In order to bring our buildings and homes up to code in terms of energy efficiency, states and regions are considering new financing options to offset the costs of improvements.
The Northern Kentucky Tribune recently wrote about one of the state’s counties approving the creation of an assessment district. This district is now charged with deciding how to disperse Property Assessed Clean Energy (PACE) financing among the county’s commercial, industrial, nonprofit, agricultural, and multi-family properties.
“This really speeds up the process for property owners who are interested in pursuing this financing tool in Boone County,” said Chris Jones, director of PACE financing for Energize Kentucky, a nonprofit organization that administers the program in Boone, Campbell, and Fayette counties. “A process that sometimes took many months to complete can now be completed in just a few weeks with this new legislation in place.”
The state of Nebraska legalized PACE loans in 2016, but the first project to use the financing option in the state capital of Lincoln is the Lincoln Sports Complex, which could be completed by year’s end. The complex received a PACE loan of $1.5 million for developments and the Lincoln Journal-Star covered the state of improvements so far, as well as some of the investments involved in the upgrade process.
You can find more about Kentucky’s approach to energy efficiency financing by clicking here.
You can also learn more about the construction of the Lincoln Sports Complex from this article.
The University of Southern California’s Sol Price School of Public Policy recently released a study that analyzed the impact of PACE financing in Florida and California, which you can access by clicking here.