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PACE in MI: Program puts Michigan firms on PACE to save energy, money

SOUTHFIELD, Mich. — Suppose you owned a business, apartment complex, or factory and realized it was costing you vast sums of money in wasted energy.

That is more likely than not to be the case. According to the U.S. government, the average building wastes a third of all the energy it uses. But many owners are reluctant to tackle the problem.

Why? Cost. Banks generally limit commercial lending loans to three to five years — sometimes with a balloon payment at the end.

Monthly payments are usually higher than any utility savings, and few businesses can wait years to see a positive bottom line.

Now imagine this: What if there was a program under which you could contract for the improvements you need, and have the costs added as a special assessment to your property tax?

No taxpayer money whatsoever would be involved. Payments would be spread out over 10 to 20 years, and structured in a manner that would guarantee the property owner would save more every month than he or she will have to pay in added taxes. Read more.