Posts Authored by John Caleb Bell

Interactive Map: Ohio PACE Programs

For your reference, our team recently developed a comprehensive Ohio map featuring all active and inactive PACE programs in the state. Scroll over each dot for additional information, including jurisdiction name, ESID and management identification, and the number of closed projects.

Financial Incentives, Project Finance, State Updates

Pennsylvania joins Ohio, other states offering PACE financing

Congratulations to Ohio’s neighboring state Pennsylvania for joining a group of more than 30 states, including Ohio, that authorize Property Assessed Clean Energy (PACE) programs to help finance energy upgrades. Pennsylvania Governor Tom Wolf recently signed legislation establishing the state’s PACE program, which enables funding for energy upgrades to be paid back through property assessments, according to a news release on the governor’s website. The legislation “represents a triple win,” creating new clean energy jobs, saving small businesses money on energy bills, and promoting cleaner air and water by increasing clean energy sources. For more, read the full release

Energy Efficiency, Environmental, Project Finance, Renewable Energy

Ohio offers $11M in tax credits as Amazon eyes two more facilities in state

Monroe and North Randall could be the newest Ohio locations for Amazon distribution centers, and the state is offering $11.6 million in tax credits to help make that happen, The Columbus Dispatch reports. Amazon “officially announced plans for the North Randall project” that includes a $100 million investment “to develop an 855,000-square-foot center employing 2,000 workers earning $55.4 million a year,” according to the article. Amazon would invest $30 million in the Monroe project, which is expected to create “1,000 jobs with an annual payroll of $26.7 million if the company goes ahead with the project.” The Dayton Business Journal reports that a JobsOhio spokesperson “said it will continue to work with the company” and that the combined $11.6 million tax credit from The Ohio Tax Credit Authority was “an important step.” For more, read the full Columbus Dispatch and Dayton Business Journal articles. 

Federal Updates, Project Finance, State Updates

Commercial buildings in NOPEC member communities eligible for PACE financing

Many commercial buildings have outdated lighting, windows, doors, HVAC or other features that, if updated, would dramatically reduce energy costs.  But how do you finance these improvements? If your project is in one of NOPEC’s 219 member communities, NOPEC may be able to help.  

Whether your project involves less expensive smaller improvements (like lighting) or more expensive larger improvements (like HVAC systems), property owners can access financing through the Property Assessed Clean Energy (PACE) program for a single property or multiple sites. NOPEC provides the upfront financing to complete the improvements based on project costs and an energy assessment/audit that identifies savings opportunities.

The borrower repays the loan through an assessment that’s been placed on the now-improved property. It’s paid twice a year and is listed on the tax duplicate as an assessment. The assessment period will be based, in part, on the projected savings and useful life of the assets financed.

This fixed-rate loan program is available for many types of commercial property: for-profit (including retail and office) and non-profit, industrial, commercial housing and government facilities. Eligible facilities can be owner-occupied, rental properties or vacant, if future tenants are secured.  And there are no job creation requirements. This financing solution is available for projects from $100,000 to $500,000 in NOPEC’s member communities.

If you’re interested in learning more about NOPEC’s energy efficiency financing, contact Norma Fox Horwitz, Special Projects Manager, at nfhorwitz@nopecinfo.org or call 440.249.7829.

Financial Incentives, Regional Updates

Greenworks offering PACE financing for energy upgrades to Ohio businesses

Connecticut-based finance company Greenworks Lending is expanding into Ohio to offer commercial building owners Property Assessed Clean Energy (PACE) Financing for energy upgrades, Cleveland.com reports. Aaron Kraus, director of market activation for Greenworks, said PACE is “very low-cost capital over a length of time that you would not be able to get in any other manner” because loans are repaid through assessments added to property taxes. Greenworks is “looking for owners of medium and small buildings who want to cut their energy bills” without having to make a down payment, according to the article. The company’s first financing project in the Greater Cleveland area is the “$82,500 energy-efficient ‘cool roof’” on the headquarters for Mammana Custom Woodworking. Bricker & Eckler served as PACE counsel for the project. For more, read the full article.

Energy Efficiency, Project Finance, State Updates

First PACE project in Sycamore Township completed

Kids First Sports Center is the first building in Sycamore Township to complete an energy efficiency project with PACE financing, the Cincinnati Business Courier reports. The 108,000-square-foot youth sports facility and preschool “used PACE to finance a $650,000 energy improvement project that included the installation of rooftop solar energy panels . . . the replacement of fluorescent lighting with LED lighting and the installation of new insulation panels in the facility’s gymnasium,” according to the article. In a press release, Kids First owner Jeff Metzger said the improvements “will reduce the facility’s energy costs by 50 percent” and called PACE “a tremendous approach to improving buildings and the environment.” Bricker & Eckler served as PACE counsel for the project. The PACE program provides financing for the total cost of energy projects, and the loans are repaid through special assessments on the property’s tax bill (see our Energy SIDs & Pace Financing Resource Center). For more, read the full article

Financial Incentives, Regional Updates, State Updates