The Illinois Finance Authority has developed a standardized, efficient, and affordable Property Assessed Clean Energy (“PACE”) bond financing platform for all counties and municipalities in Illinois.

Under Illinois law, counties and municipalities establish PACE programs and create PACE areas so record owners of commercial, industrial, multi-family (of 5 or more units), and nonprofit properties may finance or refinance up to 100% of their alternative energy, energy efficiency, renewable energy, resiliency, and water use improvement projects as non-recourse, fixed-rate debt on a long-term basis.

As a more economical alternative to mezzanine debt, preferred equity, or common equity, PACE bonds issued by the Authority to fund qualifying projects are purchased by approved Capital Providers or their designated transferees at affordable, low interest rates.

Based on the strategic state support model developed by the Authority, please click on the table below for a listing of the Illinois counties and municipalities that have taken steps necessary to launch and operate PACE programs in their communities.

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