Several area entrepreneurs say they see another way to use PACE-which stands for Property Assessed Clean Energy and treats the loans, which are private, like property taxes. They believe PACE can help them grow their companies, which are manufacturing and selling a brand-new, innovative, high-efficiency classroom heater and ventilator known as Aristotle Air.
Ari Kresch, CEO of 1-800-LAW-FIRM, likes to brag that his Southfield company is the first in the country to use its phone number as its actual name. Perhaps more significantly, though, he may be the first attorney in the country to use an innovative, new financing mechanism called PACE, which stands for property assessed clean energy, to make major, money-saving, clean-energy upgrades to his building.
Grand Traverse County is now one of just seven counties and two cities in Michigan to adopt the local ordinance, known as Property Assessed Clean Energy. PACE allows local governments to place private business efficiency loans on local tax rolls, collect repayment via special assessments on property tax bills, and foreclose on properties that default.
It’s time for Grand Traverse County to use a state law to help local firms cut energy costs and boost bottom lines. The 2010 law, called PACE-Property Assessed Clean Energy-allows local governments to establish bonds for loans to improve commercial buildings’ efficiency or install renewable energy devices, cutting their utility bills. Local units then use special property tax assessments for loan repayments.
Andy Levin urges local leaders to adopt an ordinance he designed based on a 2010 state law, known as PACE, that would put tradesmen to work on efficiency and renewables projects for local businesses to boost their profits without spending public dollars. “PACE” means Property Assessed Clean Energy. It allows local governments to raise bonds to finance energy efficiency and renewable energy projects for local firms-and use special property tax assessments for paying off the loans.