Any experience with PACE -Property Assessed Clean Energy Program?

[Debra R.]

We're rehabbing a trashed SFR. It needs everything, but we're starting with: roof, HVAC and windows. Does anyone have experience with the PACE program? I don't know much about it yet, but what I understand is that it's a "loan" to put in energy efficient systems. The loan is attached to the property taxes and is paid back over 20 yrs. It would seem to be an awesome opportunity for us. We would be able to do all the upgrades right away. The "loan" stays with the property so if we sell it in a couple of years the new owners will assume the payments.

We'd like input from others who've used this program.  Are there any downsides (other than paperwork and slow bureaucracy) that we may not be seeing?