Brown County business owners will now be able to finance their energy upgrades through an economic development program called PACE.
The Property Assessed Clean Energy Program lets certain property owners get long-term loans for projects like high-efficiency lighting or heating, solar panel installation, specialized windows and doors, HVAC and more.
The program was approved at July’s meeting of the Brown County Board of Supervisors. Earlier in July, Dane County was the 19th in the state to join PACE Wisconsin.
Interested business owners can contact a PACE-certified third party contractor who then performs an energy audit, which lays out details for the project and guarantees energy savings. The money from those savings then goes toward paying for the cost of the project.
PACE is a national program, but local governments establish their individual versions through separate, possibly varying legislation. No matter where it’s put into place, PACE can can cover the costs for projects like these with financing terms up to 20 years.
“This economic development tool has tremendous benefits for all of Brown County,” says Brown County Executive Troy Streckenbach. “It’s a win for taxpayers, a win for the County and a win for both business owners and urban renewal.”
PACE Wisconsin was established by state lawmakers in 2011. It’s overseen by the Wisconsin PACE Commission alongside the Wisconsin Counties Association, the League of Wisconsin Municipalities, and Green Tier Legacy Communities.
RENEW Wisconsin and other environmental advocacy groups have spoken out in support of the funding mechanism.
Dane Co. Supervisor Patrick Miles called the PACE financing approach “an interesting tool for the county.”
“We can basically lower risk for lenders and keep the cost down, but we don’t end up putting any taxpayer money on the line,” he said.
According to the Department of Energy, over 30 states have PACE legislation, and about $400 million in projects have been financed nationwide through the program.
–By Alex Moe
WisBusiness.com
