At town meeting this year, the citizens of Cavendish voted to
create a Property Assessed Clean Energy (PACE) District. PACE is a
financing program designed to help qualifying homeowners invest in
specified energy efficiency and renewable energy improvements to
their homes through a special assessment tied to their property.
The new program will debut soon, according to a release March
Cavendish residential property owners meeting all of the
eligibility requirements may apply for financing. If approved, the
homeowner will enter into an assessment contract with the town and
an assessment lien will be placed on the property. The cost of
improvements will be paid to the contractor once the project is
complete. The property owner then repays the assessment over a 10-,
15-, or 20-year period.
If the property owner sells the property before the assessment
has been completely paid off, the obligation to pay the assessment
stays with the property and is repaid by the new owner of the
property, or the assessment can be paid off in full with no
Any residential dwelling - primary residence, vacation home, one
to four unit owner occupied structure, manufactured home or
condominium - located in a PACE district can qualify for the
program. Qualified homeowners must be up-to-date on their tax
payments and there are limits on how much they may borrow.
The next step in the process is for Cavendish to enter into an
agreement with Efficiency Vermont to administer the program.
Efficiency Vermont will coordinate the paperwork and will provide
the source of financing from which the loans will be made.
Residents who think that they may qualify and who are considering
participating should start identifying energy improvements and
upgrades, so they are ready to sign up as soon as the program is
available. For more information visit www.cavendishvt.org