To help commercial property owners finance energy efficiency projects, NOPEC offers a low-interest loan option in its member communities. The Property Assessed Clean Energy (PACE) Loan allows for business owners to tackle energy-related projects without investing any cash up-front. Commercial property owners can use a PACE Loan to complete energy efficiency or renewable energy upgrades for the building envelope, systems, and lighting, for example. Read on to learn how three local businesses have recently utilized their PACE Loans.
Superior Road Apartments - City of Cleveland
The owner of Superior Road Apartments in the City of Cleveland recently took advantage of NOPEC's PACE Financing Program. The $705K in financing will assist with the installation of a 247.5 kW roof mount photovoltaic system. When contemplating updates for the building, the business owner realized that the solar panel system would not only help them lower energy usage but also help them save significantly on their energy bills. The Advanced Energy District Energy Special Improvement District (AED ESID), the City of Cleveland, and NOPEC worked together to support this project.
The Crafted Meadery - Suffield Township
The Crafted Meadery in Suffield Township is now open. Owner Kent Waldeck came to the Portage Development Board to learn more about funding opportunities that could help fund his expansion into a historic building. NOPEC's PACE Financing Program provided $755K in low-interest financing for updates to the building's lighting systems, HVAC, and water heater. This NOPEC PACE project helped to support the creation of a new county-wide Energy Special Improvement District (ESID) overseen by the Portage Development Board. The establishment of the ESID is an important step to ensure additional access to PACE Financing throughout Portage County.
Journey Home Restoration - City of Lorain
Journey Home Restoration is a roofing, siding, and gutter company located in the City of Lorain. Owner Jason Kaczur came to NOPEC to finance a $1M renovation in his new building. This financing will support updates to the lighting, windows, and roofing in a building that otherwise sat vacant and was potentially set for demolition prior to Journey Home Restoration's purchase of it. This impressive expansion comes with the promise of an additional 50+ workers on site for the business. The Lorain Port & Finance Authority, City of Lorain, and NOPEC worked together to support this project's success.
