The maximum financing term now extends from 20 to 30 years.The Loan-to-Value limit also raised from 20% to 30%.
The Property Assessed Clean Energy (PACE) program is a way to finance energy efficiency and renewable energy retrofits to eligible non-residential properties. PACE overcomes challenges that hinder energy efficiency projects by eliminating up-front costs, providing low-cost, long-term financing, and making it more efficient for building owners to transfer repayment obligations to a new owner upon sale. Interested property owners and their contractors evaluate measures that achieve energy savings and receive 100 percent financing, repaid as a property tax assessment for up to 30 years.
On November 10, 2015, the Ramsey County Board designated the Saint Paul Port Authority as the County’s implementing entity for the PACE program.