PACE Funds $7M Energy Retrofit for Hilton
The Hilton Los Angeles/Universal City completed a $7 million retrofit funded by Property Assessed Clean Energy (PACE) financing. The Hilton project will result in an annual energy savings of $800,000 and water savings of $28,000, conserving more than 2.8 million gallons of water.
This comprehensive retrofit included energy efficiency glass installations and new LED lighting, which is expected to reduce energy consumption by 50 percent. Moreover, older HVAC systems were replaced with new energy efficient ones.
The Hilton will receive utility rebates and tax incentives of about $1 million.
Structured Finance Associates, which specializes in PACE project financing, arranged funding for the project.
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