PACE Minnesota-Finance Energy Efficiency& Renewable Energy Upgrades
For property owners, PACE OF MN offers a no-money-down means of financing energy efficiency and renewable energy improvements; fixed-rate financing over a number of years, financing without requiring a property appraisal; a streamlined financing and repayment process, and access to financing that may not be readily available through traditional means.
Financing tool for energy efficiency & renewable energy improvements
How does PACE work? PACE financing is repaid as an assessment on your property tax bill for a set period. In this way, PACE eliminates the burden of upfront costs by providing low-cost, long-term financing. PACE is different than a traditional loan: there is less of a reliance on credit, the assessment stays with the property instead of the owner, and they can generally be repaid over longer terms than a bank might allow.
What can you do with PACE? Examples of potential building improvements that can be financed with PACE are solar arrays, HVAC upgrades, LED lighting, condensing boilers, digital controls, insulation, variable-frequency drive motors, building automation systems, and other water and energy conservation measures.
Who is behind PACE? St. Louis County signed a joint powers agreement with the Saint Paul Port Authority on May 23, 2017 authorizing the new PACE program. The Saint Paul Port Authority provides the PACE funding and administers all aspects of the program. We place the assessment on the property, collect payments each year, and pass money back to the Port Authority.
How can you take action? To learn more about PACE and take action, visit http://www.cleanenergyresourceteams.org/pace for program details and applications, facesheets, success stories, and frequently asked questions.
Contact: Peter Klein, Vice President of Finance Saint Paul Port Authority Tel: 651-204-6211 Email: firstname.lastname@example.org