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SB 1037 - This act creates the Property Assessment Clean Energy (PACE) Act. Municipalities may individually or jointly form Clean Energy Development Boards, which shall fund energy projects for property owners within their jurisdictions. Projects shall either reduce energy consumption or create energy from renewable sources. In exchange for receiving the funding for the project, a property owner agrees to pay a special assessment to be collected with his or her property tax for a period not to exceed 20 years. The agreement between a property owner and a Clean Energy Development Board is a covenant that runs with the land and shall be binding upon subsequent owners of the property. Clean Energy Development Boards can establish their own application requirements and project selection criteria and can require energy audits as a prerequisite to funding a project. Boards must submit annual reports to the Environmental Improvement and Energy Resources Authority (EIERA) at the Department of Natural Resources. Clean Energy Development Boards may issue bonds, and may use the revenue from the sale of the bonds to fund energy efficiency or renewable energy projects. The act authorizes the EIERA to make loans to Clean Energy Development Boards to allow the boards to fund their energy programs. The act creates the Property Assessed Clean Energy Local Finance Fund to be administered by EIERA for this purpose. ERIKA JAQUES
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