PACE Financing
PACE – Property Assessed Clean Energy - is a program that provides financing to cover the upfront costs of energy improvements to a property. The loan is repaid over time through a special assessment on the building’s property tax bill. The assessment remains with the building, not the building owner, and transfers to the new owner if the building is sold.
PACE is available to commercial properties only and offers many advantages over traditional lending such as:
- 15-30 year terms
- Off balance sheet treatment
- No down payment
- No personal guarantee
- Fixed rate and payment schedule
More information on the Cincinnati PACE program can be found at Ohio PACE or by contacting the City’s Department of Community and Economic Development.
What types of improvements are eligible for PACE financing?
Commercial property owners can use PACE financing for energy saving improvements to their building. Eligible improvements include but are not limited to:
- HVAC
- Lighting
- Elevators
- Controls
- Building envelope
- Solar
Can residential property owners use PACE financing?
Currently, only commercial properties are eligible to use PACE financing in Cincinnati.
What types of properties can use PACE financing?
Eligible property types include but are not limited to:
- Hotels
- Office buildings
- Shopping centers
- Industrial buildings
- Nonprofit organizations
- Local governments
- Multifamily properties