Government of Alberta Announces New PACE Legislation
If passed, An Act to Enable Clean Energy Improvements would give municipalities the option to establish a Property Assessed Clean Energy (PACE) program. The initiative would allow home and business owners to make their spaces more energy-efficient, without putting any money down. ACA lobbied for the introduction of PACE programming for Alberta to increase market opportunities for our members.
“ACA feels strongly that PACE programs offer a financially viable way to retrofit older buildings, or for new buildings to meet future environmental standards. It also offers a method for investment which does not create costs to the taxpayer,” said Paul Verhesen, Past Chair, Alberta Construction Association.
Financing for energy-efficient upgrades or renewable energy systems such as solar panels, high-insulation windows and high-efficiency heating and cooling systems would be repaid through the building owner’s property taxes. Often, the savings generated by the PACE upgrades would be greater than the annual repayment.
The PACE program would also stimulate local economies and help create jobs. In North America, every $1 million in PACE project spending has resulted in at least 15 new jobs and $2.5 million in economic output.
Since first implemented in California in 2008, PACE programs have expanded to every region in the United States, generating nearly $6 billion in economic activity. A number of Canadian jurisdictions, including Ontario, Nova Scotia and Quebec, have also adopted PACE legislation, increasing economic activity and creating local jobs.
For information on the legislation and the media release please click the following links:
Property Assessed Clean Energy (PACE) legislation