In support of the Town’s goal to increase energy and water efficiency, the City Council recently passed resolutions which allow businesses and residents to take advantage of Property Assessed Clean Energy (PACE) financing. PACE is a new and innovative way for commercial and residential property owners to pay for energy efficiency upgrades, on-site renewable energy projects, and water conservation measures. PACE funding is provided or arranged for up to 100 percent of a project’s costs, and is repaid with an assessment on the property tax bill over a term of up to 20 years. PACE is a national initiative, but programs are locally based and tailored to meet local market needs. Some quick facts:
- PACE financing is available for all types of commercial, residential, and industrial properties, large and small.
- Financing approvals are simple, but PACE projects must be permanently affixed to the property and save money for the property owner.
- Benchmarking, energy audits, and evaluations can be used to ensure that projects make sense.
- PACE is 100 percent voluntary. In communities that adopt PACE, assessments are only paid by participating owners, and only for their own projects.