Property Assessed Clean Energy (PACE) Financing
The City of Fairfield, along with the City of Monroe and Liberty Township, are members of the I-75 Energy Special Improvement District (ESID), which allows PACE projects to be completed in Fairfield.
PACE Financing offers commercial property owners the opportunity to leverage property assessment financing to pay for energy efficiency and renewable energy projects. PACE is designed to assist commercial property owners with access to affordable, extended term financing for both new construction and energy related improvements for their buildings.
Benefits of PACE Financing:
- Triple net lease pass-through
- No down payment or personal/business guarantee
- Debt is on the building not on your balance sheet
- Reduced energy costs
- Low fixed annual payment for the life of the PACE loan, 15-25 years
- Can be used for new construction or renovations
- Financing for up to 30% of the appraised value
Example improvements eligible for PACE Financing include:
- New construction
- Heating & Cooling Systems (HVAC)
- Building Automation Systems (BAS)
- Solar Photovoltaic (PV)
- Air Sealing
- High Velocity Ceiling Fans
- Demand Reduction Controls
- Pumps, Motors, and Drives
- Duct Sealing
- Other Market-Proven Technologies
The amount borrowed is repaid via a special property tax assessment, and the assessment remains with the property if building ownership changes hands. With no upfront costs, property owners can save more money by reducing their energy bill than they will spend to pay off the debt service.
For more information on the I-75 ESID and PACE Financing, view our Program Flyer.