Pine County recently hosted a Business Workshop event to share more information about a new resource available for commercial property owners.
PACE (Property Assessed Clean Energy) is a new way to finance energy efficiency and renewal energy upgrades to the buildings owned by businesses, non-profit organizations, faith-based organizations, and housing developments.
Energy-saving measures pursued by the owners receive project financing and are repaid as a separate item on their property tax assessment for a set period. PACE eliminates the burden of upfront costs by providing low-cost, long-term financing.
The City of Pine City adopted this program 2 years ago, and recently Pine County has adopted the program as well. This means that any qualifying property within the Pine County area may be eligible for this program.
Basic Qualifications for PACE financing:
- Property owners must be current on mortgage and property taxes
- No federal or state liens against the property
- Must not be in bankruptcy proceeding
- Lender acknowledgement or “consent” from current mortgage lender
- Term of financing may not exceed weighted average useful life of improvements
- Improvements may not exceed 20% of assessed property value
Interested in learning more about your next steps? Visit the CERTs website resource page, which includes more details as well as some interviews with business owners who have completed projects: http://www.cleanenergyresourceteams.org/pace