PACE Financing

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 PACE Lean and Green Michigan

Property Assessed Clean Energy, or PACE, is a long-term financing tool for commercial property owners in Oakland County to pay for energy efficiency, water efficiency, and renewable energy upgrades and environmental hazard projects. Property owners receive 100% pre-funding for eligible upgrades on their facilities and pay the PACE loan back through a special assessment on their property taxes.


Why PACE?
Benefits of PACE
Eligibility
Lean & Green Michigan

Who is on the PACE Team?

1 - The Property Owner
2 - The PACE Contractor
3 - The PACE Lender
4 - The PACE Administrator

How a PACE Project Actually Happens

Phase 1: Project Inquiry Form and Initial Eligibility
Phase 2: Energy Analysis
Phase 3: Underwriting and Issuance of Term Sheet
Phase 4: Energy audit/model and final scope of energy project
Phase 5: Secure Lender Consent
Phase 6: Finalize financing documents and supporting materials
Phase 7: PACE Application
Phase 8: Local Government Approval
Phase 9: Closing the PACE financing
Phase 10: Complete the work
Phase 11: Monitoring performance and repaying the loan

It Takes All Parties

Whether a project starts with a Property Owner or a Property Owner & Contractor, or a Property Owner & PACE Lender, it doesn't really matter. Before a project can be finalized all four parties will be needed. In Oakland County, the PACE Administrator, Lean & Green Michigan, will help bring the right players to the table along the way to make a PACE project happen.


FAQ

What do local governments in Oakland County need to do to take advantage of PACE financing?
How is PACE financing repaid?
Where does the funding for PACE come from?
Which property owners can use PACE financing?
What types of measures qualify for PACE financing?
What types of project can qualify?
When does it make sense to explore PACE for a given project?
How much financing is available for an individual project?
What is Lean & Green Michigan?
Whom do I contact to help property owners use PACE financing?
Are HUD multifamily housing projects eligible for PACE Financing?