and benefits of a green building matched with financial benefits .”
In other words : If you are considering a construction project , it pays to incorporate sustainable , environmentally friendly options into the design , construction or upgrading of your property .
But take note , “ in order for PACE Equity to be involved , there has to be an improvement to the property , which increases the collateral value . After the project , it is a more valuable building with lower long-term operating costs .”
“ An energy study is required to qualify for PACE Equity financing and will quantify the utility savings and other benefits of the improvements ,” says PACE Equity collateral .
St . Johns County added the C-PACE program in 2021 , citing projects across the state of Florida in support of the addition .
C-PACE projects have included providing between $ 4-5 million of a $ 25 million construction project for wind resistance and energy efficiency upgrades to an assisted living facility in Nocatee , Florida ; impact windows , impact roof and elevators , a $ 527,860 project financed over 25 years for the Southern Oaks Rehabilitation & Nursing Center in Pensacola , Florida ; HVAC Chiller replacement financing for $ 634,995 spread out over 30 years for the Hilton hotel in Ocala , Florida ; and roof replacement on a commercial building in Coral Gables , Florida , for $ 25,000 .
What else can I do with C-PACE money ?
Brownfields . It seems like nobody is talking about those anymore . What ’ s the tie-in ? As we strive to make conservation a priority , rehabilitating previously used properties designated as brownfields is not only an environmental win for a community , it recycles the property for new uses and new economic development opportunities .
Redevelopment of idle brownfield sites like Miller ’ s Landing in Castle Rock , Colorado , using C-PACE as part of the funding package , has ensured the energy-efficient , mixed-use development can move forward .
Touted as a ‘ tremendous tax revenue generator for the Town ,” in a March 2021 news release by Castle Rock officials , the development will include ‘ an exciting , dynamic town center that mixes high-tech businesses with vibrant retail , entertainment , hospitality and outdoor recreation
opportunities .’
The Take Away : C-PACE dollars can help close funding gaps on commercial projects assisting with the transition from outdated infrastructure to new , energy-efficient buildings and renewable energy technology . And , it ’ s important to understand the pros and cons of the C-PACE program . Visit www . energy . gov / eere / slsc / propertyassessed-clean-energy-programs to learn more about the program options and details .
Danielle Anderson has worked in the public relations and media industry for a decade . She started her career as a reporter for Flagler Broadcasting where she discovered her passion for telling the stories of communities in Florida .
Started in 2009 and based on the publication “ Guide to Energy Efficiency & Renewable Energy Financing Districts for Local Governments ” from the University of California , Berkley as a way to accelerate a clean energy , carbon-free society , the Property Assessed Clean Energy ( PACE ) program was developed as a way to help homeowners / residential properties ( R-PACE ) and commercial property ( C-PACE ) owners make needed upgrades , repairs or ecofriendly , ‘ green ’ improvements .
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