Eagan has entered into a partnership with the St. Paul Port Authority to offer a new form of financing to business property owners for energy efficiency and renewable energy improvements.
Typically, Property Assessed Clean Energy loans are used for more efficient lighting, heating and air conditioning, windows, insulation, geothermal electric, geothermal and heat pumps.
A voluntary special assessment, typically up to 15 years, is added to the business owner’s property tax bill. The interest rate is set for the term of the loan and is typically below the market rate, according to a news release issued by the city. Read more.