The Development Finance Authority’s Property Assessed Clean Energy (PACE) program can provide financing for multi-tenant complexes, which allow property owners to make significant building upgrades resulting in better indoor air quality, improved tenant comfort and reduced energy costs for owners and their tenants.
Improvements can include HVAC insulation enhancements, electrical upgrades and window and roof replacements that might save the owner 15-20 percent or more annually in energy consumption and costs. Proposed improvements can be financed through the DFA or alternatively Northeast Ohio Public Energy Council (NOPEC) over 15 years via a unique financing tool called Property Assessed Clean Energy (PACE) financing. PACE allows the property owner to repay the energy efficiency improvements through a special assessment placed on the property. NOPEC has initiated a PACE revolving loan fund program to finance projects between $100,000 and $500,000. NOPEC also has a new program for smaller deals which are located in communities that have less than 50,000 people. To learn more link to NOPEC.
PACE projects that exceed $1M may be eligible for the financing through the DFA Jobs & Investment Bond Fund. Conduit PACE financing is also possible. To learn more about how PACE might work for you, please contact the DFA directly or complete and submit an application.
Various other commercial lending sources also serve the PACE market. See Energy Project Financing Tools.