Commercial building owners are under the tremendous pressure managing day-to-day operations and are looking at ways to fund the energy projects that saves in the long run, improve comfort, health and safety of the employees.
PACE (Property Assessed Clean Energy)
Through local governments, PACE offer a long-term financing tool allowing commercial property owners to initiate renewable and energy efficiency capital intensive projects. Property owners receive 100% upfront funding for the upgrades on their properties. PACE terms are generally 25 years and payments are collected through city’s special assessment taxes. Since it involves city/county, lender and contractor, it is advisable to start the process early.
- Project Eligibility
- Energy Analysis
- Underwriting and Issuance of Term Sheet
- Finalize the energy project
- Secure lender consent
- Finalize loan documents
- PACE application
- Closing the PACE financing
- Complete the work
Michigan Saves is a non-profit organization focuses on funding commercial and residential energy upgrades partnering through the financial lending institutions in the State of Michigan.
Rates: Starting from 6.50% APR
Term: Range from 84 months to 240 months
Michigan Saves partners with DTE Energy to offer 0% APR on some eligible projects.
What can I use the financing for?
Financing is available for all energy improvements projects. Some safety related upgrades can also be included. Here is the qualifying properties and projects.
- Commercial & Industrial: hotels, hospitals, restaurants, office buildings & more.
- Multifamily housing: both market-rate and low-income apartment buildings.
- Agricultural: farms, wineries & more.
- Nonprofits: houses of worship, private
schools, cooperatives & more.
- Gut rehabs
- New construction
- Refinancing of any of the properties types
- Energy efficiency: lighting, HVAC, windows, insulation, roofing, caulking & more.
- Water efficiency: stormwater recapture, low-flow toilets / sinks / showerheads, greywater systems & more.
- Renewables: solar energy, wind energy, EV charging, geothermal, CHP & more.