U.S. homeowner interest in Property Assessed Clean Energy (PACE)
financing programs is strong, according to a new survey, with 42% of
respondents stating they would be “extremely” or “very” interested in
taking advantage of such a program.
PACE financing programs are a tool for financing energy
efficiency and renewable energy home improvements. Under a PACE
financing program, the cost of such home improvements is paid back as
part of the homeowner’s annual property taxes via a special assessment
on the home.
“Financing programs such as PACE are important tools for adoption of
residential energy efficiency and renewable energy improvements,” says
Pike Research president Clint Wheelock. “Many PACE financing programs
are currently suspended due to the concerns of government mortgage
agencies Fannie Mae and Freddie Mac, but it is clear that whatever the
structure, there is strong consumer demand for some kind of similar
financing mechanism.”
Pike Research’s survey found that, among consumers interested in a PACE program, the percentages of respondents who would consider implementing each of the following home energy efficiency improvements would be as follows:
Tankless hot water heater: 63%
Solar panels: 63%
High efficiency air conditioner/evaporative coolers: 58%
Insulation: 58%
Solar hot water heater: 51%
High efficiency furnace: 48%
Storm windows: 48%
Air sealing/duct sealing: 47%
Insulating exterior doors: 46%
Programmable thermostats: 41%
Reflective roof shingles: 40%
Small wind turbine: 37%
Insulating shutters: 23%
Wood/pellet stove: 15%
High efficiency pool pump: 12%
Among homeowners who stated they would not be interested in a PACE financing program, the most popular reason was that they would not want to take on the additional financial liability (56%).
The full survey results are included in a free white paper, which is available for download at the link below.
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