Midwest Energy News: PACE Creating Efficiency Opportunities in Minnesota

MINNEAPOLIS July 17, 2014

The company Crankshaft Supply takes old crankshafts and reconditions them for resale. Hence owner Jay Miller sees his operation as “an enormous recycler.” He wanted to get greener still by producing some of the energy his re-manufacturing facility consumes in large quantities.

Solar panels were appealing, but the capital cost was beyond his reach, and he couldn’t get enough financing from a banker he consulted.

“They wouldn’t have loaned us money for the entire project,” Miller said. He was told that photovoltaics in the upper Midwest “don’t have the track record” to justify the funding he sought.

But Miller was able to get his solar installation thanks to an increasingly popular funding mechanism known as Property Assessed Clean Energy, or PACE.

The bank agreed to loan Miller half the money he needed to have a 40-kilowatt system installed on the roof of his Minneapolis business. The other half of the funds came from PACE.

Press Release: Property Assessed Clean Energy (PACE) Launches in Minnesota with First Approved Projects

New Statewide Financing Tool Helping Businesses in Minnesota Cut Energy Costs, Add Solar

Minnesota’s statewide commercial Property Assessed Clean Energy (PACE) financing program officially launched with the unanimous council approval of three PACE-funded energy efficiency and solar energy projects in the City of Minneapolis.

“PACE financing is a great tool that helps building owners make smart investments in their properties and cut their utility bills through energy efficiency and solar technologies,” said Eutectics™ CEO Jeremy Kalin, who helped build the PACE MN platform and facilitated its first PACE projects.

The City of Minneapolis has joined the list of communities across the country with approved Property Assessed Clean Energy (PACE) financing for solar and energy efficiency projects. The first three approved PACE project totaled $685,495 in energy improvements for a life sciences building, a neighborhood grocery store, and an industrial supplier and remanufacturer.

Read the full press release.