OLSEN - PACE is an innovative financing tool for building owners and developers to upgrade energy performance, install renewable energy systems and reduce resource consumption with financing repaid through their property tax bill

There is a program in Alberta called P.A.C.E.

One of my constituents from Salt Spring Island initially brought this program to my attention back before the 2017 provincial election. He continues to encourage me to advocate for a similar program in British Columbia.

He's not alone in this endeavour.

First, what is P.A.C.E. you might ask?

It stands for Property Assessed Clean Energy. As the PACE Canada website describes it, PACE "is an innovative financing tool which building owners and developers can use to upgrade their building's energy performance, install renewable energy systems and reduce resource consumption with no money down and with the financing repaid through their property's tax bill."

We know that increasing building standards, for new construction, to improve the efficiency of our buildings will reduce emissions. However, there are a huge number of aging buildings that are super-inefficient and use a lot of energy.

Rather than knocking them all down and wasting those materials, we need to upgrade them. This is expensive and not everyone has access to the capital, nor can they personally carry the financial burden of mortgages on their property to fund the modernization.

How does PACE work?  If the idea of no up-front cost to the property owner sounds too good to be true, well it's not.

Essentially, the property carries debt not the owner. Whether it's supported by private funds, or a municipal finance authority like we have in British Columbia, it represents a tremendous untapped opportunity.

This short video “Pace Explained, from the Alberta government, provides a good description how it works.

It could unleash a frenzy of economic activity retrofitting buildings in British Columbia, while dramatically decreasing emissions in our cities, towns and villages -- and lowering the cost of living for people.

On June 27, 2019 the City of Port Moody wrote the Minister of Municipal Affairs and Housing, Hon. Selina Robinson encouraging her to investigate creating a similar program for British Columbians.

I've also brought this opportunity to the attention of both Minister Selina Robinson and Carole James, the Minister of Finance.

I'm hopeful that momentum will build under this idea. It is an excellent way to involve the public personally in climate change adaptation while generating positive economic activity. I will continue to work to raise the profile of this initiative at the upcoming Union of BC Municipalities convention and Fall legislative session.

It's time for a PACE program in British Columbia!