Clean energy financing bill passes Wisconsin Senate

The Wisconsin state Senate unanimously passed SB 692, which updates Wisconsin’s Property Assessed Clean Energy (PACE) program, according to a statement from Renew Wisconsin. The bill now moves to the state Assembly, where similar bipartisan support could pass the bill before the end of the session. PACE financing creates a mechanism for commercial, industrial, health care, agricultural, nonprofit, and multifamily property owners to obtain low-cost, non-recourse financing for up to 100% of the cost of energy efficiency and renewable energy improvements. The bill improves access to PACE financing in Wisconsin by expanding borrower eligibility, expanding the type of eligible projects, clarifying the repayment period, and removing the requirement for energy and water savings to exceed project costs. It would instead require the owner to obtain a third-party assessment of the anticipated energy and water cost savings from the proposed project. The bill also prohibits PACE financing for residential units with fewer than five units.