- Virtually every community has an inventory of energy-inefficient buildings in need of upgrading. It is estimated that the typical U.S. building wastes roughly 30% of consumed energy. When building owners are unable to access appropriate financing, the wasted energy continues and economic development opportunities are lost.
- Local governments love PACE because it’s an especially effective economic development initiative requiring zero taxpayer funding. Any community with commercial, industrial, multifamily and non-profit properties in need of energy efficiency and water conservation upgrades can facilitate these upgrade projects with the adoption of PACE. Most PACE-funded projects involve, architects, engineers and a number of skilled trades contractors. PACE projects not only result in increased property values, but also a “greener” community with reduced greenhouse emissions and improved air quality.
- For the majority of PACE projects, the energy savings and reduction in annual maintenance costs result in annual savings in excess of the property tax assessment – it actually costs a building owner more to doing nothing than to reduce the cumulative waste associated with older technologies.