ROCKFORD— Earlier this month, Winnebago County unanimously passed an ordinance to enter into the Illinois’ Property Assessed Clean Energy program, also known as PACE.
PACE is a national initiative, but Illinois’ program allows commercial, industrial, and multi-unit residential property owners to obtain 100% of a clean energy project’s cost through long-term, fixed-rate financing.
Property owners pay back the lender over a period of time up to 30 years through a charge attached to their annual property tax bills. If the property is sold, the remainder of the payments stay with the property and will transfer to the new owner.
Qualifying projects include energy efficiency upgrades and the installation of renewable energy, water conservation, electric vehicle charging, or resiliency projects.
Kane County, the first county in Illinois to adopt PACE financing, is witnessing PACE’s benefits first hand. This program is vital to the Old Copley Hospital Redevelopment Project, a massive senior housing unit and healthcare facility, in Aurora, Illinois.
The 9-acre project has been able to secure $3 million in funding for energy-efficiency upgrades.
This program opens the door for Winnebago County property owners to invest in clean energy without the up-front cost. Along with this, PACE financing generates jobs, cuts down on businesses’ operational costs, and has a long-term environmental impact. It also helps the county generate revenue, as Winnebago County can charge a fee up to 1% of the loan value.
Stateline Solar has other financing options available for customers located outside Winnebago County. Check out our solar financing for more information: