Just a quick update here on Plug Smart’s PACE Program Administration front: we recently partnered with the City of Middletown, Ohio to set up a commercial Property Assessed Clean Energy (C-PACE) program, as the municipality just activated its Energy Special Improvement District (ESID).
PACE is an innovative, flexible financing model where energy conservation savings are used to help commercial property owners obtain off balance sheet low-cost, long-term, fixed rate financing for energy efficiency, water conservation and renewable energy projects with no capital outlay. It’s an attractive prospect for property owners who are looking to do retrofit, new construction or rehab projects in a way that doesn’t burn a hole in their pocket. Our role will be to act as the lead administrator, working on behalf of the City of Middletown to develop, launch and operate the PACE program. Plug Smart will provide administrative, marketing, financial and technical support, including PACE program guidance, application processing services, program performance tracking, education and outreach, analysis of submitted energy conservation projects, technical underwriting, and identification and support of capital providers.
Middletown’s commercial property owners will benefit from our services by more easily securing 100 percent financing for building improvements. And, as Middletown’s Economic Development Director, Jennifer Ekey puts it, “Not only will PACE improve property values, modernize our buildings, and help to attract and retain local businesses, but it also has the potential to create local jobs and a more comfortable environment for our citizens who work in our city’s commercial buildings every day.”
See the full press release here!