Rural Minnesota Energy Board announces financing tool for energy efficiency improvements
Published 8:00 pm Tuesday, June 9, 2020
Interest in energy efficiency for buildings and adding renewable energy, like solar, has been growing in recent years in southwest Minnesota. A financing tool called Property-Assessed Clean Energy, or PACE, can help implementation of these energy efficiencies happen, according to a press release.
Available to businesses, farms and multi-family housing, PACE provides project financing that is repaid as a separate item on property tax assessments for a set period. In this way, PACE eliminates the burden of upfront costs by providing low-cost, long-term financing. PACE is designed so that energy savings are enough to pay for PACE assessments.
Examples of potential building improvements that can be financed with PACE are solar arrays, HVAC upgrades, LED lighting, condensing boilers, digital controls, insulation, variable-frequency drive motors, building automation systems, and others. Free energy assessments are available to assist in determining energy efficiencies.
This program is available in the 18 rural Minnesota Energy Board member counties, including Faribault, Freeborn and Mower counties.