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11 - Expansion of Property Assessed Clean Energy Program
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11 - Expansion of Property Assessed Clean Energy Program
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1. Eligible Properties <br />The Local Government's PACE program is a strictly voluntary program. All private sector <br />owners of Eligible Properties located within the Local Government's PACE region may <br />participate in PACE financing. "Eligible Properties" include commercial, industrial, and multi- <br />family residential properties with five or more dwelling units. Government, residential2, and <br />undeveloped property and property undergoing development at the time of the assessment are <br />not Eligible Properties. <br />2. Qualified Improvements <br />PACE financing may be used to pay for Qualified Improvements to Eligible Properties. <br />"Qualified Improvements" are permanent improvements intended to decrease water or energy <br />consumption or demand, including a product, device, or interacting group of products or devices <br />on the customer's side of the meter that use energy technology to generate electricity, provide <br />thermal energy, or regulate temperature. Under the PACE Act, products or devices that are not <br />permanently fixed to real property are not considered to be Qualified Improvements. <br />The following items may constitute Qualified Improvements: <br />• High efficiency heating, ventilating and air conditioning ("HVAC") systems <br />• High efficiency chillers, boilers, and furnaces <br />• High efficiency water heating systems <br />• Energy management systems and controls <br />• Distributed generation systems <br />• High efficiency lighting system upgrades <br />• Building enclosure and envelope improvements <br />• Water conservation and wastewater recovery and reuse systems <br />• Combustion and burner upgrades <br />• Heat recovery and steam traps <br />• Water management systems and controls (indoor and outdoor) <br />• High efficiency irrigation equipment <br />3. Benefits of PACE to Property Owners <br />The PACE program will enable owners of Eligible Properties to overcome traditional barriers to <br />capital investments in energy efficiency and water conservation improvements, such as <br />unattractive returns on investment, split incentives between landlords and tenants, and <br />uncertainty of recouping the investment upon sale of the property. <br />By financing Qualified Improvements through the program, property owners may achieve utility <br />cost savings that exceed the amount of the assessment and reduce their exposure to utility price <br />volatility. As a result, the value of the property will be enhanced, and the owner will only be <br />obligated to pay the assessment installments that accrue during its period of ownership of the <br />property. Additionally, by investing in energy efficiency and water conservation with PACE <br />This encompasses single family residential and any multi -family properties with fewer than five units. <br />
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