This program is temporarily suspended and undergoing a redesign; it is likely that it will re-emerge as a revolving loan program rather than PACE. Check the program website for updates. The state of Wisconsin permits political subdivisions (cities, villages, towns, and counties) to offer Property Assessed Clean Energy (PACE) loan programs to assist local residents in making energy efficiency and renewable energy improvements (click here for more information on the state law authorizing PACE programs). PACE programs allow property owners to repay a loan for qualifying equipment through a special assessment attached on their property taxes, which remains attached to the property rather than the property owner. In March 2010 the city of Milwaukee adopted legislation creating one of the state's first PACE loan programs designed to provide low-interest loans for residential solar electric and solar hot water systems. Milwaukee's PACE program offers loans from $5,000 - $20,000 for the installation of qualifying solar equipment on owner-occupied Milwaukee homes. Loan terms may range from 5 - 15 years depending on the size of the loan (e.g., loans of $7,000 or less have a term of 5 years). The interest rate is fixed for the life of the loan at Prime plus 2%, leading to a total interest rate of 5.25% as of this writing. System size is limited to 0.5 - 3 kilowatts (kW) for solar electric systems and 1 - 3 panels for solar water heating systems. Eligible costs include solar equipment, installation labor and up to $500 of structural reinforcement work. Expenditures associated with energy efficiency improvements and solar space heating systems are not eligible for a loan under this program. As in the general description of PACE programs above, recipients repay the loan through a special assessment on their property taxes, and the loan remains attached to the property in the event that the original recipient moves. There is no penalty for pre-payments. Failure to make loan payments will result in additional interest and penalty charges in the same manner as delinquent property taxes. This could ultimately result in default and foreclosure on the property. Applicants and homes must meet a variety of requirements in order to be eligible for a loan, including but not limited to:
Implementing Sector: | Local |
Category: | Financial Incentive |
State: | Wisconsin |
Incentive Type: | PACE Financing |
Web Site: | http://www.city.milwaukee.gov/milwaukeeshines/GoSolarHowto/SolarPACELoan.htm |
Administrator: | City of Milwaukee |
Start Date: | |
Eligible Renewable/Other Technologies: |
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Terms: |
$20,000 loan maximum ($5,000 minimum) 5 - 15 year loan term (varies by amount of loan) at a fixed interest rate of Prime + 2% |
Name: | Milwaukee Code of Ordinances, 304-26.5 |
Date Enacted: | 03/11/2010 |
Name: | Andrea Luecke |
Address: |
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Phone: | (414) 286-5593 |
Email: | aluecke@milwaukee.gov |
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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