(WASHINGTON, DC) —Today, Mayor Muriel Bowser launched the District’s first energy efficiency and clean energy finance program, DC PACE (Property Assessed Clean Energy) Commercial. The program will provide 100 percent financing for businesses and commercial property owners to install clean energy upgrades, with no out-of-pocket payments.
“The District of Columbia is leading the nation in green building, and DC PACE adds yet another innovative tool for building a greener, more prosperous city,”said Mayor Bowser. “DC PACE creates green jobs and infuses investment into our local economy – at no cost to taxpayers or the District’s budget. That is a good deal for local businesses, our environment, and residents in the District of Columbia.”
Through a voluntary special assessment on real estate taxes, DC PACE projects are structured so that business owners save more money over the life of the projects to cover the cost of installation – thus lowering utility bills and improving net operating income, while reducing the District’s overall carbon footprint.
“This is smart government,” said the District’s Department of Energy and Environment (DOEE) Director Tommy Wells. “With DC PACE, we are using public policy to drive private investment into bricks-and-mortar projects that build the District of Columbia’s clean energy economy while reducing our dependence on fossil fuels. And it’s available to all businesses and commercial property owners as of today.”
Managed by DOEE, DC PACE is funding its first new project – a 37kW solar installation for a family-owned BP gas station on Georgia Avenue, NW. The project was financed using private capital from United Bank, and will produce over 40,000 kilowatt hours of renewable electricity every year, cutting the business owner’s electricity bill by more than 40 percent.