One of my dreams is to live completely off grid, where I don’t have to rely on the electric company to supply my energy. While this is a goal of mine, I just can’t afford it right now. I can save my money, but it’s still going to be years before I’ll be able to afford solar panels or geothermal heating. Recently I heard of Property Assessed Clean Energy Bonds (PACE Bonds). Basically it’s a program that helps people purchase green energy products and pay later.
It works like this: investors purchase bonds from cities and the money is lent to commercial and residential property owners who are interested in improving efficiency measures and installing renewable energy devices. The borrowers have up to 20 years to pay back the loans, making payments with their annual property taxes. I think it’s a great idea.
Some of the positives are job creation, creation of movement away from non-renewable resources like oil, lower energy bills to the homeowner, reduction of greenhouse gases and carbon dioxide emissions, and very low risk to the lenders.
The only downfall I could come up with is that you’re still going to be in debt. If you can’t pay it, there will be a lien placed on your house, same as with unpaid property taxes.
All in all, if more cities started doing this, I think that we’d see a lot of positive economic growth.
Would you borrow money to go green?