Local Option - Contractual Assessments for Renewable Energy and/or Energy Efficiency (Illinois)
Last modified on February 12, 2015.
Financial Incentive Program
|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|
|Energy Category||Energy Efficiency Incentive Programs, Renewable Energy Incentive Programs|
|Program Administrator||Programs administered locally|
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|
|Authority 2:||55 ILCS 5/5-1132|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.