| Program | Show Me PACE |
|---|---|
| Category | Financial Incentive |
| Implementing sector | Local |
| Last Update | |
| State | Missouri |
| Administrator | Missouri Energy Initiative (MEI) |
| Website | http://www.showmepace.org/ |
| Technologies | Solar Thermal Electric, Solar Thermal Process Heat, Solar Photovoltaics |
Note: In 2010, the Federal Housing Finance Agency (FHFA), which has authority over mortgage underwriters Fannie Mae and Freddie Mac, directed these enterprises against purchasing mortgages of homes with a PACE lien due to its senior status above a mortgage. Most residential PACE activity subsided following this directive; however, some residential PACE programs are now operating with loan loss reserve funds, appropriate disclosures, or other protections meant to address FHFA's concerns. Commercial PACE programs were not directly affected by FHFA’s actions, as Fannie Mae and Freddie Mac do not underwrite commercial mortgages. Visit PACENation for more information about PACE financing and a comprehensive list of all PACE programs across the country.
In July 2010 Missouri enacted the Property Assessed Clean Energy Act. In June 2015, Show Me PACE was established under this law as a Clean Energy Development Board. PACE financing allows property owners to finance energy efficiency, renewable energy, and water conservation improvements to their property using assessments on their property taxes.
Membership
Show Me PACE currently operates in several municipalities and counties, which are listed on this page. Any Missouri municipality is eligible to become a member in Show Me PACE.
Show Me PACE has arranged for Missouri counties and municipalities to join the district at no cost, with no liability and with no administrative burden. Through a partnership with the Missouri Energy Initiative (MEI), Show Me PACE assists interested communities with the program design, administration, marketing and financing management needed to allow Missouri municipalities to offer the PACE program at no cost. MEI eliminates the administrative burden of running another program and allows communities to have easy access to PACE funding.
Show Me PACE also has engaged municipal counsel to produce sample ordinances available to any municipalities seeking PACE membership.
Administration
Show Me PACE is administered by the Missouri Energy Initiative (MEI), a nonprofit association of public and private-sector entities. Member municipalities may participate on the Show Me PACE Advisory Board to ensure local input.
Eligible Projects and Terms
Show Me PACE provides clean energy financing for energy efficiency, renewable energy and water conservation projects greater than $50,000. Payment periods should not exceed the expected life of the improvement. Commercial, industrial, agricultural, multi-family residential, nonprofit, and public (governmental) properties are eligible for this program.
Additional Fees:
Show Me PACE has a one-time program operation fee for standard projects* of 1.25% for projects under $1,000,000 and a 1% fee for projects over $1,000,000 with a cap of $40,000. This fee will be collected as part of the closing.
Show Me PACE also collects an annual administrative fee of less than $1000. This fee is collected as part of the annual special charge.
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