By Ryan J. Stanton
The Ann Arbor City Council on Monday supported the final step to fully implement the city’s new Property Assessed Clean Energy program.
A resolution approved by council sets the application fees for the PACE program, which is a special financing mechanism to help commercial property owners in Ann Arbor undertake energy efficiency and renewable energy projects.
Through the PACE program, qualifying property owners are able to borrow money for energy efficiency projects ranging from $10,000 to $350,000 and then pay back the loans through special assessments added onto their tax bills for up to 10 years.
The program is a joint effort of the city of Ann Arbor and Clean Energy Coalition. City officials believe the availability of PACE financing will support economic stimulation across the city, create jobs and reduce operating costs for business owners.For full article go to: Link