PACE solar

FANNIE MAE & FREDDIE MAC CAST CLOUD ON SOLAR FINANCING “PACE” PROGRAMS

 

PACE programs are among the most promising ways that ordinary Americans can spur the economy, create jobs, save money and lessen the nation’s dependence on foreign oil…Challenging economic times like ours call for decisiveness and action, not the fear and disinterest exhibited by FHFA.” – Supervisors Dianne Jacob and Pam Slater-Price, in a letter to President Barack Obama

By Miriam Raftery
 

July 13, 2010 (San Diego’s East County) – Last week, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will not buy or sell mortgages for homes enrolled in municipal solar financing programs called PACE (Property Assessed Clean Energy). The programs allow homeowners to spread the cost of rooftop solar and other energy efficiency measures over 20 years, paid as part of their property tax bills.

 

The decision casts a pall over the County of San Diego, which planned to launch its PACE program this summer.