A new clean energy program is available to commercial properties in South Lake Tahoe to improve the energy and water efficiency of their properties.
The Property Assessed Clean Energy financing model allows property owners to borrow money, usually on a 20-year term, and repay it with a special property tax assessment that won’t require a cash down payment or inhibit the businesses’ ability to borrow money for operations in the future.
South Lake Tahoe’s council members approved the PACE program in June and are partnering with Figtree Financial, a San Diego-based firm that will market the program and offer private funding to pay for the property improvements.
Property Assessed Clean Energy financing allows up to 20 percent of a property’s value to be financed for energy efficiency, renewable energy or water conservation upgrades. The financing creates an assessment lien on the property and is repaid with semi-annual installments on the property tax bill.
Property owners can find out if they qualify by going online to www.figtreefinancing.com or by contacting Ryan Ahearn, Figtree Financing, vice president of marketing, at 858-771-0896 or rahearn@figtreefinancing.com.