On November 15, 2011, the Edina City Council unanimously adopted the Edina Emerald Energy Program (EEEP). This made Edina the first Minnesota city to take advantage of Property-Assessed Clean Energy (PACE) legislation. The Minnesota Legislature passed a law in 2010 giving local governments the authority to create PACE programs.
The Edina Emerald Energy PACE program is designed to help businesses finance clean energy projects through a special assessment to their property that is paid alongside property taxes. Eligible projects include energy efficiency measures and renewable energy systems. PACE financing through EEEP allows property owners to spread the financing cost over the useful life of the equipment, reducing up-front expenditures.
Eutectics Consulting is partnering with the City of Edina to promote this program and to ensure that it is a success. Eutectics Consulting’s President, Jeremy Kalin, was the chief author of PACE legislation when he served in the Minnesota House of Representatives, and today leads Eutectics Consulting’s energy financing work. Eutectics’ Main Street Model partners directly with the City of Edina and Minnesota-based investors to make clean energy financing easy for business owners.
Emerald Energy Program Steps:
1. Receive an energy audit and solar site assessment from a licensed energy contractor.
2. Apply for an Edina Emerald Energy Program loan from the City backed by a voluntary special assessment.
3. Install new equipment and start saving!
Edina Emerald Energy Program PACE loans are available on a 5- and 10-year term, with attractive loan rates made possible by leveraging Main Street banks and other community finance partners. Eutectics is pleased to welcome Bremer Bank as the nation’s first community bank partner in PACE financing.
Businesses can cut their energy bills, do good for the environment, and support Minnesota industry. Eutectics Consulting makes it easy, every step of the way.
Below are more resources about the Edina Emerald Energy Program.