Lean & Green Michigan and PETROS PACE Finance announced the closing of a $863,130 energy efficiency retrofit of the historical Whitney Building in Detroit. Read an excerpt below from Detroit’s Business Journal:
The Whitney, a historical restaurant in Detroit for more than three decades, today announced participation in the Commercial Property Assessed Clean Energy (C-PACE) program. With the goal of increasing energy efficiency and improving the guest experience, The Whitney will invest more than $850,000 in new HVAC systems, lighting, windows, kitchen equipment, and building controls to replace systems that date back to 1986.
The renovations will be funded by a $860,000 PACE loan, which enables property owners to retrofit their buildings with energy efficient systems by borrowing from a private lender and repaying via a special assessment on their property tax.
Paybacks are made from guaranteed cost savings generated by the new systems, and The Whitney’s project will be coordinated by Newman Consulting Group.