PACENation today announced a major update to its 2016 residential PACE Consumer Protection Policies
DENVER, Feb. 14
– PACENation, a policy advocacy organization for Property Assessed Clean Energy (PACE) financing, today announced a major update to its 2016 residential PACE Consumer Protection Policies. The enhanced standards
include customer supports and safeguards that go well beyond those found in any other form of home-improvement financing and are designed to facilitate the successful expansion of PACE to new states and local communities.
J.P. McNeill, CEO of Renovate America, the nation’s largest provider of PACE financing, issued the following statement in response to the adoption of the updated standards:
“In just over five years, residential PACE has gone from concept to a proven solution that has enabled homeowners and business to make more than $3 billion in investments in their properties to lower operating costs, increase property value, and spur economic development in the U.S.
“As with all new products, standards emerge to ensure that every provider delivers consistent consumer experiences and protections. PACE’s success relies on creating strong and enforceable consumer standards and protections. There is more work to be done, but the policies put forward by PACENation reflect a commitment by PACE providers to not only live up to those standards but also to work aggressively to make those standards simple and enforceable for homeowners everywhere.
“Renovate America already meets or exceeds many of the standards just adopted. We were the first PACE provider to confirm financing and other key terms with all our homeowners in a live telephone call, and the first to model PACE-specific disclosures on the new simple, but comprehensive, federal Know-Before-You-Owe mortgage disclosure forms. We expect the data-driven contractor management system we are implementing to resonate beyond PACE, and be an innovation for the larger home improvement marketplace.
“Because we offer financing in communities based on local government approval, we face an extremely high bar for protecting individual homeowners. We are grateful to our government partners and to consumer advocates for pushing us to define exactly what that means. These latest standards provide a rulebook for a rapidly growing industry. We are committed to working with consumer advocates and government partners to codify them, and to giving homeowners the confidence and protection they deserve when choosing PACE."