Last night, Monday, June 19, 2017, the city of Columbia, Missouri approved PACE financing at their city council meeting.
What is PACE?
Property Assessed Clean Energy (PACE) is a simple form of energy financing that covers up to 100% of project costs. Some of the energy improvements it covers include:
- Solar (PV) Panels
- Wind Turbines
- Energy storage
- Mechanical System upgrades
- Lighting retrofits
- Water pumps
- Windows and doors
- High efficiency roofs
With PACE, your business has many options to improve operations and slash energy bills in half, all while reaping the full benefits of sustainable energy practices.
Eligibility for PACE is based on the value of property. Any building (office, hotels, restaurant, shopping centers, homes, etc.) is eligible for PACE financing. PACE developers, like EnergyLink, help building owners choose a cost-effective project which will benefit their specific business. Then, the business is offered a financing option suitable for the particular project. PACE offers a repayment plan for up to 25 years and an assessment is added to property tax bills.
Benefits of PACE
Property owners utilizing PACE will save money by lowering energy costs. Also, due to its long term pay back, the project will experience immediate cash flows. PACE will cover the full cost of the project, including project development costs. PACE allows building owners the opportunity to increase their property’s value, due to the added Net Operating Income (NOI) of the property.
To date, PACE has funded more than $2 billion in energy efficiency and renewable energy costs. The success of PACE shows that energy efficiency has become popular nationwide, mainly because it is now possible for it to provide economic and sustainable benefits.
Now is the best time to take advantage of PACE financing for energy management solutions. EnergyLink can help you learn more about PACE financing and guide you on understanding which energy efficiency option will benefit your particular business.