Note: In 2010, the Federal Housing Finance Agency (FHFA), which has authority over mortgage underwriters Fannie Mae and Freddie Mac, directed these enterprises against purchasing mortgages of homes with a PACE lien due to its senior status above a mortgage. Most residential PACE activity subsided following this directive; however, some residential PACE programs are now operating with loan loss reserve funds, appropriate disclosures, or other protections meant to address FHFA's concerns. Commercial PACE programs were not directly affected by FHFA’s actions, as Fannie Mae and Freddie Mac do not underwrite commercial mortgages. Visit PACENow for more information about PACE financing, and for a comprehensive list of all PACE programs across the country.
Property-Assessed Clean Energy (PACE) financing effectively allows property owners to borrow money to pay for energy improvements. The amount borrowed is typically repaid via a special assessment on the property over a period of years. Georgia has authorized certain local governments to establish such programs, as described below. (Not all local governments in Georgia offer PACE financing; contact your local government to find out if it has established a PACE financing program.)
Georgia has authorized the expansion of "business improvement districts" to allow county, city, or town development authorities to provide financing for the installation of renewable energy systems, energy efficiency or conservation improvements, and water efficiency or conservation improvements to residential, commercial, industrial or other qualifying property.
|Incentive Type:||PACE Financing|
|Administrator:||Programs administered locally|
|Eligible Renewable/Other Technologies:||
|Name:||O.C.G.A. § 36-62-2|
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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