PACE Economic Development Training Revs Up
Until the creation of Property Assessed Clean Energy (PACE) financing, property owners had problems overcoming funding hurdles for implementing energy efficiency and renewable energy projects. Now, qualified property owners in established PACE districts can finance projects using long-term loans repaid as voluntary property assessments. It’s the perfect tool for driving economic development, attracting new businesses to your community, and retaining property owners who are thinking of relocating to a newer and more efficient building. This innovative financing method eliminates the need for up-front capital and provides property owners with immediate and steady cash flow. These projects have lower monthly operating expenses, increases property value and create a more comfortable work environment.
What PACE can do for your community
PACE saves money, creates local jobs, and helps the environment. It’s a simple and effective way for property owners to finance energy efficiency, renewable energy, and water conservation upgrades to their buildings—and saves them money by lowering energy costs and making buildings more valuable. It covers 100% of the total project costs and must generate a positive cash flow from the savings for the life of the assessment. PACE projects keep people in our communities working and generate positive growth for our economy.
Michigan leads the way
The Michigan Public Service Commission (MPSC) is the first state agency in the United States to use PACE financing. The MPSC is signing a 20-year lease on a new building, and felt very strongly that the building needed some energy improvements. After working with a contractor, the agency determined the building could use some LED retrofits, a small solar installation, and other improvements. MPSC thought PACE financing would be a great way to finance the project and it would cost the property owner nothing. How could the property owner say no when the MPSC is footing the bill for a $480,000 project, generating a $720,000 savings and added equity?
In addition to MPSC’s project, the counties of Macomb, Washtenaw, and Wayne have created county-wide PACE districts. And those are just a few of the participating communities—view a full list of partners and participants here.
Attend a training to get started
To help communities learn how this innovative tool can stimulate growth, the Regional Energy Office, in partnership with Lean & Green Michigan, is holding a series of trainings for municipal leaders. These trainings are free of cost, thanks to funding from the Michigan Energy Office, and include a light breakfast.
Our training will outline how the benefits of PACE can be maximized in your community to drive economic development and provide easy, affordable loans to commercial and industrial property owners for qualifying energy improvements. You’ll leave with everything you need to use and promote PACE financing in your community.
You’ll learn how to:
- Explore all the things PACE can do for your community;
- Educate your business and property owners on all the benefits PACE has to offer; and
- Engage property owners and make your community a better place to do business.
Be sure to check out the latest training dates, locations, and registration info, or email Sue McAlpine, PACE program manager, at firstname.lastname@example.org for more information.