As of the end of 2013, nine states and the District of Columbia had fully active and operational commercial PACE Program ; and many states (Colorado included) had programs in development. Presently there are a total of 31 states and the District of Columbia with PACE enabling legislation.
In 2013, the Colorado legislature approved PACE for commercial projects, including multi-family properties over five units. The program will be administered statewide through the New Energy Improvement District, which is very similar to a metro district. The New Energy Improvement District will impose voluntary property tax assessments through a mill levy to facilitate the transaction without any TABOR implications.
The Board of Directors of the New Energy Improvement District are developing the rules and regulations for the Colorado PACE Program which will be in place in early 2015. The Colorado Department of Energy (DOE) is assisting the Board in completing the formation of the Program. Colorado counties will have the option to opt into the New Energy Improvement District by passing a simple resolution. After this time, all property owners within such county will be able to participate in the Colorado PACE Program.
PACE has traditionally been used for existing buildings as a retrofit program. However, it is anticipated that the Board will permit new developments to be included within the Colorado PACE Program.