Across Maryland, commercial property owners are looking to reduce their energy costs -- and now they can, thanks to a financing structure to ease the lending process for building improvements and energy measures that has been successfully used by other states.
PACE Financial Servicing (PFS) and the Maryland Clean Energy Council (MCEC) will partner to build the statewide commercial Property Assessed Clean Energy (PACE) program -- a nationally recognized financing tool that classifies clean energy upgrades as a permanent public benefit like a new sewer, water line, or road. These upgrades can be financed with no money down and then repaid as a benefit assessment on the property tax bill over terms up to 20 years. The assessment transfers on sale and can be passed through to tenant, where appropriate, which makes the transaction more secure for lenders and low cost for borrowers looking to install energy efficiency or clean energy upgrades.
The partnership seeks to create a centralized program allowing it to scale more quickly in Maryland by streamlining the county opt-in, program administration, and borrower application processes.
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