Making energy efficient and renewable-energy improvements to your business reduces energy expenses and can improve property values. Unfortunately, making an initial investment can be cost-prohibitive. The Property Assessed Clean Energy (PACE) Program offers a solution by providing financing for eligible property owners to make these important improvements. Eligible property owners can receive 100% financing for making energy efficiency and renewable energy upgrades to their structures.
How does it work?
PACE is a financial tool that allows for investment in energy efficiency and renewable energy projects to eligible commercial properties.
With PACE, property owners can secure a loan of up to 25 years to cover eco-friendly improvements by attaching a voluntary special assessment to the property. This assessment differs from a traditional loan because it is secured with the assessment — meaning it runs with the land, not the owner.
The program is administered by Lean and Green Michigan (LAGM), an organization that helps commercial, industrial, multifamily, nonprofit, and agricultural property owners finance energy efficiency, water conservation, and renewable energy projects that are profitable for all parties.
Watch as Ottawa County Economic Development Coordinator Becky Huttenga and Todd M. Williams, President & General Counsel for Lean & Green Michigan, discuss the ins and outs of PACE and answer questions about this new program offering.
Case Study: First Ottawa County PACE project
Lean & Green Michigan recently released a case study white paper on the first local project to benefit from PACE financing: Quincy Place Senior Living. This PACE project is expected to save over 3 million kWh of electricity, 586,000 gallons of water, and 1,588 metric tons of CO2.
Case Study: Family Church Grace Chapel
Lean & Green Michigan has released a case study on the Family Church Grace Chapel PACE project. This project is expected to save 11,435,475 kWh of electricity, 11,152,050 gallons of water and 9,966 metric tons of CO2.
For more information, please contact
Economic Development Coordinator
(616) 738-4852 | email@example.com