Ohio Will Become 4th State to Offer Residential PACE for Energy Improvements

Jul 27, 2019 | News, Newsletter

John Caleb Bell
Bricker & Eckler

 

 

Homeowners in Summit, Franklin and Lucas Counties will soon have access to low-interest loans for energy efficiency improvements through property assessed clean energy (PACE) financing. In Summit County, the City of Barberton will begin offering residential PACE (or RPACE) to homeowners. In Franklin and Lucas Counties, the cities of Bexley and Toledo have authorized agreements with the Toledo-Lucas County Port Authority to offer RPACE to their residents.

RPACE loans will be available to homeowners for energy efficiency upgrades to HVAC, windows and doors, roofing, insulation and other improvements. Property owners can finance projects through the 5- to 20-year loans, which are repaid through a voluntary assessment on their property tax bill.

RPACE is expected to roll out statewide by the end of 2019. Ohio will become the fourth state to offer RPACE programs, according to Chris Burnham, president of the Development Finance Authority of Summit County (DFA). The U.S. Department of Energy reports that, as of 2019, more than 200,000 homeowners have made $5 billion in energy efficiency and other improvements through RPACE financing in the three other states offering RPACE programs: California, Missouri and Florida.

Commercial PACE financing has already been available to businesses, government entities, and nonprofits in more than 20 of Ohio’s counties. In 2018, the state of Ohio saw 31 commercial PACE transactions, representing $79.1 million in energy-efficiency investments. 

Gov. DeWine is a Partner in Ohio Economic Development

As is the case for Ohio and as you all know, the most successful economic development efforts can be directly attributed to the assembly of a talented, highly cohesive and cross-functional team. Earlier this year, our statewide economic development network gained two engaged and energetic advocates in Gov. Mike DeWine and Lt. Gov. Jon Husted. Both are already passionate about being involved.

read more

Ohio Offers Opportunities for Investors and Communities

Communities across Ohio are realizing their possibilities for growth because of the investments Ohio is undertaking. Ohio has 320 Qualified Opportunity Zones in 73 counties, and the Ohio Development Services Agency is working to help local communities make the most of the opportunities.

read more