Property-Assessed Clean Energy (PACE) is an innovative financing tool that allows commercial, industrial, nonprofit, and multi-family (5+ unit) property owners to access competitive, private financing through a partnership with the City of Eden Prairie and the St. Paul Port Authority.
Building owners who use PACE financing for their energy improvements pay back the financing through property taxes as a special assessment.
BENEFITS OF PACE FINANCING
- No Upfront Costs — PACE eliminates upfront costs by providing low-cost, long-term financing
- Cash-Positive Investment — Utility savings usually exceed payment obligations, making investments cash positive for property owners and tenants
- Easy Payment Structure — PACE payments are collected through a special assessment that is payable twice a year through property taxes
- Building Specific — Improvements are associated with the building through a special assessment, not the building owner, so if the property is sold, the improvement costs (special assessment) stay with the building
- Energy-Efficient Projects — Projects that significantly lower utility costs, such as upgrades to HVAC systems, lighting, motors, compressed air and new manufacturing equipment
- Renewable Energy Projects — Projects that include solar, wind or geothermal energy
Visit MinnPACE.com to learn more.