumer protection, audit after program implementation, and lien-related risks for lenders. We discuss those concerns and suggest measures to continue to grow PACE financing. The success of PACE programs will contribute to reducing carbon emissions, mitigating climate change and to achieving six of the seventeen United Nations Sustainable Development Goals (SDGs).

Suggested Citation

  • K. Thomas Liaw, 2024. "Benefits of Property Assessed Clean Energy Programs and Securitization of Property Assessed Clean Energy Loans," Commodities, MDPI, vol. 3(4), pages 1-10, October.
    • Handle: RePEc:gam:jcommo:v:3:y:2024:i:4:p:23-430:d:1491800
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