Hilton Universal City Announces Nation’s Largest PACE Energy Efficiency Project
Green Building Financial Tool Funds $7M in Upgrades
December 12, 2013
The Hilton Los Angeles/Universal City recently became the largest commercial use of Property Assessed Clean Energy (PACE) financing, using the energy efficiency loan program to fund $7 million in sustainable upgrades to the property.Hilton’s project will lead to an estimated annual energy savings of $800,000 and water savings of $28,000, conserving more than 2.8 million gallons of water.Under PACE, state and local agencies may set up programs for commercial landlords and other owners to obtain financing for such energy projects as solar installations, reflective roofs and lighting, window and HVAC upgrades. Borrowers repay the loans through lien-based special assessments on their property taxes over 15 to 20 years. Read more.