Property Assessed Clean Energy (PACE) Program
Beginning in 2008, several bills were signed into law allowing local legislative bodies like the City of Riverside to designate areas where residential and commercial property owners can enter into voluntary contractual assessments to finance 100% of the cost of eligible energy efficiency, renewable energy and water conservation improvements that are permanently affixed to real property.
The intent of the legislation was to make conservation enhancements more affordable by creating a property based financing tool that offers little or no upfront cost. The cost of improvements are placed on the property tax rolls and repaid through the property tax bill for the term of the loan, not to exceed the useful life of the improvements installed. There is no impact to personal credit scores because borrowers are not qualified based on their credit, but on the equity in the property.
Examples of some conservation enhancements include: solar panels, home solar batteries, solar pool and water heaters, heating and air conditioning units, windows, skylights, duct and ventilation fans, lighting and control systems, artificial turf, irrigations systems, rainwater catchment systems, high-efficiency faucets, toilets and showerheads and more.
Participation in the PACE financing program is 100% voluntary and it is the responsibility of the property owners to perform their due diligence by reading all contractual documentation before selecting any company to provide PACE financing.
There are lenders authorized to provide PACE financing on properties in the City of Riverside. These lenders can finance improvements on residential or commercial properties. Visit Western Riverside Council of Governments to learn more.
There is no affiliation between the City of Riverside and the PACE providers. Further, we do not endorse any of the companies, contractors, employees or the work they perform. City residents and businesses are advised to carefully evaluate any proposed provider and review all contractual assessment terms and conditions before participating in any PACE program. The State of California Contractors State License Board offers helpful publications to consumers when interviewing contractors. Please visit their website for downloadable guides and publications.