Energy Efficiency, Finance, Sourcing Renewables - May 4, 2020
Florida city council approves C-PACE program
The City Council of Winter Garden, Fla., voted unanimously April 23 to approve a resolution that would make a commercial Property Assessed Clean Energy program available to city property owners.
The funds would allow owners of commercial properties to finance energy efficiency and renewable energy projects at their buildings. Florida statute 163.08 authorizes PACE funding to be repaid as a non-ad valorem special assessment on the property’s tax bill, The Orange Observer reported.
“PACE programming throughout the state of Florida allows people to borrow money for items that are to create energy efficiency in buildings,” City Manager Mike Bollhoefer commented about the resolution. “What we’re recommending tonight is to do this program for just commercial property. In essence what this does is … it guarantees the loans being paid back, and by doing this the builders are able to get a lower interest rate than they borrowed the money to do their buildings to include items like HVAC systems, windows, shutters — all sorts of equipment in building falls under this. There is no risk to the city of Winter Garden.”
According to the resolution, the Florida Green Finance Authority, the Green Corridor PACE District, the Florida Resiliency and Energy District and the Florida PACE Funding Agency are identified as the legal entities that are established to facilitate the financing of qualifying energy projects.