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St. Lucie County launches commercial PACE program

Doug Coward
8:57 AM, Aug 18, 2014

FORT PIERCE — The St. Lucie Board of County Commissioners and the non-profit Solar and Energy Loan Fund (SELF) are pleased to announce the creation of a new Property-Assessed Clean Energy (PACE) program in St. Lucie County. The local program was customized over the last several years and the parties recently secured a substantial line of credit from an affiliate of Inland Green Capital, LLC. St. Lucie County’s new PACE program will provide upfront financing to commercial, industrial, non-profit and multi-family property owners for energy efficiency, renewable energy, wind hazard mitigation and water conservation projects.

The voluntary PACE program involves land-secured assessments that stay with the property and mirror similar repayment procedures for street lighting districts, water and sewer connections, storm water and infrastructure projects, and other neighborhood improvements. The new PACE program simply expands these alternative financing options into the energy, water, wind hazard mitigation and sustainability sectors.

PACE financing is not a personal or business loan, but rather a voluntary non-ad valorem assessment that is paid off over time as a part of the annual property tax bill. To be eligible for PACE financing, property owners must have equity in their property and must be current on all local taxes over the previous three years. PACE financing is available on 5, 10, 15, and 20-year terms, with very reasonable fixed interest rates. Read more.