气候变化领域集成服务门户(CCPortal): Impacts of the Property Assessed Clean Energy (PACE) program on the economy of California

CCPortal

DOI	10.1016/j.enpol.2019.111087
	Impacts of the Property Assessed Clean Energy (PACE) program on the economy of California
	Rose A.; Wei D.
发表日期	2020
ISSN	0301-4215
卷号	137
英文摘要	The Property Assessed Clean Energy (PACE) Program is an innovative financing approach to meeting environmental goals. PACE financing is structured as an assessment to the property and paid along with the property tax bill. In addition to the direct environmental benefits, it also yields co-benefits of enhanced economic output and employment. This paper estimates the economic impacts of PACE in California by one of its major financing companies. These impacts include direct spending on structural improvements, reduction in spending on centralized power and water services, reallocation of spending from energy and water bills savings, and solar investment tax credits, among others. It also includes general equilibrium effects of these various factors. Our results indicate PACE financing yields sizable economic benefits. At the same time, the increased economic activity results in increased energy and water use that partially offsets some of the direct environmental gains. Furthermore, PACE has been subject to criticism because it gives financing companies the first lien on mortgages and because of anecdotal examples of some customers being lured by unscrupulous contractors. The direct environmental benefits and economic co-benefits of PACE should be factored into the policy debate over whether the Program should be further expanded or regulated. © 2019 Elsevier Ltd
英文关键词	Economic impacts; Energy efficiency; Incentives; Property assessed clean energy; Renewable energy; Water conservation
学科领域	Economics; Energy efficiency; Investments; Taxation; Water conservation; Clean energy; Economic impacts; Economic output and employments; Environmental benefits; Incentives; Property assessed clean energies (PACE); Renewable energies; Structural improvements; Economic and social effects; alternative energy; economic impact; energy efficiency; financial system; incentive; water use efficiency; California; United States
语种	英语
scopus关键词	Economics; Energy efficiency; Investments; Taxation; Water conservation; Clean energy; Economic impacts; Economic output and employments; Environmental benefits; Incentives; Property assessed clean energies (PACE); Renewable energies; Structural improvements; Economic and social effects; alternative energy; economic impact; energy efficiency; financial system; incentive; water use efficiency; California; United States
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/118228
作者单位	Schwarzenegger Institute for State and Global Policy, Sol Price School of Public Policy, University of Southern California, 650 Childs Way, RGL 230, Los Angeles, CA 90089, United States; Schwarzenegger Institute for State and Global Policy, Sol Price School of Public Policy, 100D University Gateway, University of Southern California, 3335 S Figueroa St., Los Angeles, CA 90007, United States
推荐引用方式 GB/T 7714	Rose A.,Wei D.. Impacts of the Property Assessed Clean Energy (PACE) program on the economy of California[J],2020,137.
APA	Rose A.,&Wei D..(2020).Impacts of the Property Assessed Clean Energy (PACE) program on the economy of California.Energy Policy,137.
MLA	Rose A.,et al."Impacts of the Property Assessed Clean Energy (PACE) program on the economy of California".Energy Policy 137(2020).