An Act establishing a residential property assessed clean energy (R-PACE) program in the Commonwealth

This bill establishes a Residential Property Assessed Clean Energy (R-PACE) program in Massachusetts to help homeowners fund energy efficiency and renewable energy upgrades. The program allows property owners to finance improvements through a special assessment added to their property taxes, similar to the existing commercial PACE program. Regulations will be developed to ensure fair loan terms, including protections against predatory lending and guidelines for interest rates based on market practices. Directly affected are residential property owners who wish to invest in sustainable energy projects but may lack the upfront capital to do so.