PACE helps finance green facility upgrades

July 29, 2016 - 05:45am

Heller Machine Tools, Troy, Mich., is the first manufacturer to finance energy upgrades through a 2010 program authorized by the state of Michigan that allows municipalities to fund energy-efficiency improvements through a special assessment on a property. 

This past February, the Troy City Council voted unanimously to join Lean & Green Michigan’s Property Assessed Clean Energy (PACE) program. 

PACE enables up to 100 percent financing and 15- to 20-year terms for the life of the project by guaranteeing payment on the financing. If the borrower defaults on a loan payment, the local municipality places a lien against the property through a special assessment, guaranteeing payment to the lender. No taxpayer money is involved.

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