St. Paul Implements PACE Financing for Energy Projects
The city council of St. Paul, Minn., approved the issuance of about $10 million of revenue bonds for Property Assessed Clean Energy (PACE).
The St. Paul Port Authority will issue the bonds to finance loans to cities throughout the state for projects to boost efficiency or install renewable energy systems, reports the Star Tribune.
With PACE financing, building owners can make energy efficiency improvements or install renewable energy systems and pay the loans through an assessment on their property tax bill.
The Star Tribune says Minnesota’s PACE program will work similarly to another state program – Trillion BTU – in which Xcel Energy and the nonprofit Center for Energy and Environment fund energy retrofits in commercial buildings for such things as heating and lighting. The Port Authority also administers the Trillion BTU program.
Although Minnesota approved PACE financing in 2010, it is only now seeing broad adoption. The PACE bonds must be repaid within 20 years.
In nearby Milwaukee, the city’s Economic Development Corporation is working with California-based Clean Fund to finance energy efficiency projects for commercial buildings via PACE.
Photo credit: cliff1066™’s Flickr photostream
- Strategies for a Successful EHS&S Software Selection
- Shifting the Focus from End-of-Life Recycling to Continuous Product Lifecycles
- How the IoT is Reshaping Building Automation
- The New Energy Future - Challenges and Opportunities in Corporate Energy Management
- Improve Occupant Comfort & Reduce Energy Costs Through Humidity Control
- 2016 Energy and Sustainability Predictions Findings from Facilities Professionals
- 2016 Environmental Leader Product & Project Awards
- The Corporate Sustainability Professional's Guide to Better Data Management
- Financing Environmental Resiliency and a Low-Carbon Future with Green Bonds
- It's Time for Today's EHS and Sustainability Professionals to Embrace Big Data