Detroit Gets PACE Financing
Wayne County, Mich., which includes the City of Detroit, is going to create a Property Assessed Clean Energy (PACE) district that will assist business owners in financing energy efficiency improvements.
Wayne County says it will be the largest local government outside of California to create a PACE district. Wayne County becomes the fifth county and seventh local government to join the statewide Lean & Green Michigan PACE program run by Levin Energy Partners.
The statewide PACE program is structured to allow every municipality to join after holding a public hearing and passing a resolution of intent and adoption. Huron, Ingham, Macomb, Saginaw, and Wayne Counties and the Cities of Rochester Hills and Southfield have all joined the program.
The commercial PACE market is growing, and to date nearly $52 million worth of sustainable upgrades to commercial buildings have been funded with PACE, according to PACENow, which is supporting and contributing to the efforts of the many groups and organizations using PACE.
State law allows local governments to create PACE programs where commercial property owners can take on voluntary special assessments to finance energy efficiency improvements. The financing is secured by the local government’s property tax authority.
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