By Josh O’Gorman
STAFF WRITER | November 18,2013
Rutland Herald STAFF WRITER | November 18,2013
KILLINGTON — Town officials are considering a program that would lend money to homeowners to make energy-efficiency upgrades.
During a recent meeting, the Select Board heard a presentation from Todd Kowalczyk, energy coordinator for the town, about the PACE program.
“PACE” is an acronym standing for “property assessed clean energy.” Under this program, a town can bond for money it then lends to a homeowner for insulation, windows or other upgrades to make the home more energy efficient.
To date, 35 towns or cities have signed on to become PACE districts, an act which requires an affirmative vote from residents. There are no PACE districts in Rutland County, but towns in surrounding counties, from Middlebury to Manchester, have signed on with the program.
PACE is open to residential property owners. During the meeting, a resident asked if PACE was available to a condominium owner such as herself, a question Kowalcyzk didn’t immediately have an answer for but promised to return with that information during a subsequent meeting.
The town would bond for the money and then lend the money to the homeowner at 1 to 2 percent above the prevailing interest rate. Upon taking the money, a lien would be placed on the property and the owner would make payments with his or her tax bill. And like a tax bill, if the property owner fails to make payments, the property can be put up for auction.
Loans are available for periods ranging from 10 years to 20 years, in amounts from $3,500 to a maximum of $30,000. And in the event a homeowner sells his or her property before repayment is complete, the lien stays with the property.
By all accounts, the PACE program requires a fair amount of administrative work, which is why 20 towns have signed on with Efficiency Vermont to administer the program.
“We haven’t had a lot of towns move forward yet, but we’ve had a lot of interest going into 2014,” said Kelly Lucci, spokeswoman for Efficiency Vermont.
If a town chooses to have Efficiency Vermont run the program, they would not have to bond for the money. Instead, Efficiency Vermont would arrange financing through the National Bank of Middlebury.
The Select Board gave Town Manager Seth Webb the go-ahead to talk with Efficiency Vermont, and the issue could come before voters at town meeting in March.
To learn more about the PACE program, visit www.efficiencyvermont.com/pace.
josh.ogorman@rutlandherald.com
During a recent meeting, the Select Board heard a presentation from Todd Kowalczyk, energy coordinator for the town, about the PACE program.
“PACE” is an acronym standing for “property assessed clean energy.” Under this program, a town can bond for money it then lends to a homeowner for insulation, windows or other upgrades to make the home more energy efficient.
To date, 35 towns or cities have signed on to become PACE districts, an act which requires an affirmative vote from residents. There are no PACE districts in Rutland County, but towns in surrounding counties, from Middlebury to Manchester, have signed on with the program.
PACE is open to residential property owners. During the meeting, a resident asked if PACE was available to a condominium owner such as herself, a question Kowalcyzk didn’t immediately have an answer for but promised to return with that information during a subsequent meeting.
The town would bond for the money and then lend the money to the homeowner at 1 to 2 percent above the prevailing interest rate. Upon taking the money, a lien would be placed on the property and the owner would make payments with his or her tax bill. And like a tax bill, if the property owner fails to make payments, the property can be put up for auction.
Loans are available for periods ranging from 10 years to 20 years, in amounts from $3,500 to a maximum of $30,000. And in the event a homeowner sells his or her property before repayment is complete, the lien stays with the property.
By all accounts, the PACE program requires a fair amount of administrative work, which is why 20 towns have signed on with Efficiency Vermont to administer the program.
“We haven’t had a lot of towns move forward yet, but we’ve had a lot of interest going into 2014,” said Kelly Lucci, spokeswoman for Efficiency Vermont.
If a town chooses to have Efficiency Vermont run the program, they would not have to bond for the money. Instead, Efficiency Vermont would arrange financing through the National Bank of Middlebury.
The Select Board gave Town Manager Seth Webb the go-ahead to talk with Efficiency Vermont, and the issue could come before voters at town meeting in March.
To learn more about the PACE program, visit www.efficiencyvermont.com/pace.
josh.ogorman@rutlandherald.com
No comments:
Post a Comment