City Picks-up the Pace with its P.A.C.E. Program
The City of Boynton Beach’s Department of Development has picked up the pace with its P.A.C.E. (Property Assessed Clean Energy) Program. This program enables business and commercial owners to finance improvements, such as energy efficiency, renewable energy, water conservation and wind mitigation, through their property taxes. With the requirement that the utility bill savings must offset the cost of the improvements, property owners will start seeing savings immediately.
Rather than the utility bill, P.A.C.E. programs rely on the property tax bills as the principal collection mechanism. P.A.C.E. programs recover the capital investment in energy efficiency as part of an existing payment stream. Upgrades are repaid yearly, by a non-ad valorem assessment on the property taxes, for the lifespan of the improvements, up to 20 years. Unlike traditional loans, a P.A.C.E. lien is attached to the property and can be transferred in the event of a real estate transaction, providing flexibility in the real estate market.
In the commercial building sector, energy efficiency retrofits are a highly effective approach for reducing energy consumption and costs while also mitigating greenhouse gas (GHG) emissions. “The City of Boynton Beach’s P.A.C.E. Program is an important tool for overcoming the critical barriers in the market for renewable energy and energy efficiency retrofits in commercial buildings,” indicates Nancy Byrne, Director, Department of Development, “the majority of the City’s buildings can benefit from energy retrofits, with neutral to positive cash flow, in addition to providing other environmental and social benefits.”
The overall goals of the City of Boynton Beach’s P.A.C.E. Program are to support commercial property owners lower utility costs, increase property values, stimulate job creation and support energy independence. It will also assist the City in reaching its reach state-mandated reductions in greenhouse gas emissions.
Florida Green Energy Works, in partnership with the City of Boynton Beach, processes the applications for the P.A.C.E. Program in Florida. Funds are administered by EcoCity Partners. Interested business owners can obtain more information about this program by calling 855-359-6757.
The City of Boynton Beach has additional opportunities to leverage P.A.C.E. funding with the City’s economic development funds, as well as the potential to incentivize the City’s Green Building goals. Boynton Beach property owners, businesses and contractors, interested in the City of Boynton Beach’s P.A.C.E. Program, may contact Max DuCoste, Business Development Specialist, by email at DuCosteM@bbfl.us or by phone @ 561-742-6361.