PACE - Property Assessed Clean Energy Program
If you have business in Chesterfield and are considering upgrades to your facility to improve energy efficiencies, there is a state-wide program that may assist you in financing those projects.
The Property Assessed Clean Energy Act (PACE) was established by the State Legislature in 2010 to promote the use of clean, renewable energy and supports improvements to commercial properties to make them more energy efficient. Owners of qualifying properties can access special funding for these improvements, allowing for financing up to 20 years through the Districts, rather than using conventional lending. Chesterfield became a part two energy districts in 2015, enabling local businesses to participate in either programs. The City is part of the state-wide Missouri Clean Energy District (MCED) and also the Show-Me PACE Clean Energy District.
The purpose of the districts is to provide sustainable capital for qualifying energy efficiency projects in communities across the state of Missouri. When municipalities join together, they create a broad base of demand for capital and therefore an opportunity for economies of scale resulting in a reduced cost of borrowing for property owners. One of the most attractive aspects of the program to members is cooperation among communities which becomes a gateway to the lowest possible cost in terms of interest rates available. The MCED is best utilized for larger projects (over $1 million) and the Show-Me Pace program is best utilized for smaller projects.
Qualifying property types include commercial, industrial, agricultural, multi-family, not-for-profit and public facilities and is generally used for existing facilities, and sometimes new construction. Projects can include lighting, windows, water-saving, roofs, HVAC & solar. The program is funded through the municipal bond market and is administered by the Missouri Clean Energy District who handles the request from start to finish. Essentially, an additional property tax assessment is placed on the owner’s property, which is paid annually up to 20 years. The lien stays with the property, even if the property is sold.
To learn more about which program is best for you or see if your project qualifies:
MCED - David Pickerill at email@example.com or call 314-769-8300 or
Show-Me PACE- firstname.lastname@example.org or 573-616-1046.