Property Assessed Clean Energy (PACE) is a financing mechanism used by local governments that allows commercial, industrial, and multi-family property owners to finance energy efficiency and renewable energy improvements through their property tax payment. The repayment of qualified energy improvements is done via a voluntary property tax assessment collected by local governments, just as other public infrastructure investments are financed. The financing for PACE projects may be provided by municipal bonds or third-party capital secured by the property assessment payments. Repayment responsibility transfers to the next owner if the property is sold.
The Town of Randolph has determined that it is in the best interest of the Municipality to participate in PACE Massachusetts as a "participating municipality" to permit the owners of commercial and industrial properties located within Randolph to access PACE financing for quality commercial energy improvements through PACE Massachusetts. (Voted by Randolph Town Council February 26, 2018.)
For more information see MassDevelopment.