When Governor Beebe signs SB640 into law, Arkansas will be the twenty-ninth state to authorize Property Assessed Clean Energy (PACE) financing programs. This program authorizes the creation of energy improvement districts to fund loans for efficiency projects. The loans are then repaid via a special assessment on the property. Because the loan payments are generally lower than the total energy savings from the installed efficiency, businesses often make money off the deal. Arkansas Senator David Johnson said:

“Upon enactment, the PACE Act will rely on local initiatives to create energy efficiency improvement districts that will ignite job expansion and strengthen local economies. PACE financed improvements make smart business sense for property owners.”