Commercial, Demand Management, Energy Efficiency - June 2, 2016
PACE financing deployed in $2.8M PNC Bank building renovation in Ohio
The owner and property manager of the 23-story PNC Bank building in downtown Columbus, Ohio, is making use of a PACE financing program to help pay for significant, necessary renovations at the property, including a new roof.
Faced with $2.8 million in needed updates at the 388,000 square foot high rise, Arthur Goldner & Associates have partnered with energy services firm Plug Smart to facilitate the property assessed clean energy finance program, which will use energy conservation savings to help fund the projects. Plug Smart, which was commissioned to complete an assessment of the building to evaluate opportunities for self-funded PACE projects for the building, identified five areas for improvement that would deliver more $300,000 in utility, operations/maintenance, and other project savings, the company according to a June 2 news release.
"It was clear early-on that this project would be eligible for PACE," Plug Smart Chief of Strategy Lucas Dixon said in the release. "In this case, the building owner was able to obtain fixed rate, long term financing with enough cash flow in the project to recover most of the financing costs."
The assessment established energy baselines for the building and identified which energy and cost conservation measures would meet the PACE requirements and be financially viable for the owners, Plug Smart said.
"The roof was really the big driver on this project and was well past its useful life. Plug Smart and their team introduced us to the PACE concept, walked us through the process every step of the way, and played a big role in helping us finally address all of our deferred maintenance and other building improvement needs," Arthur Goldner & Associates' Rick Aronholt said in the release.
PACE financing makes it possible for owners of commercial and industrial properties to obtain low-cost, long-term financing for energy-efficiency, water conservation and renewable energy projects. PACE has been established in 32 states and its statutes authorize municipalities and counties to work with private sector lenders to provide upfront financing to property owners for qualified projects, and to collect the repayment through annual assessments on the property's real estate tax bill.
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