We Need to Enhance Property Assessed Clean Energy Instead of Bringing It to a Standstill

RMI opposes the Protecting Americans from Credit Exploitation bill, which seeks to apply bank and mortgage lending regulations to Property Assessed Clean Energy (PACE) financing. RMI contends that PACE is a property assessment, not a mortgage, and that applying mortgage-style regulations would jeopardize its ability to provide affordable financing for energy and water efficiency retrofits. The document advocates for national consumer protection standards tailored to the nature of PACE, citing California's existing regulatory framework as a successful model.

• The Protecting Americans from Credit Exploitation bill aims to amend the Truth in Lending Act to require PACE lenders to adhere to the same regulations as banks and mortgage lenders.
• RMI argues that PACE is a property assessment rather than a mortgage product, and that treating it as such is 'ill-informed' and would diminish its utility to consumers.
• PACE addresses a market failure by providing homeowners with access to financial resources for energy performance retrofits, offering longer payback terms and low repayment costs that transfer with the property sale.
• RMI recommends that lawmakers adopt a regulatory approach similar to California's, which has used consumer protection norms for nearly a decade that exceed Truth in Lending Act and Real Estate Settlement Procedures Act requirements.

APA

RMI (2017). We Need to Enhance Property Assessed Clean Energy Instead of Bringing It to a Standstill. https://rmi.org/resources/need-enhance-property-assessed-clean-energy-instead-bringing-standstill/

Chicago

RMI. We Need to Enhance Property Assessed Clean Energy Instead of Bringing It to a Standstill. 2017. https://rmi.org/resources/need-enhance-property-assessed-clean-energy-instead-bringing-standstill/.

Wikipedia

{{cite press release |author=RMI |title=We Need to Enhance Property Assessed Clean Energy Instead of Bringing It to a Standstill |date=11 April 2017 |url=https://rmi.org/resources/need-enhance-property-assessed-clean-energy-instead-bringing-standstill/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{rmi2017need, author = {{RMI}}, title = {{We Need to Enhance Property Assessed Clean Energy Instead of Bringing It to a Standstill}}, publisher = {RMI}, year = {2017}, month = apr, url = {https://rmi.org/resources/need-enhance-property-assessed-clean-energy-instead-bringing-standstill/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }