Many commercial buildings have outdated lighting, windows, doors, HVAC or other features that, if updated, would dramatically reduce energy costs. But how do you finance these improvements? If your project is in one of NOPEC’s 219 member communities, NOPEC may be able to help.
Whether your project involves less expensive smaller improvements (like lighting) or more expensive larger improvements (like HVAC systems), property owners can access financing through the Property Assessed Clean Energy (PACE) program for a single property or multiple sites. NOPEC provides the upfront financing to complete the improvements based on project costs and an energy assessment/audit that identifies savings opportunities.
The borrower repays the loan through an assessment that’s been placed on the now-improved property. It’s paid twice a year and is listed on the tax duplicate as an assessment. The assessment period will be based, in part, on the projected savings and useful life of the assets financed.
This fixed-rate loan program is available for many types of commercial property: for-profit (including retail and office) and non-profit, industrial, commercial housing and government facilities. Eligible facilities can be owner-occupied, rental properties or vacant, if future tenants are secured. And there are no job creation requirements. This financing solution is available for projects from $100,000 to $500,000 in NOPEC’s member communities.
If you’re interested in learning more about NOPEC’s energy efficiency financing, contact Norma Fox Horwitz, Special Projects Manager, at nfhorwitz@nopecinfo.org or call 440.249.7829.
