Energy Efficiency, Finance, Sourcing Renewables - February 16, 2021
Delaware to launch commercial PACE program
Delaware government announced on Feb. 5 that more counties have joined its Delaware Property Assessed Clean Energy (D-PACE) program. The managed initiative allows commercial and industrial property owners to finance energy-efficient and clean-energy projects that will lead to significant energy cost savings. Projects that qualify under the statewide PACE program will be financed through a voluntary assessment on property tax bills similar to a sewer or other benefit assessment.
Delaware’s PACE program is an open-market model that uses private capital to finance all projects. With the recent addition of Kent and Sussex counties, this benefit is now available to every commercial or industrial business across the state.
“Kent County is pleased to become a participating county in the D-PACE Program as we work in partnership with Energize Delaware to promote clean energy alternatives and improvements to commercial buildings in Central Delaware,” Kent County Administrator Michael Petit de Mange, said in a statement. “Enabling businesses to make clean and sustainable energy choices in a way that is manageable and affordable is good for business, good for the environment and promotes community health and well-being.”
D-PACE is designed to help qualifying commercial, industrial, agricultural, nonprofit and multifamily (with five or more units) property owners access long-term financing for the installation of qualifying energy improvements. Such improvements may include any construction, renovation or retrofitting of energy-efficient technology, clean energy systems, or qualifying waste heat recovery technologies that are permanently fixed to qualifying commercial property.
“We have worked hard for a number of years to develop the PACE program for Delaware. It is very rewarding to now be able to say this is a statewide endeavor,” Tony DePrima, executive director for Energize Delaware, said in a statement. “The result is a program that will allow each county to participate without adding a substantial administrative burden and makes it easy for interested business owners to finance energy efficiency and renewable energy projects. We welcome the Kent and Sussex administrations in rounding out Delaware’s full county involvement.”