In 2015, the UK folded its Green Deal program.
While ambitious, thisenergy efficiency programnever took off the way the government hoped.
After three years, fewer than ten thousand loans had been issued.
Lets look at the issues with the UKs Green Deal and how others have learned from those mistakes.
The Issues with UKs Green Deal
Scams eroded trust from the beginning.
However, that was only the start of the problems with the Green Deal.
For one, the program subsidized renovations that werent advantageous to homeowners.
How PACE and Other Programs Learned from These Mistakes
The British program focused on weatherization.
But in reality, most people wont pay for weatherization unless theyre really uncomfortable.
About the PACE Program
Buthow does PACE finance workexactly?
Firstly, the city or county creates a land-secured financing district or similar entity.
PACE is available to both residential and commercial property owners.
Property owners can use the money for a variety of projects.
Weatherization is only one option.
Another way people can use the money is for energy efficiency and water conservation projects.
These projects range from landscaping that uses less water to plumbing and electrical upgrades that save water and/or energy.
This category includes buying more energy efficient appliances, as long as they arent considered portable.
However, the project doesnt include portable items, so you cant use it to buy new energy-efficient lights.
They are now reaping significant financial savings in addition to the environmental benefits.
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