What is Commercial PACE?
PACE is an innovative program that makes it possible for owners of commercial and industrial properties to obtain low-cost, long-term financing for energy-efficiency, water conservation and renewable energy projects.
PACE statutes authorize municipalities and counties to work with private sector lenders to provide upfront financing to property owners for qualified projects, and to collect the repayment through annual assessments on the property’s real estate tax bill. The term of PACE financing may extend up to 20 years, resulting in utility and other cost savings that exceed the amount of the assessment payment. PACE legislation for commercial property has been adopted in 29 states and the District of Columbia.