Application for funding and additional information:
- For Commercial Property Owners: PACE eliminates the key barriers to completing energy projects for businesses – 100% upfront funds and long term fixed rate financing.
MCED PARTNERS WITH GREENWORKS
Greenworks is the Districts administrative partner for commercial projects. The Greenworks PACE team provides services for dozens of the nation’s leading clean energy and energy efficiency programs. Greenworks fits into our program by managing borrower requests from initial provision of information all the way through closing. They help provide a smooth process, assisting at every step, helping you avoid hidden pitfalls.
UNPARALLELED PACE EXPERIENCE: The Greenworks team has financed more commercial PACE projects than anyone in the country and developed the open-market C-PACE structure that is now sweeping the nation. We leverage their expertise to accelerate your project cycle.
COUNT ON US FOR SUPPORT: When you interact with our partner, Greenworks, we are there as well to help every step of the way.
PACE is the solution
PACE overcomes challenges that have hindered adoption of energy efficiency and related projects in our nation’s buildings. PACE financing solves the upfront cost barrier by providing 100% financing for project costs. Long term repayment of up to 20 years makes longer payback projects immediately cash flow positive and buildings more valuable. For contractors, PACE makes it easier to close a larger sale.
Access to long term fixed rate financing of energy improvements is available for small and large projects on virtually any conceivable property type of the built environment.
Commercial property types include office buildings, industrial property, medical centers, hotels, malls, retail stores, farm, multifamily housing, warehouses and garages. Through the program, residential property containing more than a certain number of units qualifies as commercial property for borrowing purposes.
Property owners across the US are using PACE because it saves them money and makes their buildings more valuable. PACE pays for 100% of a project’s costs and is repaid for up to 20 years with an assessment added to the property’s tax bill. PACE financing stays with the building upon sale and is easy to share with tenants. State and local governments sponsor PACE financing to create jobs, promote economic development, and protect the environment.
The cost of the energy saving improvement is then repaid through an assessment on the owner’s annual property tax bill. Assessments are tied by a lien to the specific property. If the property is later sold, the assessment and lien stay with the property and become the obligation of the new owner, but the cost-saving benefits of the energy improvements also transfer to the new owner.
Properly designed energy saving projects will allow property owners to save more on yearly energy costs than their property tax increase. In plain terms, PACE financing can help property owners achieve a net positive cash flow or economic benefit.
* Note: Commercial projects requiring funding greater than $1.5 Million will be accepted for processing through the HERO Commercial Program and managed by the District Administrator. Competitive term sheets provided by qualified investors will be solicited and qualified. Please contact the District Administrator to initiate project funding.