Chesterfield, Mo., is the latest city to join the Missouri Clean Energy District. Owners of qualifying properties in member communities may apply for lower-interest PACE financing for energy-saving upgrades and retrofits to their property and then repay the financing over a period up to 20 years via additional annual payments on their property tax bills.
The Property Assessed Clean Energy Act (PACE) was established by the Missouri State Legislature in 2010 to promote the use of renewable energy and supports improvements to commercial properties to make them more energy efficient.
The Clean Energy District provides sustainable capital for qualifying energy efficiency projects in communities across the state of Missouri. Qualifying property types include commercial, industrial, agricultural, multi-family, not-for-profit and public facilities and is generally used for existing facilities, not new construction. The program is funded through the municipal bond market and is administered by the Missouri Clean Energy District.
Through its affiliation with Missouri’s Clean Energy District, Kansas City, Missouri’s PACE program received $4.6 million in Missouri energy conservation bonds. A condominium complex in Kansas City used PACE funds to complete a retrofit that will result in an estimated $34,000 in energy cost savings annually.
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