PROPERTY ASSESSED CLEAN ENERGY

Amends the Property Assessed Clean Energy Act. Makes changes adding residential property to the scope of the Act. Modifies the requirements of a report needed to establish a PACE area and requirements before entering into an assessment contract. For program administrators and contracts that finance residential properties of 4 or fewer units: provides for contractor oversight and training for residential properties inside PACE areas; prohibits specified soliciting, advertising, and direct or indirect cash payments or other things of value to property owners; requires a local unit of government and third-party program administrators to develop a disclosure form for homeowners and a right to cancel within 3 business days assessment contracts; and requires an oral confirmation call to property owners with specified minimum requirements for the call. Effective immediately. Senate Committee Amendment No. 1 Provides that replacing lead pipes is an example of water use improvement. Provides that the local unit of government shall verify that the estimated economic benefit expected from the energy project during the financing period is equal to or greater than the cost of the project on residential real property before entering into an assessment contract with a record owner under a program.