St. Lucie, SELF Offer First PACE Loan to Adams Ranch
The PACE program is available to commercial, industrial, non-profits and agricultural land owners, and provides no money down financing options for energy efficiency, renewable energy, wind-hazard mitigation and water conservation projects. 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. The land-secured assessments stay with the property and mirror similar repayment procedures for street lighting districts, stormwater and infrastructure projects, and other neighborhood improvements. The PACE program simply expands these alternative financing options into the energy and sustainability sectors. To be eligible for PACE financing, property owners must have equity in their property and be current on local taxes over the previous 3 years. Private financing is being provided by Inland St. Lucie PACE, LLC, and is available on 5, 10, 15, and 20 year terms with competitive fixed interest rates. The PACE program is administered by the non-profit Solar and Energy Loan Fund (SELF), who provides energy expertise and project management. SELF also operates a home energy retrofit loan program that complements the County’s new PACE program. To date, SELF has completed nearly 1,000 energy audits and closed 325 loans totaling $2.75 million.
Mike Adams, president of Adams Ranch said: “We are interested in utilizing solar energy to reduce our operating costs, while also creating local jobs.” In an effort to become more energy efficient, Adam’s Ranch selected SunCool Energy to install 6 solar water heaters financed entirely through the County’s new PACE program. The installation work will begin this week.
Paula Lewis, Chairman of the St. Lucie County Commission, said, “The new PACE program allows for energy efficiency and clean energy to be more accessible and affordable than ever before, and it supports economic development by improving business operations and creating local jobs.”
SELF’s Executive Director Doug Coward, said: “We are excited to expand our partnership with St. Lucie County, and to officially launch the new PACE program with the Adams family.” He added: “St. Lucie County now has one of the most robust local clean energy financing programs in the nation, offering energy expertise and financing options to residential, commercial, industrial, non-profits, and agricultural landowners.”
For more information, please call SELF at 772.468.1818 or visit www.solarenergyloanfund.org.