New Statewide Financing Tool Helping Businesses in Minnesota Cut Energy Costs, Add Solar
Minneapolis, MN (PRWEB) June 25, 2014
Minnesota’s statewide commercial Property Assessed Clean Energy (PACE) financing program officially launched with the unanimous council approval of three PACE-funded energy efficiency and solar energy projects in the City of Minneapolis.
“PACE financing is a great tool that helps building owners make smart investments in their properties and cut their utility bills through energy efficiency and solar technologies,” said Eutectics CEO Jeremy Kalin, who helped build the PACE MN platform and facilitated its first PACE projects.
The City of Minneapolis has joined the list of communities across the country with approved Property Assessed Clean Energy (PACE) financing for solar and energy efficiency projects. The first three approved PACE project totaled $685,495 in energy improvements for a life sciences building, a neighborhood grocery store, and an industrial supplier and remanufacturer.
“PACE is not a subsidy, it’s simply good policy,” said Minneapolis Councilmember and Community Development Committee Chair Lisa Goodman, in urging her colleagues to support the first three PACE projects in the City.
Excelen – Center for Bone & Joint Research and Education in downtown Minneapolis invested in new mechanical equipment, upgrades and building controls. As a result of PACE financing, Excelen was able to double the total scope of energy efficiency and deferred maintenance projects in their building.
“PACE is an incredible tool for companies who want to complete energy-related projects – with 25% savings already showing up on our electric bill,” said Tim Mowbray, Excelen’s executive director.
Crankshaft Supply installed a 40-kilowatt solar system on the roof of their remanufacturing facility in North Minneapolis, with the help of Cedar Creek Energy.
“Cedar Creek’s goal is to help businesses become energy efficiency and go solar in a way that makes the most economic sense for that business,” stated Rob Appelhof, President of Cedar Creek Energy. “As precision manufacturers, Crankshaft already had a clean and efficient operation, so going solar was their natural next step – and without PACE it would not have happened.”
Longfellow Market, a family-owned grocery store in the southeast residential neighborhood of Minneapolis, used PACE financing to install new lighting systems and new energy-efficient mechanical systems.