Los Angeles, CA—The Hilton Los Angeles/Universal City is utilizing Los Angeles County PACE financing to fund an astounding $7 million worth of sustainable upgrades, making it the largest commercial PACE (Property Assessed Clean Energy) project to date in the U.S. Showing a commitment to sustainable living, the Hilton Los Angeles/Universal City’s extensive energy efficiency project will lead to an annual energy savings of $800,000 and water savings of $28,000, conserving more than 2.8 million gallons of water.
Unlike a traditional loan, PACE financing is paid back via an assessment on the property tax bill. In Los Angeles County, commercial, industrial and multi-family property owners can choose their own PACE project investor and negotiate their own rate and terms. The County formed a team of PACE experts last year to assist building owners and this is the second project now underway. At the forefront of PACE implementation, the County has 39 existing PACE financing applications in the project pipeline, equaling more than $36 million worth of sustainable upgrades.
“The Third District in LA County is proud to be home to the largest PACE project in the country,” said Supervisor Zev Yaroslavsky, who represents Universal City and the surrounding area. “Hilton Los Angeles/Universal City is paving the way for other large commercial property owners to utilize LA County PACE financing to fund their green building upgrades, showcasing our County’s commitment to green building.”
The comprehensive Hilton Los Angeles/Universal City project includes energy efficiency glass installations and new LED lighting that will reduce energy consumption by a whopping 50 percent. The installation of 500 low-flow shower heads and the replacement of 250 bathtubs with showers are part of the comprehensive water conservation project that will save $2.8 million gallons of water annually, equivalent to one month of the property’s existing water usage. Additionally, Hilton Los Angeles/Universal City will receive utility rebates and tax incentives of approximately $1 million. Other upgrades include window film, elevator upgrades, chiller plant replacements, energy efficiency glass and controls as well as EV charging stations for environmentally conscious travelers. Read more.