St. Lucie Launches New Commercial Retrofit Program
The voluntary PACE program involves land-secured assessments that stay with the property and mirror similar repayment procedures for street lighting districts, water and sewer connections, storm water and infrastructure projects, and other neighborhood improvements. The new PACE program simply expands these alternative financing options into the energy, water, wind hazard mitigation and sustainability sectors.
PACE financing is not a personal or business loan, but rather a voluntary non-ad valorem assessment that is paid off over time as a part of the annual property tax bill. To be eligible for PACE financing, property owners must have equity in their property and must be current on all local taxes over the previous 3 years. PACE financing is available on 5, 10, 15, and 20-year terms, with very reasonable fixed interest rates.
St. Lucie County has partnered with SELF to help create and administer the new PACE program, and Inland has agreed to provide financing for individual projects. SELF also operates a complementary home energy retrofit loan program through their certified Community Development Financial Institution (CDFI), which has financed nearly $2.4 million of home energy improvements in the Treasure Coast region. SELF also provides energy expertise and project management for all projects from start to finish.
“The County is excited to officially launch the new PACE program,” said Frannie Hutchinson, Chair of the St. Lucie Board of County Commissioners. “Local businesses are the backbone of our economy, and the new PACE program will help them complete much-needed upgrades, increase efficiencies, reduce operating costs, harden structures against hurricanes, and stimulate local economic development activity.”
“The County’s new PACE program provides additional financing options that will enable local property owners to achieve substantial savings on energy, water, and insurance rates,” said SELF’s Executive Director Doug Coward. “The retrofits will also promote redevelopment, enhance property values, create local jobs, and reduce environmental impacts to air and water resources.”
“We are pleased to be working with St. Lucie County and SELF to create new PACE financing programs for the local community,” said Inland’s Senior Vice President Mark Pikus. “Inland Green Capital is one of the premiere investors in PACE nationwide, and we are staunch proponents of PACE as a vehicle to fund energy efficient and sustainable improvements.”
For more information about SELF, please visit www.solarenergyloanfund.org or call 772-468-1818. To learn more about St. Lucie County, please call Erick Gill at 772- 462-1791 or visit http://www.stlucieco.gov/. To learn more about Inland Green Capital, LLC, please call Mark Pikus at 630-645-3795 or visit www.inlandgreencapital.com.