What is PACE?
PACE, an acronym for Property Assessed Clean Energy, is a financing model that funds properties for energy efficiency improvements, renewable energy solutions, and water conservation. This reliable and cost-efficient method is committed to boost the economy, implement green and sustainable energy generation and resource conservation procedures.
The program is designed for both residential and commercial properties with no-upfront cost. Property owners can get 100% of the project financed and pay it back within 10-20 years as an additional property tax. It is claimed in U.S. Energy Department Report that around $4 billion is generated through PACE financing for energy efficient solutions. A standard PACE program includes replacement of heating and/or cooling systems, insulation and wall sealings, windows and door alteration, HVAC upgrades and water storage tanks.
PACE Program with METCO
METCO PACE system offers consumer-friendly financial terms to commercial and residential property owners.The funds are utilized in the production of clean and green energy to increase the long-term value of a property. Once the possession of the property is changed, the liability of loan payment is transferred to the new owner. The features of METCO PACE Financing programs are discussed below:
- Little upfront cost
- Payable time of 10-20 years
- The loan is secured with the property rather than the owner’s credit score
- The loan is transferable to the next owner when the property is sold
- Finance the project on property tax for low-cost payment
Benefits of PACE Financing
The payment method for PACE initiative is easy and affordable as it is offered on a small upfront cost and long-term return policies.
Smooth Cash Flow
By keeping the monthly installments low, the utility savings exceed thus ensuring smooth cash flow.
The PACE finance program is specifically designed to support efficient energy upgradation and water conservation
When the property is sold, the PACE financing loan is paid off by the new owner as the debt is attached to the property instead of the owner.
Why Choose METCO?
METCO aims to improve energy efficiency and has saved up to 23,000 KV of energy since its inception. For flexible energy services and solutions, the company finances commercial and residential property owners with PACE programs. The initiative supports green energy alternatives such as solar panels and HVAC systems to upgrade heating and cooling systems. Insulation of walls, roof, and floor can also be financed through PACE programs for energy conservation and cost savings.