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State Representative Paul Thissen
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-5375
For more information contact: Sandy Connolly 651-296-8877
Press/News Releases
THISSEN LEGISLATION CREATES LOCAL JOBS, INCREASES ENERGY EFFICIENCY
State Rep. Paul Thissen
News Release
Minnesota House of Representatives Contact: Sandy Connolly
State Office Building, St. Paul, MN 55155 651- 296-8877
sandy.connolly@house.mn
January 26, 2010
St. Paul, MN – State Rep. Paul Thissen introduced legislation this week that will provide municipalities with a low cost, low risk avenue for creating jobs by helping businesses and residents retrofit local buildings for energy efficiency. By establishing a Property Assessed Clean Energy (PACE) program, local governments can create a sustainable energy loan program, allowing them to make loans to commercial and residential property owners to pay for efficiency measures and small renewable energy systems.
“While many businesses and homeowners across our state are interested in increasing their energy efficiency and reducing greenhouse gas emissions, the high cost of making the necessary improvements can be prohibitive," said Thissen. “This bill will help make that happen.”
According to Thissen, a PACE program can be created using federal grant assistance or federal credit support. PACE bonds can be purchased at a more affordable cost, making low-cost loans available to local applicants, to be paid back over a 20-year period through an annual assessment on their property tax bill.
“There is no cost to the state or city, and a cost-savings to the user through lower energy bills and increased property value,” said Thissen. “The PACE program has the added benefit of creating local jobs, reducing greenhouse gases and accelerating energy independence.”
Fifteen other states have passed similar legislation. The PACE bond market, in combination with federal loan guarantees, has the potential to dramatically accelerate the energy retrofitting of America's building stock. It is estimated that the potential for PACE bonds could exceed $500 billion. If passed, the bill would also assist local governments in applying for funding made available through the American Recovery and Reinvestment Act of 2009 (ARRA). The U.S. Department of Energy has competitive grant opportunities available to local governments that may be used to support sustainable energy loan programs. Minnesota’s chances of obtaining such federal assistance improves greatly with the passage of the Thissen legislation.
“This is a win-win opportunity for local governments, businesses and homeowners looking to make their buildings more energy efficient, and the local workers who will do the labor,” said Thissen. “This is responsible, pro-active legislation that can provide significant benefits without impacting the state budget; this is the kind of legislation we must pursue to move our state forward.”
The PACE proposal is part of Rep. Thissen’s larger plan to sustain Minnesota’s manufacturing base.
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