EuroPACE Market Analysis

Izabela Styczynska, Karolina Zubel and Grzegorz Poniatowski

No 499, CASE Reports from CASE-Center for Social and Economic Research

Abstract: EuroPACE is an innovative tool designed to make home renovation simple, affordable and reliable for all Europeans by combining affordable financing with people-centric technical assistance. EuroPACE offers 100% up-front financing that can be repaid over a long term of up to 25 years. The innovation lies in the collection and repayment mechanism – financing is attached to the property and is repaid regularly with charges linked to a property. Homeowners are offered logistical and technical support throughout the process and access to trained and qualified con-tractors. Thus, EuroPACE overcomes the main barriers to home renovation – lack of financing, technical knowledge and complexity of the works. The concept of EuroPACE is inspired by the success of a financing model called Property Assessed Clean Energy (PACE), launched in California in 2008. In the United States (US), the PACE market reached over USD 6 billion in funded projects, including the retrofit of over 220,000 homes, which resulted in more than 50,000 new local jobs and the creation of hundreds new companies.

Keywords: residential building stock; energy efficiency financing; domestic renewable energy supply; retrofit programmes and incentives (search for similar items in EconPapers)
JEL-codes: D14 H31 O13 O18 Q58 R20 (search for similar items in EconPapers)
Date: 2019
New Economics Papers: this item is included in nep-ene
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