Businesses, farms, multi-family housing buildings, nonprofits and places of worship interested in energy efficiency or adding renewable energy like solar can use a new financing tool called Property Assessed Clean Energy, or PACE, to move forward.
PACE financing repaid as an assessment
PACE financing is repaid through your property tax bill for a set period. In this way, PACE eliminates the burden of upfront costs by providing low-cost, long-term financing.
PACE is different than a traditional loan — there is less of a reliance on credit, the assessment stays with the property instead of the owner, and they can generally be repaid over longer terms than a bank might allow.
Potential building improvements
Examples of potential building improvements that can be financed with PACE are solar arrays, HVAC upgrades, LED lighting, condensing boilers, digital controls, insulation, variable-frequency drive motors, building automation systems, and other water and energy conservation measures.
PACE offered by Saint Paul Port Authority
The Saint Paul Port Authority provides the PACE funding and administers all aspects of the program. We place the assessment on the property, collect payments each year, and pass money back to the Port Authority.
To learn more about PACE and take action, visit the Clean Energy Resource Teams website for program details and applications, fact sheets, success stories and frequently asked questions.