Implement renewable energy and efficiency improvements without a large up-front cash payment
Property Assessed Clean Energy (PACE) is an innovative option that enables property owners to fund the up-front costs of energy efficiency improvements and repay them over a set period, typically 10 to 30 years. This program is available to commercial and nonprofit entities, providing them with a pathway to reduce energy costs, improve building comfort, and reduce greenhouse gas emissions.
One of the significant benefits of PACE financing is that the repayment obligation may transfer with the property if the buyer and seller agree for the obligation to remain. This can help address a significant disincentive to investing in energy improvements, as many owners are reluctant to make upgrades if they think they may not stay in the property long enough to see the resulting savings cover the upfront costs.
Centrica Business Solutions works with property owners to develop and design energy efficiency projects that save energy and address additional infrastructure improvements in their facilities.
Energy upgrades must be approved by a PACE administrator before financing becomes available. Once the financing is secured, the improvements will be implemented, and the property owner will begin realizing energy savings.
If the building is sold during the PACE repayment period, the lien can remain with the property and become an obligation of the new building owner.