HOUSE DOCKET, NO. 2489 FILED ON: 1/19/2023
HOUSE . . . . . . . . . . . . . . . No. 3950
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The Commonwealth of Massachusetts
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PRESENTED BY:
Michelle L. Ciccolo
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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act establishing a residential property assessed clean energy (R-PACE) program in the Commonwealth.
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PETITION OF:
Name: | District/Address: | Date Added: |
Michelle L. Ciccolo | 15th Middlesex | 1/19/2023 |
HOUSE DOCKET, NO. 2489 FILED ON: 1/19/2023
HOUSE . . . . . . . . . . . . . . . No. 3950
By Representative Ciccolo of Lexington, a petition (accompanied by bill, House, No. 3950) of Michelle L. Ciccolo relative to establishing a residential property assessed clean energy (R-PACE) program. Telecommunications, Utilities and Energy. |
The Commonwealth of Massachusetts
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In the One Hundred and Ninety-Third General Court
(2023-2024)
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An Act establishing a residential property assessed clean energy (R-PACE) program in the Commonwealth.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
Chapter 23G of the General Laws is hereby amended by adding the following section:-
Section 48. The agency, in consultation with the department of energy resources, shall develop and implement regulations to establish a residential sustainable energy program of similar form and structure to the Commercial Property Assessed Clean Energy, or PACE, Program established in chapter 23M. The program shall provide financing to residential property owners for energy efficiency and renewable energy improvements, which shall be financed as betterments on the improved property and assessed accordingly.
Energy efficiency and renewable energy improvements under this section shall be residential contracting as that term is defined in section 1 of chapter 142A and shall be subject to all of the provisions of said chapter 142A. Regulations for loan terms shall be promulgated by the agency and shall take into account best lending practices, including debt to income ratios and debt to equity ratios, and shall incorporate guidelines for appropriate market-based loan interest rates such that consumers who utilize this program shall be protected from any predatory lending.