From PACE Financial Servicing:
The Harford County Council recently passed legislation proposed by County Executive Barry Glassman enabling property and business owners in the county to take advantage of Maryland’s Commercial Property Assessed Clean Energy (MD-PACE) program. MD-PACE is an innovative and affordable way for commercial, industrial, and nonprofit building owners to pay for energy improvements.
Through MD-PACE, commercial, industrial, and nonprofit properties use private capital to finance 100% of efficiency and renewable energy upgrades which are then repaid as a long-term surcharge on the property. This kind of voluntary surcharge added to a property’s tax bill is similar to that historically used for new sewer or water lines. The result of implementing the MD-PACE program in Harford County means energy upgrades will be more accessible, allowing owners to reduce energy and operational costs and improve their buildings’ overall value, A Proactive Approach to Commercial Roof Maintenance can also help prolong commercial property value.
“The commercial PACE program has a track record of facilitating clean energy projects for small businesses that spur economic activity and local jobs. We welcome these pro-business, eco-friendly opportunities in Harford County,” said County Executive Barry Glassman.
Commercial PACE programs are active in over 15 states nationally, and have contributed to the creation of 4,000 jobs and have led to $335 million of investment into commercial buildings. According to Karen Holt, Director of Harford County’s Office of Economic Development, “The commercial PACE Program provides another economic development tool to offer incentives for revitalization, modernization and green energy opportunities for the Harford County business community.”
The MD-PACE Program is a partnership between the Maryland Clean Energy Center (MCEC), the statewide sponsor of the program, and PACE Financing Servicing, which administers the program. “MCEC applauds the Harford County Council and staff for taking proactive steps to provide access to capital for commercial property owners,” said MCEC Executive Director Kathy Magruder.”
“We’re enthusiastic to work with Harford County to enhance both the business and natural environments,” said Gerard Neely, Manager of Maryland’s commercial PACE Programs for Pace Financial Servicing. “In joining the MD-PACE program, Harford County has reaffirmed its standing as the state’s new center of opportunity in allowing its business community to access capital for energy savings measures and improvements.”
Commercial property owners, contractors and capital providers interested in more information about financing property improvements and or replacing end-of-life systems through MD-PACE, should visit www.md-pace.com or call the Maryland Clean Energy Center at 443-949-8505.