WECC: Wisconsin businesses benefit from PACE Wisconsin financing
MADISON, Wis. (February 21, 2018) – WECC is excited to see the potential of PACE Wisconsin come to fruition as financing is approved to fund energy efficiency upgrades for two hotel revitalization projects in the state. Both the Hotel Indigo (Madison) and Hotel Retlaw (Fond du Lac) redevelopment projects will incorporate significant energy savings improvements.
PACE Wisconsin, administered by WECC’s Energy Finance Solutions (EFS), facilitates low-cost, long-term loans for commercial energy efficiency, renewable energy, and water conservation improvements. The program’s unique financing model—which includes no up-front, out-of-pocket costs—stimulates the revitalization of aging, inefficient buildings which would otherwise remain stagnant.
Hotel Indigo, located on Madison’s near east side, was first in the state to take advantage, utilizing $1.5 million in PACE financing to cover the installation of energy-efficient HVAC, windows, and measures to enhance building shell performance. Over the life of these energy efficiency improvements, the hotel will capture nearly $2 million in energy savings.
WECC also congratulates the historic Hotel Retlaw in downtown Fond du Lac as the second project approved for PACE financing: A total of $2.3 million to fund updated lighting in guest rooms and common areas, as well as a new air handler, chiller, complete HVAC system, and windows. The improvements will yield nearly $5 million in energy savings over the effective useful life of the upgrades.
“We are thrilled to see the first PACE Wisconsin projects begin,” said Mary Woolsey Schlaefer, President and CEO of WECC. “What started as a vision six years ago is now a reality—Wisconsin communities have access to the financing needed to revive aging buildings and incorporate clean energy improvements. These projects are the first demonstrations that show PACE financing can work and play an important role in fostering community reinvestment,” she said.
WECC is proud to be part of the team that paved the path for PACE financing in Wisconsin. Along with the Wisconsin Counties Association, the League of Wisconsin Municipalities, the Wisconsin State Energy Office, von Briesen & Roper, and members of the Green Tier Legacy Committee, WECC fostered the development of the Wisconsin PACE Commission, which established the framework and standards to facilitate offering PACE financing throughout the state.
Twenty-seven Wisconsin counties currently participate in the program and, through a network of approved lenders, PACE Wisconsin has available more than $100 million of capital to fund eligible projects. “We are excited to use PACE financing to help save energy and money, create new jobs, and empower local economies to flourish,” 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.”
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 email@example.com or view more information at pacewi.org.
About Energy Finance Solutions (EFS)
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.
Founded in 1980, WECC is a mission-driven nonprofit designing and delivering real energy solutions for our clients’ benefit. WECC champions and delivers innovative energy initiatives that produce enduring economic and environmental benefits for all. WECC’s team of experts is passionate about delivering measurable results. For more information about WECC, call800.969.9322 or visit weccusa.org.