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PACE Equity Launches Wisconsin’s First PACE Project with University Club Renovation

Milwaukee, MI (PRWEB) September 25, 2014

PACE Equity, a Property Assessed Clean Energy (PACE) project originator, today announced the first PACE project in the state of Wisconsin: a $1.9 million renovation of the University Club building. The six-story clubhouse, which was built in 1928, will undergo a complete overhaul focused on generating a 30% energy savings of $1.3 million over 18 years.

PACE Equity acted as owner’s representative and worked with the City of Milwaukee in the development of the renovation plan. The Milwaukee Economic Development Corporation provided financing of the PACE portion of the project, which accounted for 35% of the overall renovation budget. PACE Equity also provided energy engineering and a guarantee of the corresponding energy savings. This work included simulating the impact of multiple energy conservation measures to maximize energy savings resulting from the project, ongoing performance reporting and a plan for measurement and verification after implementation.

“We know that the results of the University Club project will help other building owners see the possibilities of the PACE program, and we are proud to be leading the charge in Wisconsin,” said Beau Engman, founder of PACE Equity. “The University Club is performing a renovation that is important to their strategic plan. This project is an example of how PACE funding can be used as a tool to help building owners perform significant building improvements that are ultimately funded through energy savings.”

The project will also add new jobs in building development and construction.

“The University Club project is a win-win for the city of Milwaukee,” said Erick Shambarger, Deputy Director of the City of Milwaukee Office of Environmental Sustainability. “Not only are repairs being made to ensure the sustainability of a Milwaukee landmark, the project is also creating local jobs to bolster Milwaukee’s economy and growth.”

The aspects of the renovation project funded by PACE include balancing the building’s airflow with new makeup air units, updating the HVAC system, repairing steam traps, repairing windows and replacing all lights – including chandeliers – with LEDs. These changes will modernize the mechanics of the building while retaining the old-world aesthetics of the historic landmark. These updates will generate immediate annual energy savings of $56,000 for the University Club. Read more.