Guest AuthorThe innovative Florida Green Energy Works is designed to offer property owners community improvement options to save both energy and money.
PACE — Property Assessed Clean Energy — is the program overseen by Florida Green Energy Works, implemented in several cities in Florida. It provides property owners the ability to purchase and install energy efficient and renewable energy technologies through innovative financing.
Commercial property owners who install these energy saving technologies can pay for them through their property tax bill — though not as a part of their valuation.
This simple repayment strategy allows business owners to see energy savings almost instantly. It also provides a critical boost to the economy when local contractors install the equipment.
As a pilot program, PACE started in Berkeley, California in 2007. It’s now deployed at various stages in 27 states and the District of Columbia. PACE enjoys bipartisan support because it is more than just an “environmental” program — it stimulates job growth, boosts local economies, and does not rely on taxpayer money.
PACE helps commercial owners borrow money for energy-efficient improvements, such as installing energy-efficient windows, insulation, low-energy light bulbs, or other energy-reducing features. The loan also helps pay for more advanced innovations such as geothermal heat pumps, solar photovoltaic systems, and solar panels on roofs.
In Florida, EcoCity Partners administers the Florida Green Energy Works PACE program. In March, EcoCity Partners was tapped by the City of Gulfport to manage its PACE program. Gulfport is their first city on Florida’s west coast, making EcoCity Partners a bicoastal company.
“Gulfport and the city commission set the standard, they did their due diligence. Gulfport took its time and made sure the program fit the city,” Amy Elliot, the Executive Director of EcoCity Partners, said in a recent interview.
Gulfport businesses can begin applying for funding now on the EcoCity Partners website. Owners looking to make improvements costing $5,000 or more can apply, and if qualified, can borrow up to 100 percent of the equity of a commercial property. EcoCity has already found at least 70 businesses eligible for PACE in Gulfport, Ms. Elliot said.
EcoCity Partners is developing PACE projects in other Florida Green Energy Works jurisdictions, and is hoping to expand in Pinellas County.
