The 1-800-LAW-FIRM building on Lahser Road will implement more than $1,000,000 in clean energy improvements as a result of Michigan’s first Property Assessed Clean Energy (PACE) project. The renovations will include charging ports for electric cars, the capacity to utilize solar and wind energy and other efficiency-increasing measures. Michigan’s PACE project, Lean & Green Michigan, will privately finance over $500,000 for the renovations, a collaborative effort by The City of Southfield, Srinergy, Comerica Bank and 1-800-LAW-FIRM. The project is set to be completed by early summer.
Since 2008, the PACE program has grown rapidly throughout the U.S., and currently more than 30 states offer PACE statutes to businesses. Under PACE, businesses can use a property tax assessment to finance a project over 10 to 20 years, a significantly longer term than would otherwise be available. Prior to PACE, businesses would often have trouble getting loans for energy investments with 10-15 year returns on investment. Because PACE uses property tax assessments to repay lenders, the loan remains with the property even if it changes hands.
Although it may take time for financial benefits to become apparent, the savings can be substantial. According to Lean & Green Michigan, businesses in the U.S. collectively spend roughly $202 billion per year on energy. However, 30 percent of this outlay could be saved through increased energy efficiency using available technologies.
Lean & Green Michigan is available for free to all Michigan counties, cities and townships. Six counties, including Huron, Ingham, Macomb, Saginaw, Washtenaw and Wayne, and two cities, Rochester Hills and Southfield, are partners. A city, county or township must partner with PACE before its businesses are eligible to participate in the program.
The project could prove to be a major turning point in helping both for-profit and non-profit businesses achieve not only a leaner operational cost, but also a reduction in their environmental impact by reducing carbon emissions over time. Increased PACE participation among Michigan businesses would also benefit the economy by creating more jobs for contractors and energy efficiency equipment manufacturers.
Participants in the PACE program can use contractors and lenders of their choice, which allows business owners to proceed in a manner that’s best for their individual situation. PACE creates greater freedom of choice for businesses by providing new opportunities, while not requiring a minimum commitment. Virtually all energy-saving projects are eligible for PACE financing, but specific details can be found on Lean & Green Michigan’s website.
To learn more about the 1-800-LAW-FIRM project, PACE or Lean & Green Michigan, visit www.leanandgreenmi.com or contact Lean & Green Michigan President Andy Levin at email@example.com or 248-808-1420.