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 email@example.com to learn more about NOPEC’s energy efficiency financing programs.
At OEDA, we are thankful for our members who are passionately committed to the success of their communities and advancing Ohio’s economy. Over the past year, we’ve appreciated having you as part of our community of economic development professionals and are grateful for the opportunity to be your partner again in 2023.read more
As your partner for success at every step of your career, OEDA strives to provide high-impact training opportunities for our members each year. The foundation of that training is our Basic Economic Development Course (Ohio BEDC). This year’s course will be held from May 1-4 in Dublin, Ohio, and Early Bird Registration is open from now until March 1.read more
(Wilmington, Ohio) The Clinton County Workforce Collaborative hosted its first meeting of the year on Thursday, January 19. With almost 40 individuals present, representing schools, businesses, service providers, and community organizations, members reviewed accomplishments from 2022, established a new meeting structure for 2023, and discussed how their current efforts can continue to meet the needs of the local community.read more