Supporters Tell Committee Residential Betterment Financing (RPAACE/PACE) Would Mobilize Private Capital for Home Retrofits
Industry and a socially conscious bank urged the committee to allow residential betterment financing (RPAACE/PACE) in Massachusetts, describing it as a voluntary, municipality‑opt‑in tool that uses private capital to fund energy efficiency, decarbonization and resiliency upgrades.
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Representatives of Home Run Financing and Amalgamated Bank testified in favor of legislation enabling residential betterment financing (often described as residential PACE or RPAACE) for home improvements. Bob Giles, chief executive of Home Run Financing, described the mechanism as private capital deployed through state‑authorized assessment bonds and said it can finance energy efficiency, decarbonization and resilience projects that exceed existing program caps. "Betterment financing is private investment using private sector capital to solve local problems through state authorized assessment bond financing," Giles said.
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