PACE allows for the cost of new energy equipment or improvements to be repaid for up to 20 years via an assessment added to a property’s tax bill.
One feature: Even after a property sale, the assessment remains with the property, not the previous owner.
The Port Authority has offered the tool many times, for the Front Street buildings in Dayton, at 130 W. 2nd St. in downtown Dayton and other local sites.
As of 2019, more than 200,000 homeowners had made $5 billion in energy efficiency and other improvements to their homes through PACE financing, according to the U.S. Department of Energy.
The loan is directed toward commercial property owners whose properties meet certain criteria:
- Multi-family housing.
- Owner-occupied commercial business property.
- Expansion or energy improvement project of a current facility.
- Redevelopment projects or new construction.
The program is not necessarily for “startup projects,” the Port Authority cautioned. The ideal candidate is more likely an experienced property owner or operator.
Improvement projects with an energy savings often include heating, ventilation, air conditioning (HVAC) investments, new boilers, roofs and windows, lighting, controls and electrical upgrades and solar panels
“This PACE program compliments our portfolio of creative debt financing programs and provides needed market rate capital for our region’s property owners,” Dan Kane, president of CityWide, said in a statement.
“The city of Dayton and Montgomery County’s financial investment was critical to make this program work, and we appreciate their commitment to and support of our organizations,” said Joseph Geraghty, executive director of the Port Authority.
Montgomery County businesses, non-profits and local governments may be eligible.
For more information, visit daytonport.com, where a PACE interest/inquiry form should be found. Or call Geraghty at (937) 853-2535, or Heather Corbin, of CityWide, at (937) 853-2565.
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