Set the PACE St. Louis is an innovative program that uses PACE financing to help homeowners and commercial, industrial and multi-family property owners access affordable, long-term financing for smart energy upgrades to their buildings.
PACE financing allows home and building owners to finance qualifying energy efficiency and renewable energy improvements through voluntary tax assessment. Property owners pay for the improvements over time and the repayment obligation transfers automatically to the next owner if the property is sold. Similar to a sewer tax assessment, capital provided under the PACE program is secured by a lien on the property, so low-interest capital can be raised from the private sector with no government financing required.
PACE financing offers a broad range of benefits to homeowners and commercial building owners, as well as energy efficiency/renewable energy contractors.
The Clean Energy Development Board of the City of St. Louis is a political subdivision which has been authorized by the St. Louis Board of Aldermen and the Missouri legislature to provide access to financing for residential and commercial property energy efficiency and renewable energy projects through Property Assessed Clean Energy ("PACE") programs.
The Set the PACE St. Louis program was developed in 2012 by the City of St. Louis with Energy Efficiency and Conservation Block Grant funding from the U. S. Department of Energy. After passing an Ordinance and creating the Clean Energy Development Board, the City's Office of Sustainability and St. Louis Development Corporation launched the program in 2013 as an innovative financing tool designed to support sustainability projects on building in the City. (See, e.g., pages 169 and 188 of the City of St. Louis Sustainability Plan.)
View our 1.5 minute video that summarizes the advantages of PACE financing.