New Program to Fund Energy Efficiency Improvements
Commercial property owners in Independence now have a way to finance energy efficiency improvements to their property through a new Northeast Ohio Public Energy Council (NOPEC) loan program. NOPEC’s program is designed to meet the needs of property owners by providing up-front capital to complete energy efficiency improvements, in a structure that provides stable, predictable payments over the term of the loan. This structure is called PACE – Property Assessed Clean Energy.
In Ohio, property owners can use PACE to finance qualifying energy efficiency projects by petitioning a local community to levy a special assessment on the project site(s) to finance improvement cost. Multiple sites – with the same owner and within the same community – are eligible for PACE financing and do not have to be contiguous.
This mechanism provides up-front capital, repaid over time as part of the property tax bill. A special assessment may be levied through NOPEC’s PACE loan program for up to 15 years. The assessment period will be based, in part, on the projected savings (verified by an energy audit) and useful-life of the planned improvements. Loans are available for $100,000-$500,000, with a fixed interest rate at time of closing.
Projects eligible for the PACE program include:
• Energy Efficiency Improvements
(HVAC, windows, doors, roof, lighting)
• Geothermal Energy projects
(roof-top and ground-mounted solar arrays)
• Solar-thermal (solar water heating systems)
• Wind Energy Projects
• Biomass Energy or Gasification Projects
For more information about NOPEC’s PACE program, contact Norma Fox Horwitz at 440.249.7829 or firstname.lastname@example.org.