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Joining E2 is the most effective way to stay informed about cutting-edge environmental issues, leverage your professional network, and use your skills to influence important environmental policy issues.

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Business Voice for the Environment

E2 Advocacy Projects: SB 77 - PACE Financing and Jobs

Objective

E2 was originator and principal sponsor of SB 77, Property Assessed Clean Energy (PACE). PACE financing was pioneered in California and several counties and cities have implemented programs. The program authorized by this bill will enable new PACE programs in local governments and qualified entities that choose to participate to get more favorable financing rates and make these loans more attractive to participating residential and commercial building owners. PACE loans would be implemented through private bonds repaid by assessments selected by the private property owners, which is further secured by a lien on the property.

E2 has also run a similar federal campaign. Details can be found here.
Background

SB77 - Governor's Press Release

SB77 - Summary of Economic Benefits

SB26 PACE Program Financing Acceleration and Jobs Bill Fact Sheet

News articles

Loan Giants Threaten Energy-Efficiency Programs - Jun 30, 2010, The New York Times

Fannie and Freddie Resist Loans for Energy Efficiency - Mar 25, 2010, The Wall Street Journal
E2 Statements/Letters

SB77 Group Support Letter (Feb 28, 2010)

E2 Letter Supporting PACE Program Financing Acceleration and Jobs Bill (Feb 22, 2010)

Related publications

California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA)
Current Status:

PACE programs are on hold after Fannie Mae and Freddie Mac sent out a letter May 5, 2010 questioning the validity of the programs.

Milestones:

Apr 21, 2010 - Governor Schwarzenegger signs SB 77 into law

Apr 8, 2010 - SB 77 passes the full Assembly (56 - 10)

Apr 8, 2010 - SB 77 passes the full Senate (33 - 0)

Mar 22, 2010 - SB 77 became the PACE bill (formerly SB 26) by a majority vote

Mar 11, 2010 - SB 26 (which became SB 77) Deferred to Regular Session

Mar 9, 2010 - SB 26 (which became SB 77) passes the Assembly Local Government Committee (6 - 1)

Mar 9, 2010 - SB 26 (which became SB 77) passes the Assembly Natural Resources Committee (8 - 1)

Feb 28, 2010 - SB 26 (which became SB 77) passes the full Senate (32-0).


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