Albuquerque PACE Financing
Congratulations, Albuquerqueans! You live in a city that supports property tax solar financing.
How does Albuquerque’s PACE financing program work?
In a nutshell, the city’s program allows homeowners to pay for solar panels through property tax bills over a 20 year period. The loans carry a fixed interest rate and stay with the house–so if you move, the next tenant continues to pay for the loan through property taxes. That means you don’t have to worry about paying for panels on a house that you don’t live in anymore.
That sounds great! How is Albuquerque able to do this?
Albuquerque’s Renewable Energy Financing District is made possible thanks to New Mexico’s HB 572 law, which allows loan programs to pay back investments in renewable energy systems through property tax payments. The city is the first in New Mexico to take advantage of the program thus far.
Is the solar financing program available now?
Homeowners can take out loans as part of the Albuquerque Renewable Energy Financing District, which launched in January 2010. You can learn more about the program at the city’s website. You can also read this article in the New Mexico Business Weekly.