If you’ve been thinking about retrofitting your place of business to save on energy costs, but trying to figure out how you can swing it financially, wonder no more. You can fund improvements with PACE (Property Assessed Clean Energy) Financing.
Offered in partnership with your city or county through the Florida Green Finance Authority, the PACE Program facilitates funding for energy efficiency, renewable energy, water efficiency and wind resistance projects in eligible commercial buildings located in a participating jurisdiction. Eligible properties may include (but are not limited to) offices, hotels, retail establishments, multifamily housing, restaurants, churches and private schools.
To facilitate the program goal of reducing energy costs by 20%, the program will fund up to 100% of available equity in the property for eligible technologies including:
- Energy efficient windows, doors, insulation, roofing, lighting, refrigeration, elevators, pool pumps and heaters, and HVAC.
- Water efficient irrigations systems and restaurant equipment.
- Renewable energy such as wind turbines and solar photovoltaic.
- Wind resistance in the form of roof deck bracing, building envelope upgrades, and high impact windows and doors.
Repayment of the loan is made through your property tax bill over terms of up to 20 years. Your annual energy savings can more than offset the annual payment for the term of your loan and – depending on the size of your workplace – provide your business with tens of thousands of dollars in net savings per year.
Whether you’re a landlord or a tenant in a commercial building, the PACE program offers clear benefits. You can:
- Save money by lowering your utility bills;
- Retrofit your property easily with no money down;
- Reduce your business’s operating costs; and
- Score major green points with customers.
Eligible properties must be commercial and located in a participating jurisdiction. These include, but are not limited to – offices, hotel, retail, multifamily housing, restaurant, churches and private schools.
The Palm Beach cities of West Palm Beach, Boynton Beach, Delray Beach, Lantana, Mangonia Park and Tequesta currently participate in the PACE Financing Program. For more information, click here.
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