Florida Green Energy Works provides financing to bring energy efficiency upgrades and leverage funding for a West Palm Beach Community Revitalization Agency project. This project demonstrates the effectiveness of Open Market PACE financing in the Florida market.
FIRST COMMERCIAL PACE PROJECT FUNDED BY THE FLORIDA GREEN ENERGY WORKS PROGRAM
(West Palm Beach) The Florida Green Energy Works program has funded its first commercial deal – and it is a perfect example of how PACE or ‘Property Assessed Clean Energy' can spark sustainable investment in our communities.
The $45,000 retrofit is of a family-owned business property at 1101 North Tamarind in West Palm Beach. The work – new HVAC, lighting, refrigeration, windows & doors – is being done by a local contractor, Fastrack MCI, with energy consulting from Wind, Water and Energy Conservation. Funding is from local bank: Grand Bank & Trust of Florida. Together with a grant from the West Palm Beach Community Redevelopment Agency (CRA), a rebate from FPL and the owner's downpayment, the project will result in a $160,000 transformation of the entire corner of the block – and maybe the start of an economic development trend in the neighborhood.
"It was important for us to make an investment and do our part to make our section a better place," said Frank Page, the owner of E&M Wine & Spirits. "PACE and the CRA gave us added incentive and ability to make this commitment."
The Program enables property owners to voluntarily and cost-effectively fund retrofits just like these. Interest rates are competitive because repayment is collected on the owners' property tax bill.
"We were introduced to PACE, we evaluated it and concluded this is a great new finance tool for our customers," said Mark Ciotti, Senior Vice President at Grand Bank. "PACE helps us meet our core mission of investing in our community."
The Program is managed by a local company, EcoCity Partners, and is Florida's only statewide "open market" program that lets local banks participate in funding projects. It is expanding into its fifth county – Broward – and ramping up to serve over 10% of the Florida population.
"I love this project, it is the perfect example of how PACE helps a community invest in itself," said Penni Redford, Sustainability Manager for the City of West Palm Beach. "Local needs being funded with local dollars and creating local jobs – all in a project that makes our City more sustainable."
Owners of small and medium commercial buildings may even qualify for a free energy audit subsidized by funding from the U.S. Department of Energy offered in partnership with Trane, the University of Florida and specialty financier, Clean Fund.
About EcoCity Partners, L3C and
The Florida Green Finance Program
The Florida Green Energy Works Program is expanding to serve jurisdictions across 5 counties and over 2 million people, geographically the largest such program in Florida. The company recently was awarded over $1.4 million in federal awards from the U.S. Department of Energy and the U.S. Economic Development Association to demonstrate a new streamlined financing process, provide free energy audits, and to help expand the Program statewide.
Florida Green Energy Works Program
Telephone Number: 855-FL-Works
Email Address: email@example.com