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PrintProperty tax clean energy scheme mooted for St Petersburg, Florida
Homes in St Petersburg are being offered a way to finance their own renewable energy systems
Homes in St Petersburg are being offered a way to finance their own renewable energy systems
The City of St Petersburg, Florida, is being offered the chance to put in place a system for residents to finance their own renewable energy systems via the local property tax system.
Financial consulting firm District Management Services has presented a proposal to set up a Property Assessed Clean Energy (PACE) program.
DMS, which is based in nearby Tampa Bay, said the scheme would be voluntary for St Petersburg homeowners, but would allow them to install equipment like solar panels at no up-front cost.
The costs of installing equipment would be paid off with extra payments on top of the property’s taxes each year, over a 15-20 year period.
If a property is sold, the payments are continued by the new owners.
As well as renewable energy generation systems and energy efficiency upgrades, the St Petersburg scheme would also allow funding for measures to help mitigate hurricane damage.
Along with the installation of clean energy systems, DMS is promising public awareness and education activities as part of its PACE program.
DMS chief executive officer Brian Lamb said: “PACE’s potential to create much-needed long term job opportunities in clean energy, reduce energy costs and help St. Petersburg ‘go green’ makes this an extraordinary and timely financing mechanism for municipalities.”
Payments
The financial services company said its own costs for running the PACE program would come out of the payments made by those voluntarily taking part, rather than by the City.
“Since PACE is not a tax or subsidy, not linked to the financial credit of the city or property owner, and has no impact on state or local governments or a city’s bond rating, we are labeling them as the new ‘smart’ financial districts,” said Mr Lamb.
The company, which has helped set up more than 150 special taxing district schemes in Florida, has proposed a pilot PACE program for St Petersburg, encompassing 10 homes across the eight Council districts, to demonstrate the system.
The measure is being supported within the St Petersburg City Council by Karl Nurse, who said: “PACE financing is a rare opportunity to create jobs, reduce our risks from hurricanes, help people save money and lower our energy use, all without costs to government. St. Petersburg should jump at this win-win-win program.”
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