(50 ILCS 50/10)
Property assessed clean energy program; creation.
(a) Pursuant to the procedures provided in Section 15, a local unit of
government may establish a property assessed clean energy program and, from time to
time, create a PACE area or areas under the program.
(b) Under a program, the local unit of government may enter into an assessment
contract with the record owner of property within a PACE area to finance or refinance one or
more energy projects on the property. The assessment contract shall provide for the repayment of the cost
of an energy project through assessments upon the property benefited. The financing or
refinancing may include any and all of the following: the cost of materials and labor necessary for installation, permit fees,
inspection fees, application and administrative fees, bank fees, and all other fees that may be
incurred by the record owner pursuant to the installation and the issuance of bonds on a specific or pro rata basis, as
determined by the local unit of government and may also include a prepayment premium.
(c) A program may be administered by a program administrator or the local unit of government.
(Source: P.A. 100-77, eff. 8-11-17.)