Business loans for energy improvements available
CENTREVILLE — The Queen Anne’s County Board Commissioners recently passed an ordinance enabling property and business owners in the county to take advantage of Maryland’s Commercial Property Assessed Clean Energy 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 percent 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 a surcharge for a sewer or water line. This approach makes energy upgrades accessible, allowing owners to reduce energy and operational costs and improve a building’s overall value.
Commissioner Robert Buckey said, “This program has been used nationwide for decades, and has saved commercial property owners a lot of money. There is no cost to the county and we encourage QAC commercial property owners to take advantage of this great. This is just one more tool we commissioners have added to our economic development toolbox to help with commercial growth.”
PACE programs are active in over 15 states nationally, contributed to the creation of 3,000 jobs and have led to over $250 million of investment into commercial buildings.
The county’s Economic Development Coordinator Jean Fabi said, “For example, a commercial property owner can use this innovative loan program to replace an aging heating and cooling system with energy efficient equipment and systems and have the cost spread out over time. This program is beneficial not only to commercial property owners, but also to local contractors, who can register on the md-pace.com website and use this program to incentivize projects.”
The MD-PACE Program is a partnership between the Maryland Clean Energy Center, the statewide sponsor of the program, and PACE Financing Servicing, which administers the program.
“MCEC applauds the Queen Anne’s County Commissioners and staff for taking proactive steps to provide access to capital for commercial property owners,” said MCEC Executive Director Kathy Magruder, adding, “This county is one of the first in the state to enable the MD-PACE program.”
“We’re very excited to be working with Queen Anne’s County,” said Gerard Neely, manager of Maryland’s Commercial PACE Programs for PFS. “By joining the MD-PACE program, Queen Anne’s County has become an instant leader on the Shore 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 to get involved with MD-PACE, should visit www.md-pace.com or call the Maryland Clean Energy Center at 443-949-8505.
Sudlersville Memorial Library rocks out to kids tunesPHOTO BY MIKE DAVIS
Kate Russo Thompson and Blake Thompson play music at the Sudlersville Memorial Library on