The Mid-Atlantic PACE Alliance (MAPA)
What is MAPA?
MAPA is a collaborative effort across Maryland, District of Columbia, and Virginia to advance the use of Property Assessed Clean Energy (PACE) financing in the region. MAPA partners (including state and local governments, PACE program administrators, and other service providers) seek to rapidly grow the regional PACE market by establishing standardized, low-cost program structures.
What is Property Assessed Clean Energy (PACE) Financing?
PACE is a financing tool designed to help building owners invest in equipment that will help save energy, water, reduce operating costs and improve property values. Where local governments have established PACE programs, property owners may receive PACE loans from private lenders. See the Quick Links for more information about active PACE programs in the region.
Localities can start a PACE program by adopting an ordinance which allows the loans to be repaid through a special assessment, typically on property tax bills. PACE differs from traditional loans by offering building owners 100 percent project financing with no upfront costs, longer term financing (up to 20 year terms), and low interest rates. PACE loans may be passed from owner to owner—and do not need to be fully repaid--if a property is sold.
For more information contact Daniel Farrell at (804) 692-3207