WHO IS PACE Canada?
PACE Canada is a federal not-for-profit corporation which grew out of the PACE Alberta initiative. We are dedicated to seeing Canada achieve its Climate Change goals and become a leader in the sustainability field through the establishment of a dynamic and thriving national PACE ecosystem.
We promote and facilitate the development and delivery of Residential and Commercial PACE programs through consultancy services and the sharing of PACE information and resources.
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OUR GOAL: Make it easy for homeowners and profitable for businesses to implement impactful energy-saving and renewable energy measures.
OUR MISSION: To create a sustainable future by making energy-efficiency and renewable energy upgrade measures affordable to all Canadians.
OUR VISION: Every building in Canada is optimized for renewable energy and energy efficiency measures to achieve net-zero performance, utilizing PACE financing as the tool that makes these measures affordable to all and profitable for all business stakeholders.
PACE Canada is advocating for the creation of a thriving and dynamic Canada-wide PACE ecosystem based on proven PACE lessons, best practices, and successes from the USA where the concept originated. Properly structured, Canada's PACE ecosystem will transform the economics of sustainability and become a catalyst which powerfully accelerates the achievement of Canada's climate change goals.
PACE BEST-PRACTICE PRINCIPLES
PACE Canada is promoting a PACE program which is based on proven best practices and incorporates the following fundamentals principles.
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PACE is voluntary for all parties involved
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PACE programs are opt in for municipalities
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PACE financing covers 100% of a project’s hard and soft costs
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PACE provides long financing terms (up to 30 years based on expected life of upgrades)
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PACE financing is repaid via a tax assessment which is filed with the local municipality as a tax lien on the property
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PACE financing balance does not accelerate in the event of a tax payment default or foreclosure; only the outstanding annual tax assessments become due and payable
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PACE can be used in conjunction with other incentive programs
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PACE program investment capital can come from either or both private and public sources
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PACE financing can be used to pay for measures which:
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reduce energy consumption
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generate renewable energy
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reduce water consumption
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reduce waste through installation of long life durable finishes and systems
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implement environmental resiliency measures
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PACE financing is available to all qualifying buildings and applications and include:
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single detached residential
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multi-family residential
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commercial buildings
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institutional buildings
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agricultural buildings
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PACE financing is available to both retrofit existing buildings and upgrade new construction projects
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PACE financing is available to building owners to refinance existing PACE qualifying measures
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PACE financed projects are permanently affixed to a property