May 19, 2017
FOR IMMEDIATE RELEASE
May 18, 2017
Contact: David Jakubiak
Illinois Closer to Innovative Clean Energy Financing Opportunity
General Assembly Sends PACE Financing Bill to Governor Rauner
SPRINGFIELD, IL – An innovative financing opportunity offered to businesses and property owners in 19 states may finally come to Illinois through legislation headed to Governor Rauner’s desk, after being passed by the State Senate 53-0 on Wednesday.
Property Assessed Clean Energy (PACE) financing allows counties or municipal governments to establish programs that provide financing for the upfront costs of energy efficiency and renewable energy projects. The costs are then repaid through an assessment on the property tax bill for the property where the improvement has been made.
In Illinois PACE would function as a so-called “double opt-in” program. First a municipality or county would need to create a local PACE program; then property owners would need to opt-in to the programs.
“Illinois is deploying an innovative clean energy financing opportunity for commercial, industrial and multifamily building owners that will save consumers’ money, decrease energy use and reduce pollution,” said Howard Learner, Executive Director of the Environmental Law & Policy Center.
The PACE measure enjoyed broad bipartisan support. On April 28th, PACE passed in the Illinois House where it was championed by Representative Lou Lang. Senator Karen McConnaughay led the effort to pass HB 2831 in the Illinois Senate. If signed by Governor Rauner, the bill will make Illinois the 20th state to offer PACE financing. Nationwide PACE financing has led to more than $3 billion in clean energy investments.