An inquisitive group of more than 70 people attended The Energy Alliance Group of Michigan’s “Keeping PACE with Energy Efficiency in Michigan” panel discussion in Troy last month. The event was so successful EAG of Michigan plans to offer it in Michigan at least three more times in 2015, with dates and locations to be announced later.
The event was designed to educate business owners, contractors, and people working in energy efficiency and finance about Michigan’s new Property Assessed Clean Energy (PACE) program.
PACE is an innovative finance program for industrial and commercial property owners to pay 100% of the costs for energy efficiency upgrades, on-site renewable energy projects and water conservation measures. This innovative method of off-balance sheet project financing eliminates the need for up-front capital and provides property owners with immediate and steady positive cash flow.
PACE allows qualified property owners to finance projects using long-term loans that are repaid through a voluntary property tax assessment facilitated by local government. This tax assessment is a senior lien secured by the property and it “runs with the land” – meaning that upon the sale of a property, the subsequent owner is responsible for continuing the repayments. Thus, the costs of the upgrades are spread over the life of the project, which are generally between 15 and 20 years.
Scott Ringlein, CEO & Founder of The Energy Alliance Group of Michigan, led and moderated the panel, which included:
- Andy Levin,President of Levin Energy Partners LLC and Lean and Green Michigan PACE finance district;
- Brindley Byrd, Executive Director of the Michigan Energy Efficiency Contractors Association (MEECA);
- Shawn Hall, Regional Director, Volunteer Energy & utility choice expert;
- Terry Judge,CEO & Founder of CORE Solutions Group, The Cost Recovery Experts;
- Curt Monhart,Vice President of Sales and Marketing at The Energy Alliance Group of Michigan.
We have created videos of the presentation, which are available for viewing now. Here are the six videos from the event (total viewing time: 1 hour and 17 minutes).