Brandsmart USA and ABM To Fund $2 Million Retrofit With PACE Financing Through The Florida Green Energy Works Program
With the funding of a $2.225 million energy efficiency retrofit of the West Palm Beach BrandsMart retail store, the Florida Green Energy Works PACE program is pleased to announce the state's largest PACE project to date. Facility management leader ABM, which previously completed a $1.6 mil retrofit of BrandsMart's Miami location, has designed and is implementing the upgrades in the current project. This project represents the second PACE retrofit in the city of West Palm Beach, which is seeing its first retrofit completed in a few weeks. City officials have long supported PACE financing as a powerful tool for building owners who can utilize the program to fund improvements that pay for themselves with the savings on utility and insurance bills. The Florida Green Energy Works program is a statewide Property Assessed Clean Energy (PACE) program funding energy efficiency, renewable energy, water efficiency and wind mitigation improvements. Under PACE qualified property owners access the upfront cost for building improvements and repay the loan as a non-ad valorem assessment on the property tax.
(West Palm Beach, FL) Brandsmart USA, a retailer well known for helping shoppers find deals on home appliances & electronics, was seeking a cost-effective way to upgrade its West Palm Beach store. This time, Brandsmart is the recipient of the deal: low-cost financing for a comprehensive energy-efficiency retrofit through the Florida Green Energy Works Program.
Brandsmart received $2.225 million from a private investor for the project that will include new HVAC systems, energy-efficient lighting and a new roof. ABM, one of the largest facility management services providers in the U.S., will manage the upgrade. It is the largest PACE (or ‘Property Assessed Clean Energy) project on the East Coast this year and the largest ever in Florida and the broader Southeastern United States.
"This is a win-win for BrandsMart USA and our valued customers," said Lary Sinewitz, Executive Vice President, BrandsMart USA. "We selected ABM to make these critical infrastructure upgrades because of their proven track record as an industry leader in the energy services business and their ability to assist us through the financing aspect of the Florida Green Energy Works Program."
"We view PACE as a critical component of our growth strategy for Florida," said Mary-Suzanne Powell, General Manager ABM Building and Energy Solutions. "We are proud of our partnership with BrandsMart, appreciative of the City of West Palm Beach for their foresight in supporting the Florida Green Energy Works Program and we will continue to seek ways to help Brandsmart and all of our clients improve the value of their property, increase net operating income, and energy efficiency without tapping into their own capital."
The City of West Palm Beach was one of the first cities in Florida to join a PACE Program, along with other forward-thinking cities and counties to create the Florida Green Energy Works Program. The goal of the Program is to create jobs and increase investment in "green" projects that reduce energy use. According to PACENow, similar programs around the U.S have funded $123 million for 335 building upgrades creating an estimated 1,680 jobs. In Florida, project-by-project, that decision is paying off.
"I want to commend Brandsmart for their leadership," said Jeri Muoio, Mayor of the City of West Palm Beach. "Their commitment to our environment is a testament to the opportunity for our private sector partners to step forward and join us as we continue to takes steps to preserve our planet. Bravo Brandsmart!"
Florida Green Energy Works, Floridas only "open market" PACE program, is managed by EcoCity Partners. It currently serves 13 communities throughout the state and has been approved to operate statewide. Cities and counties are eligible to join the Program and there is no cost for doing so.
"This project represents a major step toward fulfilling the Program goal for commercial enterprises of promoting cost-savings through higher energy-efficiency," said David Thatcher, Chair of the Board of the Florida Green Finance Authority and sponsor of the Program. "This is our largest commercial project to date and we look forward to many more, hopefully also expanding to include residential in the near future."
About The Florida Green Energy Works Program
The Florida Green Energy Works Program is geographically the largest PACE program in Florida, presently serving 13 communities throughout the State. The program is operated by the Florida Green Finance Authority who levies and collects the PACE assessments and the Authority is comprised of its member local governments. Visit the Florida Green Energy Works Program website to learn more.
PACE (Property Assessed Clean Energy) is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades to buildings. PACE can pay for new heating and cooling systems, lighting improvements, solar panels, water pumps, insulation, and more for almost any property - homes, commercial, industrial, non-profit, and agricultural. PACE funded projects make buildings more valuable and sustainable. PACE is voluntarily and it can finance up to 100% of a project's costs, and long-term payback of up to 20 years means most projects save money immediately for property owners and tenants.