On Thursday, Nov. 10, the Oakland County Board of Commissioners gave final approval for the Lean & Green MichiganTM Property Assessed Clean Energy (PACE) program, which promotes increased energy efficiency and renewable energy systems across Oakland County. The program works by enabling commercial, industrial and multi-family property owners to take on a voluntary special assessment in order to achieve favorable terms and longer amortizations in financing energy efficiency improvement projects. The program will bring new economic development tools to entice reinvestment and redevelopment county-wide while simultaneously helping to green local communities.
“This is a win-win for Oakland County and I'm glad we are able to bring this innovative idea to the area,” said Oakland County Commissioner Dave Woodward. “This financing tool will reduce wasteful energy consumption, put people to work, and support the economy by improving commercial properties across the county in a way that’s affordable.”
“PACE will be an additional tool in the toolbox Oakland County is using in our successful efforts to attract business investment and continue the growth of high wage jobs in our region,” said Board Chairman Michael J. Gingell. “Oakland County and its residents will benefit from the creation of a PACE program because it will assist business owners in obtaining low cost financing to update outdated equipment and achieve greater energy efficiency and profits.”
The program is based on Public Act 270 (2010), which authorizes local units of government to adopt PACE programs in order to promote the installation of energy efficiency improvements and renewable energy systems in commercial or industrial properties. Municipalities following the statute may contract for financing, but in the case of Oakland County it is important to note that no county funding will be used for the PACE program. Rather, financing must be obtained by private funding sources.
For more information regarding the PACE program in Oakland County, contact BOC Chairman Michael J. Gingell at gingellm@oakgov.com, Commissioner Dave Woodward woodward4cc@yahoo.com, or BOC Senior Analyst Michael Andrews at andrewsmb@oakgov.com.
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