Local Option - Contractual Assessments for Renewable Energy and/or Energy Efficiency (Illinois)

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place Illinois

Name Local Option - Contractual Assessments for Renewable Energy and/or Energy Efficiency
Incentive Type PACE Financing
Applicable Sector Agricultural, Commercial, Industrial, Residential, Property Owners
Eligible Technologies Unspecified technologies
Active Incentive Yes

Implementing Sector State/Territory
Energy Category Energy Efficiency Incentive Programs, Renewable Energy Incentive Programs








Start Date 2009-08-14

















Terms Locally determined
Program Administrator Programs administered locally

Date added to DSIRE 2009-08-20
Last DSIRE Review 2013-07-22



References DSIRE[1]


Summary

Note: The Federal Housing Financing Agency (FHFA) issued a statement in July 2010 concerning the senior lien status associated with most PACE programs. In response to the FHFA statement, most local PACE programs have been suspended until further clarification is provided.

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. Illinois has authorized certain local governments to establish such programs, as described below. (Not all local governments in Illinois offer PACE financing; contact your local government to find out if it has established a PACE financing program.)

Illinois has authorized municipalities -- cities, villages and incorporated towns -- and counties to enter into voluntary agreements with property owners to provide for contractual assessments. These assessments will provide financing to the property owner to install renewable energy technologies or energy efficiency upgrades that are permanently fixed to the property. The property owner then repays the assessments via his/her property taxes.

As of July 2013, no municipalities in Illinois offer PACE programs.



      
     
     

Authorities (Please contact the if there are any file problems.)

Authority 1: 65 ILCS 5/1-1-11
Date Effective 2009-08-14
Date Enacted 2009-08-14


Authority 2: 55 ILCS 5/5-1132
Date Effective 2010-07-14
Date Enacted 2010-07-14

















  • Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]

References

  1. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency (DSIRE)"