Bill > HB1155

This bill modifies the Property Assessment Clean Energy (PACE) Act by extending the maximum assessment contract period from 20 to 30 years and significantly restricting residential PACE programs. Key changes include limiting residential PACE programs to operate only between January 1, 2022, and August 28, 2025, after which all residential properties will be completely exempt from these programs. The bill enhances consumer protections by requiring clean energy development boards to provide detailed disclosures to property owners, including potential impacts on mortgage escrow payments, a three-day cancellation right, and mandatory notifications to mortgage holders. The bill also expands the powers of clean energy development boards, allowing them to accept grants and loans from other states and providing more flexibility in creating and managing PACE programs. Additionally, the legislation maintains existing provisions that require assessment contracts to demonstrate economic benefits that equal or exceed project costs, ensures special assessments are collected like property taxes, and mandates annual reporting of project details, energy savings, and administrative costs. The changes primarily affect commercial, non-profit, and governmental properties, which will continue to have more flexibility in establishing PACE programs beyond the residential restrictions.

Budget and Finance, Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB1155&year=2025&code=R