PACE offers help for energy efficiency projects
Available to commercial and agri-businesses, the Rural Minnesota Energy Board’s PACE program provides project financing that is repaid as a special assessment on property taxes.
SLAYTON — Interest in energy efficiency for buildings and adding renewable energy, like solar, has been growing in recent years in southwest Minnesota. Now, financing for these energy efficiency projects has become more affordable through Property Assessed Clean Energy.
Available to commercial and agri-businesses, the Rural Minnesota Energy Board’s PACE program provides project financing that is repaid as a special assessment on property taxes. PACE eliminates the burden of upfront costs by providing low-cost, long-term financing with interest rates as low as 3%. PACE is designed so that the increase in property taxes is offset by the decrease in energy costs so that the business sees either no change or a cost savings.
The former Blue Line Travel Center in Worthington saw a 62.5% reduction in energy costs, or $44,596 in annual savings, from updating its outdoor lighting to energy-efficient LEDs.
Culligan Water in Worthington also used PACE to fund a roof insulation project and improve lighting. The numerous energy efficiency projects have had a noticeable and positive impact on the Culligan building’s energy use and operating costs year round, with an annual savings of $1,655.
To date, the RMEB PACE program has helped 31 businesses finance clean energy projects across southern Minnesota. Potential building improvements that can be financed with PACE include, but are not limited to, LED lighting, improved heating/cooling, enhanced insulation, new windows, new refrigeration, and solar.
For more information about PACE, visit swrdc.org or rmeb.org/pace or contact Program Administrator Robin Weis at (507) 836-1638 or firstname.lastname@example.org .