Wednesday, July 14, 2010
Tuesday, July 13, 2010
Missouri governor signs bills on energy efficiency
From the governor's office:
House Bill 1692 contains numerous provisions, including one to spur energy efficiency and conservation through the Property Assessed Clean Energy (PACE) program. This lets cities and counties issue bonds and provide financing for all upfront costs of energy efficient upgrades, renewable energy upgrades and energy audits for homes and businesses. Those upgrades can be costly, and this assistance will help many projects move forward. The bill was supported by a broad range of groups including utilities, consumer advocates and environmental groups.
House Bill 1692 contains numerous provisions, including one to spur energy efficiency and conservation through the Property Assessed Clean Energy (PACE) program. This lets cities and counties issue bonds and provide financing for all upfront costs of energy efficient upgrades, renewable energy upgrades and energy audits for homes and businesses. Those upgrades can be costly, and this assistance will help many projects move forward. The bill was supported by a broad range of groups including utilities, consumer advocates and environmental groups.
Thursday, July 8, 2010
PACE Programs On Hold - Bond Buyer Article
The Bond Buyer is the paper of record for the bond market. The article presents a very good view of what should be expected in the marketplace. This gives the reader a sense that PACE will continue only if prudent underwriting practices are followed.
Regretably, the folks who were instrumental in getting the initial PACE programs started were not mindful of the protections desired and required by the GSE community.
Note the last paragraph. It appears to give a glimmer of hope that there may be a path back from the brink.
SEE ARTICLE HERE
Regretably, the folks who were instrumental in getting the initial PACE programs started were not mindful of the protections desired and required by the GSE community.
Note the last paragraph. It appears to give a glimmer of hope that there may be a path back from the brink.
SEE ARTICLE HERE
Monday, July 5, 2010
Green initiative's future murky as regulators weigh risks to homeowners
July 4, 2010(Washington Post) An Obama administration program to promote energy efficiency in homes appears to have met insurmountable resistance from financial regulators who are worried about its effect on residential mortgages, federal and local officials said Saturday.
As a result, the government has begun telling municipalities to think of other ways to use the millions in economic stimulus funds that had been set aside for the green initiative, officials said.
"Millions of dollars that would otherwise be invested and help out the local economy are on hold," said Ben Pearlman, a county commissioner in Boulder, Colo.
The program is emblematic of President Obama's effort to build the economy by reducing reliance on fossil fuels. It provides loans for such improvements as solar panels or new windows, and then allows homeowners to repay the money over many years through surcharges on property tax bills.
READ ARTICLE
As a result, the government has begun telling municipalities to think of other ways to use the millions in economic stimulus funds that had been set aside for the green initiative, officials said.
"Millions of dollars that would otherwise be invested and help out the local economy are on hold," said Ben Pearlman, a county commissioner in Boulder, Colo.
The program is emblematic of President Obama's effort to build the economy by reducing reliance on fossil fuels. It provides loans for such improvements as solar panels or new windows, and then allows homeowners to repay the money over many years through surcharges on property tax bills.
READ ARTICLE
Sunday, July 4, 2010
Loan Giants Opt to Block Energy Programs
July 3, 2010 NYT -- Two government-chartered mortgage finance companies are unlikely to accept loans on homes that are part of a special program that lets homeowners repay the cost of energy improvements through a surcharge on their property tax bills, according to Energy Department officials.
The Obama administration has allocated $150 million in stimulus money to support the financing technique, called Property Assessed Clean Energy, or PACE, and 22 states have authorized such programs. In a separate stimulus effort, President Obama on Saturday announced nearly $2 billion in loan guarantees for solar energy production.
READ NYT ARTICLE
The Obama administration has allocated $150 million in stimulus money to support the financing technique, called Property Assessed Clean Energy, or PACE, and 22 states have authorized such programs. In a separate stimulus effort, President Obama on Saturday announced nearly $2 billion in loan guarantees for solar energy production.
READ NYT ARTICLE
Saturday, July 3, 2010
US lawmakers urge guidance for clean energy loans
WASHINGTON July 2 (Reuters) - Two influential Democratic lawmakers warned on Friday that Fannie Mae and Freddie Mac could derail a $150 million clean-energy home-financing program and urged the Obama administration to rectify the problem with new regulatory guidance.
Rep. Barney Frank, chairman of the U.S. House of Representatives Financial Services Committee, and Rep. Henry Waxman, head of the House Energy and Commerce Committee, said in a letter that the two government-controlled mortgage finance providers have objected to tax liens on homes participating in Property Assessed Clean Energy (PACE) programs.
READ FULL ARTICLE
Rep. Barney Frank, chairman of the U.S. House of Representatives Financial Services Committee, and Rep. Henry Waxman, head of the House Energy and Commerce Committee, said in a letter that the two government-controlled mortgage finance providers have objected to tax liens on homes participating in Property Assessed Clean Energy (PACE) programs.
READ FULL ARTICLE
Obama admin unable to resolve shutdown of PACE clean-energy program
Obama administration officials have failed to resolve a dispute with Fannie Mae and Freddie Mac that has shut down Property Assessed Clean Energy (PACE), according to an email obtained by Grist. The impasse will likely kill the promising clean-energy financing tool until Congress passes legislation addressing it, according to Cisco DeVries, who first created the PACE system three years ago.
Department of Energy officials have been unable to convince the Federal Housing Finance Agency, which regulates Fannie and Freddie, to end the corporations' prohibition on using PACE, DeVries told PACE advocates in an email Friday evening.
READ MORE ON GRIST
Department of Energy officials have been unable to convince the Federal Housing Finance Agency, which regulates Fannie and Freddie, to end the corporations' prohibition on using PACE, DeVries told PACE advocates in an email Friday evening.
READ MORE ON GRIST
Thursday, July 1, 2010
PACE Energy-Efficiency Programs in Jeopardy
New York Times
SAN FRANCISCO — The Obama administration is devoting $150 million in stimulus money for programs that help homeowners install solar panels and other energy improvements, which they pay for over time on their property tax bills.
At the same time, the two government-chartered agencies that buy and resell most home mortgages are threatening to derail the effort by warning that they might not accept loans for homes that take advantage of the special financing.
The mixed messages have alarmed state officials and prompted many local governments to freeze their programs, which have been hailed as an innovative way to help homeowners afford the retrofitting of a house with solar panels, which can cost $30,000 or more before incentives.
SAN FRANCISCO — The Obama administration is devoting $150 million in stimulus money for programs that help homeowners install solar panels and other energy improvements, which they pay for over time on their property tax bills.
At the same time, the two government-chartered agencies that buy and resell most home mortgages are threatening to derail the effort by warning that they might not accept loans for homes that take advantage of the special financing.
The mixed messages have alarmed state officials and prompted many local governments to freeze their programs, which have been hailed as an innovative way to help homeowners afford the retrofitting of a house with solar panels, which can cost $30,000 or more before incentives.
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