FAYETTEVILLE: (August 17, 2015) – The City of Fayetteville’s model PACE program has funded its first project, Mayor Lioneld Jordan announced this week.
Communities Unlimited, a non-profit foundation focused on advancing community sustainability and entrepreneurial growth, secured a property assessed clean energy (PACE) loan from IBERIABANK this month to finance energy improvements to its 9,000 square foot headquarters that will save the organization approximately $5,000 per year in energy costs. The Communities Unlimited project becomes the first PACE project funded in Arkansas since the 2013 Arkansas General Assembly adopted Act 1074 enabling local jurisdictions throughout the state to form energy improvement districts and finance PACE loans for property owners.
Arkansas Advanced Energy Equity (A2E2) is the Fayetteville PACE program administrator. Spokesman Steve Patterson said the first project is entirely the product of Fayetteville enterprises. “The leadership at Communities Unlimited was highly motivated to complete this deal and they’ve earned their status as the first project,” Patterson said.
Read more from the press release here.