(50 ILCS 50/5)
As used in this Act:
"Alternative energy improvement" means the installation or upgrade of electrical wiring, outlets, or charging stations to charge a motor vehicle that is fully or partially powered by electricity.
"Assessment contract" means a voluntary written contract between the local unit
of government (or a permitted assignee) and record owner governing the terms and conditions of financing and
assessment under a program.
"Authority" means the Illinois Finance Authority.
"PACE area" means an area within the jurisdictional boundaries of a local unit of government created by an ordinance or resolution of the local unit of government to provide financing for energy projects under a property assessed clean energy
program. A local unit of government may create more than one PACE area under
the program, and PACE areas may be separate, overlapping, or coterminous.
"Energy efficiency improvement" means equipment, devices, or materials
intended to decrease energy consumption or promote a more efficient use of electricity, natural gas,
propane, or other forms of energy on property, including, but not limited to, all of the
(1) insulation in walls, roofs, floors, foundations,
"Energy project" means the installation or modification of an alternative energy improvement, energy
efficiency improvement, or water use improvement, or the acquisition, installation, or improvement of a renewable energy
system that is affixed to a stabilized existing property (including new construction).
"Governing body" means the county board or board of county commissioners of a county, the city council of a city, or the board of trustees of a village.
"Local unit of government" means a county, city, or village.
"Permitted assignee" means (i) any body politic and corporate, (ii) any bond trustee, or (iii) any warehouse lender, or any other assignee of a local unit of government designated in an assessment contract.
"Person" means an individual, firm, partnership, association, corporation,
limited liability company, unincorporated joint venture, trust, or any other type of entity that is recognized by law and has the title to or interest in property. "Person" does not include a local unit of government or a homeowner's or condominium association, but does include other governmental entities that
are not local units of government.
"Program administrator" means a for-profit entity or not-for profit entity that will administer a program on behalf of or at the discretion of the local unit of government. It or its affiliates, consultants, or advisors shall have done business as a program administrator or capital provider for a minimum of 18 months and shall be responsible for arranging capital for the acquisition of bonds issued by the local unit of government or the Authority to finance energy projects.
"Property" means privately-owned commercial, industrial, non-residential agricultural, or multi-family (of 5 or more units) real property
located within the local unit of government, but does not include property owned by a local unit of government or a homeowner's or condominium association.
"Property assessed clean energy program" or "program" means a
program as described in Section 10.
"Record owner" means the person who is the titleholder or owner of the beneficial interest in property.
"Renewable energy resource" includes energy and its associated renewable energy credit or renewable energy credits from wind energy, solar thermal energy, photovoltaic cells and panels, biodiesel, anaerobic digestion, and hydropower that does not involve new construction or significant expansion of hydropower dams. For purposes of this Act, landfill gas produced in the State is considered a renewable energy resource. The term "renewable energy resources" does not include the incineration or burning of any solid material.
"Renewable energy system" means a fixture, product, device, or
interacting group of fixtures, products, or devices on the customer's side of the meter that use one or more renewable energy resources to generate electricity, and specifically includes any renewable energy
project, as defined in Section 825-65 of the Illinois Finance Authority Act.
"Warehouse fund" means any fund established by a local unit of government, body politic and corporate, or warehouse lender.
"Warehouse lender" means any financial institution participating in a PACE area that finances an energy project from lawfully available funds in anticipation of issuing bonds as described in Section 35.
"Water use improvement" means any fixture, product, system, device, or interacting group thereof for or serving any property that has the effect of conserving water resources through improved water management or efficiency.
(Source: P.A. 100-77, eff. 8-11-17; 100-980, eff. 1-1-19