Recent events have breathed new life into the Property Assessed Clean Energy program, which allows municipalities to float bonds to finance the installation of energy-efficiency projects.

Originally conceived in Berkeley, Calif., in October 2008 as a way to help homeowners pay the up-front costs of installing energy efficient technologies, the PACE program stalled in July 2010 when the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, ordered the government-sponsored enterprises not to underwrite mortgages for homes with PACE loans.

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