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Ann Arbor’s PACE program helps finance energy projects in local businesses

Five area businesses will soon kick off projects that will help reduce energy expenses and boost property values, thanks to the City of Ann Arbor’s Property Assessed Clean Energy (PACE) program.

Energy-efficient lighting, high-efficiency heating and cooling systems, upgraded cooking equipment, roof and wall insulation, and solar shingles are just some of the projects that will receive financing through the first PACE program to launch in Michigan. PACE financing, which is made available through the sale of a bond and repaid by property owners through annual special assessments, features long-term, low, fixed interest rates.

“PACE is a direct $560,000 investment in the local economy that will result in annual energy savings for local businesses of more than $56,000,” Mayor John Hieftje said. “The annual electricity and natural gas savings of the first five PACE projects will be equivalent to the electricity used by more than 50 homes in a year. Our city’s Climate Action Plan calls for reducing greenhouse gas emissions 8% from 2000 levels by 2015, and these projects – and others like them – are an important part of helping Ann Arbor reach its sustainability goals.” Read full article here.