A spokesman for the Missouri Clean Energy District (MoCED) has asked the city of Ballwin to join a program designed to encourage commercial and industrial property owners to invest in energy efficiency and renewable energy systems.
David Pickerill, executive director of MoCED’s Property Assessed Clean Energy (PACE) program, told the Ballwin Board of Aldermen at its Sept. 8 meeting that the city would not incur any costs if it approved an ordinance joining the statewide effort.
Under terms of legislation approved in 2010, property owners in participating cities, villages, towns and counties are eligible for low-cost funds to finance energy-saving investments. Money for the financing comes from municipal bonds issued by the Missouri Clean Energy District, the entity created by the 2010 legislation. Technically, the funds are not considered a loan and are repaid by an assessment added to the owner’s property tax bill. The repayment period can be as long as 20 years.
The assessment is secured by a senior lien on the property and can be transferred if the property is sold. Another advantage, Pickerill said, is that there are no, or very low, up-front costs to property owners receiving the financing. Read more.