One of the biggest obstacles our customers face when planning an energy related project is financing. PACE eliminates that obstacle by allowing commercial building owners to obtain low cost financing for 20+ years on projects that enhance building energy efficiency, sustainability, or renewable energy. PACE programs can be found across the country and have funded 2,000 projects thus far. The most recent PACE program launched right here in Chicago as a way for the City to meet its sustainability and economic development goals while creating local jobs, promoting local utility programs, and engaging with minority and women-owned businesses.
PACE stands for Property Assessed Clean Energy and is a method of providing 100 percent long term, fixed-rate financing for energy efficiency, resilience, water conservation and sustainability upgrades to existing buildings and new developments. Through PACE, a beneficial assessment is attached to the building and paid out through the property tax bill. Commercial and multifamily property owners across Chicago can use Chicago PACE financing to lower both operating expenses and their cost of capital.
Project costs that are eligible for financing through PACE include the cost of materials and labor, project related work, financing costs, and soft costs such as building permits, inspections, commissioning, audits etc. Project examples include building envelope improvements, energy efficiency equipment retrofits, combined heat and power, roof replacements, solar and much more.
360 Energy Group, a Smart Energy Design Assistance Center partner, will work within the Chicago PACE program to provide feasibility studies, incentives and financing, and implementation assistance. Our services include an examination of the major building components, utility bill analysis, and system optimization. We will also provide ongoing implementation assistance including technical expertise, economic analysis, and engineering support throughout your project to verify that all measures are completed as planned. Our team will guide you through the PACE financing process and can assist you in gaining utility incentives for energy efficiency projects and obtaining green building certifications.
Chicago PACE is eligible in the City of Chicago for commercial, industrial, multi-family, and non-residential agriculture facilities. Chicago PACE is not currently available for residential or condominium facilities. To finance your next project through the Chicago PACE program, contact our Project Manager Bryan Tillman at bryan@360eg.com or 773-236-8901.
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