Europe’s buildings are the single largest energy consumers and carbon emitters. Millions of homes and commercial spaces urgently need renovation to cut emissions, lower energy bills, and improve comfort. But the upfront cost remains the biggest barrier.

The Property-Linked Annuity Canon (PACE) offers a new solution. It is not a loan, but a long-term financing mechanism directly tied to the property itself. PACE transforms the way renovations are paid for with these key features:

• 100% financing upfront: covering all hard and soft retrofit costs, with no down payment.

• Linked to the property, not the owner: obligations transfer automatically when the building is sold.

• Perpetual capital: no acceleration or recall of funds, secured by a real charge on the building.

• Flexible canon structure: payments can be fixed, variable, or blended.

• Owner-friendly: can be redeemed at the owner’s discretion after an agreed lock-up period.

• Compatible: works alongside mortgages, rental properties, and multi-owner buildings.

For owners, PACE removes the financial barrier to energy renovation: no big upfront payments, no personal debt. For investors, it provides a secure, predictable return tied to the property asset itself, with very long-term repayment horizons.