Property Assessed Clean Energy (PACE)
PACE is a financing tool for energy efficiency and renewable energy improvements. If your business, farm, multi-family housing building, nonprofit, or place of worship is interested in energy efficiency or adding renewable energy like solar, PACE can help you move forward.
How does PACE work? PACE financing is repaid as an assessment on your property tax bill for a set period. In this way, PACE eliminates the burden of upfront costs by providing low-cost, long-term financing. PACE is different from a traditional loan: There is less reliance on credit, the assessment stays with the property instead of the owner. And the increase in property taxes is offset by the decrease in energy costs so that your business will see no change in the bottom line.
What can PACE finance? Examples of potential building improvements that can be financed with PACE are solar arrays, HVAC upgrades, LED lighting, condensing boilers, digital controls, insulation, variable-frequency drive motors, building automation systems, and other water and energy conservation measures.
For program details, applications, fact sheets, success stories, and frequently asked questions, visit the PACE page on the Rural Minnesota Energy Board website.