Designed to make it easy to finance renewables such as solar panels and geothermal heat pumps, commercial PACE districts are opt in tax districts that connect the user of energy on a property to the repayment for energy efficiency loans. If savings from energy use reduction pay for the loan, the users are better off, jobs are created, energy demand and therefore energy costs are reduced and less energy used has beneficial environmental effects.

No need for public bonds. The Virginia enabling legislation would allow the funds to be borrowed from any participating bank. Wells Fargo, CitiGroup and Clean Fund participate as lenders in the Connecticut program.