At their October meeting the Pierce County Board of Supervisors moved to adopt provisions that make Property Assessed Clean Energy (PACE) financing available to Pierce County businesses. This program is a financing tool businesses can use to obtain up to 100 percent financing for energy improvements.
PACE financing is sourced from an open lending market and secured through a voluntary PACE special charge, repaid directly to the lender. Like property taxes, PACE financings may be transferred to the next property owner if the property is sold. Businesses may access this program through one of a number of pre-approved lenders or ask their local lender to become a participating lender.
The term of a PACE financing may extend up to the useful life of the improvement, which may be as high as 20 years or more, and can result in cost savings that exceed the amount of the PACE financing.
The result is improved business profitability, an increase in property value and enhanced sustainability.
"PACE is a tool Pierce County businesses can utilize to finance energy efficiency improvements that will enable them to be more profitable and improve cash flow through the savings generated, " said Joe Folsom, Executive Director Pierce County Economic Development Corporation.
Eligible property types include commercial multifamily (5+units), nonprofit, hospital, industrial,
manufacturing, hospitality, warehousing and agriculture. Eligible energy improvement project purposes include but are not limited to such as efficient lighting systems, heating and cooling systems, insulation, motors, low-flow fixtures, windows, and water pumps. Solar panels and other renewable technologies that produce energy are also eligible for PACE financing.
For further information contact PACE Wisconsin at www.pacewi.org or 1-800-522-3014 or Pierce County Economic Development Corporation at 715-425-3881.