The Hotel Indigo project—the revitalization of the former Mautz Paint facility, a 102-year-old historic structure located in Madison, Wisconsin—is the first project financed through PACE Wisconsin. The statewide program, recently adopted in Dane County, enables commercial property owners to obtain low-cost, long-term PACE financing for energy efficiency, renewable energy, and water conservation improvements.
Kleuter Building, LLC—owner of the five-story brick facade building at the corner of East Washington Avenue and South Paterson Street—incorporated $1.5 million of PACE financing into the overall $31 million project cost. The PACE financing will cover the cost of energy-efficient HVAC, windows, and enhanced building shell performance. Over the life of these energy efficiency improvements, the building owner will capture $1.9 million in energy savings.
Greenworks Lending, based in Darien, Connecticut, provided the PACE financing component of the project capital budget.
PACE Wisconsin launched in December 2016 after three years of planning and development spearheaded by a group of forward-thinking Wisconsin organizations committed to sustainable reinvestment in our local communities. “We are excited to use PACE financing to stimulate building owners’ investment in energy efficiency projects,” said Jason Stringer, Program Administrator for PACE Wisconsin. “The stage is set for communities across the state to reap the benefits PACE Wisconsin has to offer.”
Dane County adopted PACE Wisconsin earlier this year. There are 27 counties currently participating in PACE Wisconsin. County participation continues to grow as communities recognize the potential to stimulate economic development and reinvestment in local communities through clean energy improvements to commercial properties. The statewide program is administered by Energy Finance Solutions (EFS), the financial services division of Madison-based nonprofit WECC.
About PACE Wisconsin
PACE (Property Assessed Clean Energy) drives economic development by authorizing municipalities and counties to work with private sector lenders to provide upfront financing—usually for 100 percent of the cost of energy-saving improvements—to property owners for qualified projects.
PACE Wisconsin offers an open-market solution for building owners in participating Wisconsin communities. To offer PACE Wisconsin, counties must pass a resolution authorizing execution of the Joint Exercise of Powers Agreement (JPA), and pass the Model PACE Ordinance through the county board of supervisors. Interested communities should contact the administrator at info@pacewi.org or view more information at www.pacewi.org.
About Energy Finance Solutions (EFS)
WECC’s EFS specializes in financing program consultation, design, and delivery services in support of energy efficiency and renewable energy improvements. Through partnerships with utilities, contractors, and other agencies, EFS offers customers simple, affordable ways to finance energy improvements. EFS is the financing services division of WECC.
About Greenworks Lending:
Greenworks Lending is an energy efficiency and clean energy financing company that invests in commercial real estate with the goal of improving cost and energy performance. Greenworks Lending finances 100 percent of the hard and soft costs for qualifying projects through the Property Assessed Clean Energy (PACE) program. Founded by developers of the most successful commercial PACE program in the U.S., the team at Greenworks Lending has more commercial PACE experience than anyone in the industry. Learn more at www.greenworkslending.com.
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