The PACE (Property Assessed Clean Energy) Program, offered through a partnership with the St. Paul Port Authority, is a program that can serve as a potential financing tool for Hastings’ businesses to assist them in making energy efficient improvements to their buildings.
This program allows commercial, industrial and multi-family property owners to finance improvements that, many times, cannot be financed in a conventional way because the improvement(s) cannot secure the loan.
Examples of eligible improvements covered under PACE include:
- building-related energy efficient improvements (mechanical systems, lighting, windows, HVAC upgrades)
- renewable energy systems attached to or near a building (solar or geothermal)
- electric vehicle charging infrastructure.
PACE funds come from the St Paul Port Authority and are financed, by the city, through a special property tax assessment, paid twice a year, when property taxes are due. Special assessments can last up to 20 years.
If you have any questions or would like to submit an application for the PACE Program, please contact Morgan Hill, Economic Development Coordinator, at email@example.com or 651-480-2379.