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Solar financing program PACE is back, but feds are still wary.

Posted: Tuesday, August 26, 2014 4:51 pm

Monterey County recently announced the launch of the CaliforniaFIRST residential PACE (Property Assessed Clean Energy) program, which allows homeowners to finance energy-efficient home improvements through private loans paid off as line items on their property tax bills. The Board of Supervisors heard an update on the program July 29.

Advocates say the program could provide easier access to funding for home efficiency upgrades, particularly solar panels. Regulators, however, remain concerned the lending practices are not strict enough, and that the loans could cause problems for borrowers and mortgage lenders.

Monterey County first approved participation in the program in 2010. But shortly after approval, the Federal Housing Finance Agency (the agency that oversees mortgage securitzers Fannie Mae and Freddie Mac) issued a statement effectively halting the program. Read more.


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