The District of Columbia Property Assessed Clean Energy (DC PACE) Program was created through enactment of the Energy Efficiency Financing Act of 2010. The statutory basis for DC PACE is contained in two pieces of legislation: The Energy Efficiency Financing Act of 2010 and the Sustainable DC Act of 2012. DC PACE is currently Washington DC’s only dedicated green building finance program. DC PACE can fund 100% of project costs for energy efficiency, renewable energy, and water conservation improvements to buildings within the nation’s capital and is repaid through a special tax assessment. Like other benefit assessments, DC PACE is non-accelerating and the repayment obligation transfers automatically to the next owner if the property is sold. This arrangement spreads the cost of clean energy improvements – such as energy efficient boilers, upgraded insulation, new windows, or solar installations – over the expected life of the measure. DC PACE financing is available today, to provide an affordable, fixed-rate, long-term financing option for energy upgrades to commercial, institutional, and multifamily real estate within Washington DC, for both retrofit projects and new construction. It allows developers and property owners to overcome first cost barriers and install efficient equipment that pays for itself over the term of the special assessment.
DC PACE is independently administered by Urban Ingenuity, a District of Columbia clean energy financing company working on behalf of the District Government’s Department of Energy & Environment (DOEE). Urban Ingenuity works on behalf of building owners to structure, underwrite, and fund energy and green building upgrades. Urban Ingenuity has successfully funded millions of dollars of property improvements with DC PACE, and is working nationally to bring clean energy investment to underserved communities.