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.
Click here for more information about PACE.