Since our last edition, the GC-PACE team has been busy working with property owners, contractors, and local governments to bring together the resources necessary to use PACE financing to fund a number of energy efficiency and renewable energy projects. As you will see throughout the newsletter, demand for PACE financing is growing throughout the Greater Cincinnati region and across the United States. If you are interested in learning more about GC-PACE, visit our website or contact Chris Jones.
PACE surpasses the $1 billion funded mark
According to the national non-profit PACENation, the total value of energy efficiency and renewable energy projects financed using PACE has surpassed the $1 billion mark! This includes projects completed on residential and commercial properties and demonstrates the significant penetration of PACE financing in the real estate market. You can join PACENation or sign up to attend the inaugural PACENation summit in Denver from February 29th to March 2nd.
PACE in Kentucky: Covington authorizes EPADs
In the May edition of the GC-PACE newsletter we announced that Kentucky had passed a law enabling EPADs which allow property owners to access PACE financing. Since that time, the Covington Commissioners passed Ordinance 0-32-15 which created an EPAD in the city for non-residential property owners. We are currently working with several contractors and building owners in Covington to advance their efficiency projects and hope to announce in the next few weeks that the first PACE project in Kentucky has been completed!
PACE in Ohio: Blue Ash and Union Township authorize PACE
The city of Blue Ash (Hamilton County) and Union Township (Clermont County) recently passed resolutions that authorize the creation of PACE districts within their jurisdictional boundaries. The resolutions were an outcome of property owners in those jurisdiction wanting to be able to access GC-PACE financing to fund energy related upgrades to their properties. If you are interested in bringing GC-PACE financing to your jurisdiction, contact Chris Jones and he can help you through the process.
PACE Case Study: Kettering Tower
Kettering Tower is a 500,000 sq. ft, 30-story class A office building located in Dayton, Ohio. When the property owners were interested in making energy efficiency improvements to the property they turned to Plug Smart, a GC-PACE participating contractor, for help. Plug Smart recommended a number of different measures including LED lighting, occupancy controls, building automation systems, enthalpy-based economizer controls, and cooling tower support.
PlugSmart worked with the owners to obtain PACE financing so they could finance the project over a longer term. The final project totaled $1.9 million and was financed over 10 years using PACE. Best of all, PACE will allow the owners to directly benefit from the projected 33% reduction in energy consumption the project provides.
Contractor Spotlight: Process Construction
Process Construction is a commercial and industrial contracting company specializing in the installation of process piping, piping fabrication, plumbing services, and HVAC and refrigeration services. The company has been in business since 1896 and has seen the HVAC industry evolve during that time. It views GC-PACE as a tool that can help it close more sales due to the variety of benefits it can provide property owners. We will be sharing details about some of the GC-PACE financed projects that Process Construction is working on in our upcoming newsletters.
GC-PACE Outreach Events
- PACE for Commercial Contractors: November and December TBA
- PACE for Commercial Real Estate (CRE) Professionals: November and December TBA
- Solar Energy Workshop hosted by the city of Montgomery: November 5
- Duke Energy Trade Ally annual meeting: December 3
- Solar Energy Workshop hosted by the city of Montgomery: December 8
- August 26: PACE Presentation to the Kentucky Local Governor’s Issues (LGI) annual conference
- September 2: “Selling Clean Energy Solutions” hosted by the African American Chamber of Commerce
- September 10: PACE presentation to the Bellevue City Council
- September 22: “Renewable Energy Workshop” hosted by the USDA
- September 30: PACE Presentation to the Kentucky Center for Renewable Energy Research & Environmental Stewardship
- October 8: “Solar Energy Workshop” hosted by the city of Montgomery
- October 12: PACE presentation to the Hamilton County First Suburbs Executive Committee
If you are interested in learning more about PACE financing, please email or call Chris Jones at 513.621.4232 ext. 121.