How to Qualify for PACE Financing and Finally Implement the Energy Conservation Measures You’ve Been Dreaming About!
Do your tenants and customers complain about air quality and the physical work environment? It often sounds like this: “I’m too hot,” “I’m too cold.” Or worse, “There’s a funny smell and I think it’s making me sick.”
You fix and you fix and you fix - the vents, the windows, the HVAC. But the improvements are slight and they don’t last long.
And you’ve noticed that your energy bills have nearly doubled over the last few years.
It may be time for some upgrades.
But which ones and how do you pay for them? Use this simple checklist to see if you qualify for PACE financing. PACE, or Property Assessed Clean Energy, is an innovative financing tool that can help you pay for those energy conservation measures you want – and maybe even some you didn’t know you needed! An energy analysis is included, so you’ll know exactly which upgrades to implement and the expected payback. When you finance with PACE, you will have a guaranteed cost/energy savings.
To get started and see if you might qualify for this kind of energy upgrade financing, answer these simple “yes or no” questions about the property you would like to upgrade:
☐ ☐ Are property taxes current?
☐ ☐ Have property taxes been delinquent at any time in the past 3 years?
☐ ☐ Is the owner/property in bankruptcy or has it been in bankruptcy in the past 5 years?
☐ ☐ Is the property listed as an asset in a current bankruptcy case?
☐ ☐ Are there any federal or state income tax liens, judgment liens or similar involuntary liens on the property in amounts exceeding $1,000?
☐ ☐ Is the physical property located in a PACE district? (insert list/link)
If the property is mortgaged, please answer the following questions:
☐ ☐ Does the current mortgage balance exceed the total value of the property?
(Use value as found on property tax bill or as determined by an Appraisal Institute MAI Designated appraiser within the past 90 days.)
☐ ☐ Are mortgage payments on the property current?
☐ ☐ Have mortgage payments been delinquent in the past 3 years or since owning the property, if less than 3 years?
PACE is currently available in many states throughout the country. See the map here. Nearly 30 cities and counties in Michigan are now PACE districts, and Newman Consulting Group is diligently working with businesses and municipalities across the state to implement PACE.
Typically, the buildings that will see the most benefit are ones that are older, larger, and more expensive to run:
- HVAC systems more than 10 years old
- Footprint of more than 35,000 SF
- Have energy expense that averages $6,000/mo or more
- Deficient record of maintenance and upkeep
If this sounds like your building, PACE financing may be an option. Not sure? Call or email us anyway and we can help you with PACE or help you find other financing options that will work to help you properly implement your energy conservation measures for the best results.