Michigan Building Retrofits with PACE
A privately-financed Property Assessed Clean Energy (PACE) project in Michigan will involve over $1 million of improvements to the 1-800-Law-Firm building in Southfield. Over $500,000 will be financed through PACE, a tool that allows any business to use a property tax assessment to obtain much longer term financing than is otherwise available in the capital markets.
Lean & Green Michigan is the administrator of Southfield’s PACE program, which is a public-private partnership. The project will add solar and wind generating capacity, electric vehicle charging stations, and additional efficiency measures to the building.
Lean & Green Michigan is a statewide PACE program open to all Michigan counties and cities for free. Already, six counties and two cities with a total population of 3.6 million (37 percent of all Michiganders) have joined Lean & Green Michigan’s PACE.
Business property owners can finance almost any combination of clean energy improvements to their buildings through PACE, including energy and water efficiency measures and renewable energy generation. In general, for a project to be approved it must be cash flow positive for the property owner. That means that the energy savings must be greater than the payments throughout the life of the finance term.
- The World Resources Institute Scope 2 Guidance: A Verifier’s Perspective
- Smart Companies Utilize Integrated Energy Solutions
- Practical Insights into the Implementation of GHS Around the Globe
- Choosing the Correct Emission Control Technology
- How the IoT is Reshaping Building Automation
- Planning for a Sustainable Future
- 6 for 2016: Global Energy Market Trends
- Building Energy Benchmarking & Transparency Laws
- Shifting the Focus from End-of-Life Recycling to Continuous Product Lifecycles
- Mobility from the Plant Floor to the Store Door: Improve Safety, Accuracy and Productivity