Financing Program Reduces Cost of Energy and Water Saving Upgrades
MILWAUKEE – The Milwaukee County Board of Supervisors on Thursday unanimously adopted a resolution directing the Milwaukee County Director of Economic Development to develop a proposal to participate in a statewide program known as the Property Assessed Clean Energy (PACE) program, which helps reduce the cost of implementing energy saving measures, adding renewable energy features, and improving water conservation for residential and commercial buildings by providing building owners with low-cost, long-term loans.
Energy efficiency and water conservation measures are now considered standard practices when older buildings undergo significant restoration, but such improvements often significantly increase the upfront capital costs.
PACE financing allows borrowers to recoup those costs over time via savings on their utility bills, making energy efficiency improvements more affordable for property owners.
“By making PACE financing available in Milwaukee County, we can help encourage building owners to invest in energy efficiency upgrades and make renovation of older buildings more appealing,” said Chairman Theodore Lipscomb, Sr., author of the resolution.
“PACE financing can make energy efficiency renovations affordable to property owners who take on significant cost to modernize their buildings. When you factor in the ability to repay loans for energy efficiency upgrades over 20 years, the financial savings are often greater than the cost of the project itself.
“The cost savings owners can realize by taking advantage of PACE financing has the potential to spur major investments in energy efficiency and contribute to economic growth in Milwaukee County,” concluded Lipscomb.
Energy Finance Solutions, which provides financing services to the Wisconsin Energy Conservation Corporation, helped create the PACE Wisconsin program in conjunction with the Wisconsin Counties Association, the League of Municipalities, and the Wisconsin State Energy Office.