NEVADA CITY, Calif. November 16, 2016 – Tina Vernon, Nevada County’s Treasurer & Tax Collector is excited to announce that the mPower Nevada County PACE program opens up November 18, 2016! PACE, which stands for Property Assessed Clean Energy is a program that authorizes a local government to provide upfront funding to eligible property owners to finance the installation of energy efficient and water conservation improvements and renewable energy systems on their property. The amount financed is amortized and the annual amount due is added to the property tax bill each year, due in two installments, until paid in full. This program is 100% voluntary.
All property owners of residential, commercial, industrial, agricultural, or multi-family residential (5 units or more) in Nevada County’s incorporated cities or towns, or the unincorporated areas of Nevada County who also receive a secured property tax bill are eligible to apply. To qualify for funding, some of the requirements that will need to be met are:
Applicant must be the legal owner of the property described in the application or have the authority to encumber the property.
Property taxes are current with no notices of default within the last 3 years.
Property owner is current on mortgages with no notice of default within the last 5 years.
Property owner has not been subject to bankruptcy within the last 5 years.
Property must not be subject to any involuntary liens.
There are no recorded easements or covenants prohibiting the improvement.
For non-residential properties the current mortgage lender(s) has/have given consent for the MPOWER financing.
PACE energy projects can include a wide variety of energy saving upgrades from solar systems to high efficiency HVAC systems to double paned windows and doors, to name a few. Some of the many benefits include:
- Potential for lower utility bills with increased energy efficient appliances and systems
- Improvements to property can be made with no or low up-front costs and can be financed over an extended period of time (up to 20 years).
- PACE improvements often increase property value at time of sale
- Lower carbon footprint
- Increase number of local jobs
- Local contractor marketing through PACE projects marketing
- Contractor workforce training provided by PACE programs
- Increased Energy Efficiency (EE) and Renewable generation reduces Greenhouse Gas (GHG) emissions and reduces our dependency on fossil fuels
Nevada County first looked at the PACE program in 2009 and discovered that we would be too small to administer our own program. But now, through a partnership with PLACER County’s mPower program, PACE is now available countywide! Please visit mPower Placer’s website at www.mpoweradvantage.net to take advantage of this great program.