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Demeter Power was awarded the DOE grant to boost PACE financing for solar

 Reporter-South Florida Business Journal

A new company in West Palm Beach was awarded $500,000 as part of the U.S. Department of Energy’s $60 million SunShot Incubator Program grants.About 25 percent of Swinerton's construction business in the Sacramento area involves the solar market. The company's newest local solar farm, above, is on McKenzie Road in Galt.

Demeter Power was awarded the grant to boost PACE financing for building retrofits. PACE stands for property-assessed clean energy, which allows owners to pay for building improvements on their property tax bill over time.

An additional $3.2 million in SunShot awards went to University of Central Florida.

According to the DOE, since 2007, more than 50 American startups have participated in the SunShot Incubator Program.

The awards are intended to help lower the cost of solar electricity and support a growing U.S. solar workforce, according to a DOE news release.

The department said the cost of a solar energy system has dropped by more than 70 percent in three years.