Clean Energy Financing Program Comes to Middletown
MIDDLETOWN, Ohio, June 22, 2018 (Newswire.com) – The City of Middletown, Ohio activated its Energy Special Improvement District (ESID), allowing the municipality to establish a local commercial Property Assessed Clean Energy (C-PACE) financing program in partnership with Plug Smart, one of Ohio’s leading energy service firms.
PACE is an innovative, flexible financing solution where energy conservation savings are used to help commercial property owners obtain off-balance sheet, long-term financing for energy efficiency and renewable energy projects with no capital outlay.
“PACE is a unique financing tool that is very attractive to building owners looking to do retrofit, gut rehabs, and new construction projects in an affordable way, by providing them with long-term, off-balance sheet, no capital outlay, and non-recourse financing,” said Matt Kussman, Business Development Manager at Plug Smart. “Plug Smart is the leader in Ohio for developing and implementing PACE Projects and we’re proud to have successfully implemented PACE improvements on the nearby Kettering Tower, downtown Dayton’s tallest high rise.”
Plug Smart will act as the lead program administrator, assisting in the development, launch, and operation of PACE on behalf of the City of Middletown. PACE will help City of Middletown’s commercial property owners more easily secure 100% funding for building improvements, including LED lighting, HVAC, temperature controls, boilers/chillers, access/security controls, elevators, and building envelope (roof, doors, windows, insulation) in retrofit, gut rehab, renovation, building addition or new construction projects — with no out of pocket costs.
As a public-private partnership, PACE authorizes municipalities to work with private sector lenders to offer upfront financing to qualified building improvement projects, and collect the repayment through voluntary, annual municipal special assessments on property tax bills for up to 30 years. This allows property owners to pay for building improvements over time while enjoying the benefits of lower energy and maintenance bills.
Partnering with Plug Smart provides the City of Middletown with administrative, marketing, financial and technical support, including PACE program guidance, application processing services, program performance tracking, education and outreach, analysis of submitted energy conservation projects, technical underwriting, and identification and support of capital providers.
“We look forward to having an experienced organization like Plug Smart at the helm of our city’s new PACE program, which will bring many economic development benefits to the City of Middletown and it’s commercial building owners,” says City of Middletown Economic Development Director Jennifer Ekey. “Not only will PACE improve property values, modernize our buildings, and help to attract and retain local businesses, but it also has the potential to create local jobs and a more comfortable environment for our citizens who work in our city’s commercial buildings every day.”
Commercial building owners interested in submitting a potential project to the new PACE program can refer to the program contact provided below to get the PACE process started.
About Plug Smart
Plug Smart is a full-service, Ohio-based energy services company with offices in Ohio, Kentucky, Tennessee and Florida. Plug Smart offers turnkey and individual project services for commercial/industrial clients, school districts, government facilities and hospitals.
