Energy Efficiency: Back in Business
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- Jun 11, 2021 2:56 am GMTJun 11, 2021 2:42 am GMT
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Ottawa County, located in West Michigan, has a population close to 300,000 and is known for its many lakes. In the last ten years the county has experienced the third fastest growth in the state. To keep up with the influx, the county is introducing energy efficiency programs and helping small businesses to pay for upgrades. Local estimates reveal about 30% of energy used in commercial buildings is wasted. To combat that loss, the Property Assessed Clean Energy (PACE) program offers a funding alternative to traditional bank loans so businesses can afford to make energy-efficient improvements. The program helps business owners secure a loan for up to 25 years and attaches a voluntary special assessment to the property upon being improved. improvements were made. The loan is secured and runs with the land, not the owner. Therefore, balloon payments are not required if the property is sold before the loan matures.