If you are considering capital investments to increase the energy or water efficiency of your building, you need to pay attention to Property Assessed Clean Energy (PACE) financing. I have met a couple of people recently specializing in PACE and just posted an article on the Hilton Los Angeles/Universal City and how it used this type of financing to fund $7 million in upgrades in items ranging from LED lighting to HVAC systems.
According to PACENow, PACE is an “innovative way to finance energy efficiency and renewable energy upgrades to buildings. Interested property owners evaluate measures that achieve energy savings and receive 100 percent financing, repaid as a property tax assessment for up to 20 years. The assessment mechanism has been used nationwide for decades to access low-cost long-term capital to finance improvements to private property that meet a public purpose. By eliminating upfront costs, providing low-cost long-term financing and making it easy for building owners to transfer repayment obligations to a new owner upon sale, PACE overcomes challenges that have hindered adoption of energy efficiency and related projects in our nation’s buildings.”
PACE is available for both residential and commercial buildings. A total of 31 states and the District of Columbia have adopted legislation that enables local governments to offer PACE benefits to building owners. On its website, PACENow provides a map that shows which states have enacted PACE legislation.
Many Projects Involve Solar
According to PACENow, 39 percent of the projects financed via commercial PACE include solar and the remaining 61 percent are energy efficiency improvements such as HVAC and cool roofing.
“For every $1 million spent on solar and energy efficiency, an estimated 20 jobs are created, according to construction industry multipliers from the Bureau of Economic Analysis,” said David Gabrielson, Executive Director of PACENow.org, in a press release issued by Figtree Financing. “With over $43 million in projects financed via Commercial PACE nationwide, an estimated 860 jobs have been created around the country, and this is just the beginning.”
Be sure to watch for more details on PACE financing soon. Jonathan Pickering, Managing Director, K2 Clean Energy Capital, LLC, is currently working on an article for Green Lodging News about PACE.
Industry Pioneer Seeks Buyer/Developer for Concordia Eco-Resort
Stanley Selengut, owner of the Concordia Eco-Resort, St. John, U.S. Virgin Islands, contacted me this past week to let me know that he is seeking a buyer and developer for his Concordia Eco-Resort in St. John, Virgin Islands. The resort has 42 units, including 25 Eco-Tents with the remainder being studio apartments. The resort is set on 20 acres and borders a national park. The profitable enterprise includes additional acreage around the resort. If you are interested in learning more about this opportunity, contact Stanley at (561) 893-0885, or by e-mail at stansel@hamptons.com.
Who is Your Sustainability Champion?
Green Lodging News is always looking to profile sustainability champions in our Personnel Profile section. If you would like to nominate someone for this section of Green Lodging News, contact me at (216) 848-1406, or by e-mail at editor@greenlodgingnews.com.
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