Boston – MassDevelopment and the Massachusetts Department of Energy Resources announced that financing is now available through Property Assessed Clean Energy (PACE) Massachusetts, a new mechanism to fund energy improvements on commercial and industrial buildings, multifamily properties with five or more units, and buildings owned by nonprofits.
Through PACE Massachusetts, property owners can finance energy efficiency upgrades, renewables, and gas line extensions by agreeing to a betterment assessment on their property, which repays the financing.
MassDevelopment administers PACE Massachusetts in consultation with the Massachusetts Department of Energy Resources and ensures all property owners applying for the program meet program guidelines, including the requirement that a proposed project must have energy savings that pay for the cost of the improvements. Once a property owner’s application is approved, the property owner selects a capital provider, such as a bank, to fund the project.
Massachusetts cities and towns are required to opt into PACE Massachusetts by a majority vote of the city or town council or the board of selectmen, as appropriate, in order for a property within that municipality to be eligible for the program. Twenty-one communities have already authorized PACE Massachusetts.
The program guidelines, application, and more information are available at www.massdevelopment.com/pace.