Hello again, Loyal Readers!
Today we want to talk about a very exciting program that all businesses – established or about to be established – should know about: It’s called “PACE Financing” and that stands for Property Assessed Clean Energy Financing. We will post some links below to great resources from our partners who assist us with PACE.
So now you know what PACE Financing means, but what is it? Financial institutions allocate funds to allow authorized PACE investors to loan money out to businesses or organizations. These investors can then loan that money out to businesses for projects that involve clean energy solutions. This could be something simple like installing new windows or energy-efficient lighting, or for larger projects like installing solar panels on a building.
A big upside to PACE Financing is that a company could pay zero money upfront in some cases for their project. The rates for these plans are fairly generous as well. So, it’s a good chance to update your pre-existing building or future building, and anyone can apply!
One of the more interesting functions of the PACE Financing program is that you pay it back on your property taxes. The repayments are tied to the building, not the building owner. That means that if, for any reason, you have to move out of your building, the repayment schedule for the PACE Financing will stay with the building.
Delaware County and the City of Westerville partnered to established the first PACE Financing district in the city. We are working to expand that to surrounding townships and eventually include the whole county. Right now opportunities are limited to the Westerville district, but now is the perfect time to gather more information and prepare yourself to take advantage of PACE Financing when it comes to an area near you!
If you’re interested in learning more, please check out these forms from our partners, and take advantage of the Contact Us page, if you have any other questions.