Tax Increment Financing (TIF) and Tax Abatement
U.S. Small Business Administration (SBA) Loans
PACE - Property Assessed Clean Energy Financing
Is your business, farm, multi-family housing building, nonprofit, or place of worship interested in energy efficiency or adding renewable energy, such as solar? A new financing tool called Property Assessed Clean Energy, or PACE, can help move your project forward.
How does it work? PACE financing is repaid as an assessment on your property tax bill for a set period. In this way, PACE eliminated the burden of upfront costs by providing low-cost, long-term financing. PACE is different than a traditional loan: there is less of a reliance on credit, the assessment stays within the property instead of the owner, and they can generally be repaid over longer terms than a bank might allow.
What can you do with PACE? 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.
Who is behind PACE? The Saint Paul Port Authority provides the PACE funding and administers all aspects of the program. We place the assessment on the property, collect payments each year, and pass the money back to the Port Authority.
How can you take action? To learn more about PACE and take action, visit http://www.cleanenergyresourceteams.org/pace for program details and application, factsheets, success stories, and frequently asked questions.