GreenTech Media reported yesterday that the Home Star Program is set to benefit the green construction industry in many ways, including those working in solar. Creating more funds for solar financing, including the growing movement around PACE (Property Assessed Clean Energy) programs is part of Washington program initiatives.
The article reported:
With President Obama asking Congress for $6 billion for the Home Star retrofit program and Vice President Joe Biden promoting PACE programs as a means to finance home retrofits and repairs, everyone is going to start getting into manual labor and household repairs.
There are the policies that have been, or soon may be, enacted to provide the needed cash to get the trucks rolling. At least fourteen states and 30 municipalities have enacted PACE programs that allow homeowners to finance retrofits through property tax supplements. Renewable Funding, whose president Cisco DeVries helped created PACE, received $12.2 million in funds from Draper Fisher Jurvetson and other VCs recently. Citibank and other large banks are currently setting up programs to funnel credit to PACE programs.
“With a federal loan guarantee (for PACE programs), it can grow from a hundreds-of-millions to a $400-to-$500 billion program,” Jack Hidary, a PACE advocate, told us last year. “It can also help the 1.5 million people out of work in the construction industry.”