Across the Upper and Lower Peninsulas, building owners and communities alike are eager to make energy efficiency improvements, but often lack the financial options or local policies needed to make it happen. Enter Property Assessed Clean Energy (PACE) financing – a financing option that is gaining traction throughout the state of Michigan.
PACE financing enables property owners to make energy-efficient upgrades to their buildings without having to pay the upfront costs. Instead, property owners repay the financing over time through a special assessment on their property tax bill. PACE financing is unique because it is tied to the property, not the individual, which means that if the property is sold, the new owner takes over the remaining payments. This allows property owners to make long-term investments in energy efficiency, without worrying about paying for it out of pocket. With PACE financing, energy-efficient upgrades become more accessible and affordable for building owners, helping to reduce energy costs and greenhouse gas emissions.
In 2015, MEO partnered with The Ecology Center, Michigan Land Use Institute, and West Michigan Environmental Action Council to bring PACE financing to even more places, making it easier for communities to access the financing they need to make energy-efficient upgrades. MEO is also helping communities adopt model local policies that enable clean energy advancements, such as rooftop and community solar.
Thanks to funding from RE-AMP, a network of nonprofits and foundations across the Midwest, MEO and its partners are making a real difference in the push for clean energy. By bringing PACE financing to more communities and promoting policies that encourage energy efficiency, MEO and its partners are helping to build a brighter, more sustainable future for all Michiganders.
For more information on PACE financing visit https://leanandgreenmi.com/
