A government backed program called PACE is intended to help people make their homes more environment friendly and fuel efficient but unfortunately is luring homeowners into buying things they can’t afford.
The Washington Examiner reported:
Fast-growing green energy ‘scam’ puts taxpayers and homeowners at risk
Environmentalists are always coming up with creative ways to sell their radical and costly agenda.
Ranging from renewable portfolio standards to direct subsidies of solar installations and even state-level cap-and-trade programs, the laundry list of “solutions” to our “global climate crisis” always seems to rely on the heavy hand of government, whether it’s through higher taxes, central planning, or regulations that raise costs on consumers who can least afford it. Recently, though, environmentalist rent-seekers got a little more creative through the creation of a program called Property-Assessed Clean Energy (PACE)…
The first PACE program was implemented in Berkeley, Calif., in an effort to address climate change without requiring direct taxpayer subsidies for solar panels. It’s a creative approach. Unfortunately, there are significant concerns with PACE, which distorts the tax code, speeds up alternative energy mandates, and may put local governments in the position of having to foreclose upon homes across the country.
In California, which has among the most robust residential PACE programs in the country, defaults on PACE loans are up 78 percent in the last year, according to a recent analysis conducted by the Wall Street Journal. PACE tax liens are now attached to more than 140,000 homes, presenting a potentially-huge problem for mortgage providers, realtors, and taxpayers nationally should the economy take any sort of turn for the worst.
This is something to be aware of if anyone asks you if you want to upgrade your home energy system. Do your research before making a purchase.