PACE (Property Assessed Clean Energy) Loan Financing for Social Services Agency Completed in Conneaut
Norma Fox Horwitz
Northeast Ohio Public Energy Council
When the Conneaut Human Resources Council (Conneaut HRC) learned the facility would need a new roof, it applied to NOPEC (Northeast Ohio Public Energy Council) for a PACE loan to finance it. The new roof qualified as an energy efficiency improvement, one of the requirements for this financing. Conneaut HRC will save approximately $1,015 annually on its energy costs after installing the new roof with better insulation. The $115,000 financing is structured with a 3.5% fixed-interest rate and 15-year term. The project financing also included a $45,000 Community Development Block Grant provided by Ashtabula County.
The Conneaut HRC facility is almost 21,000 square feet, and operates as the Conneaut Human Resources Center. It provides a range of programs, in collaboration with other agencies, that serve pre-school and school-age children to senior citizens. They include food and emergency assistance, counseling, after-school programs and social activities among others. It brings these critical programs together under one roof, providing easy access to those who need them. Over 2,600 people utilize these programs on a monthly basis. The energy savings from the new roof will help stretch available program dollars in serving their community’s needs.
NOPEC’s program provides PACE financing of $100,000-$500,000 for eligible projects in its member communities. (Larger projects are eligible with Board of Directors’ approval.) For smaller projects, borrowers can finance projects of $5,000-$100,000 through its other financing program, STEP (Savings Through Efficiency Program). NOPEC has financed over $3.4 million of energy efficiency projects through these two programs in seven counties.
All commercial properties are eligible, including government-owned, not-for-profit and for-profit private sector facilities, and apartments buildings with more than 4 units. Contact Norma Fox Horwitz, Economic Development Director, at 440-249-7829 or at firstname.lastname@example.org to learn more about NOPEC’s energy efficiency financing programs.
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