Paul Blair: Don't Let the City Foreclose on Your Home over Solar Panels
Cities and states have joined with private solar and energy efficiency companies to create a loan program in causing a strain on low income homeowners -- foreclosures are up, the poor are left homeless and cities are being left holding the bag.
In an effort to fight climate change, cities and states have joined with private solar and energy efficiency companies to create a loan program, the Property Assessed Clean Energy program (PACE), which finances energy efficiency upgrades and solar panels on low income homes without means testing or truth-in-lending requirements.
Paul Blair, strategic initiatives director with Americans for Tax Reform, discusses how homeowners on fixed incomes unable to pay their tax burden -- the cost of the upgrades are rolled into their property taxes -- are finding themselves homeless, as cities take over the homes for unpaid taxes, and banks and cities (and thus taxpayers) are left holding the bag. Cities and states that started this boondoggle are now shutting down the program, which does nothing to prevent climate change.