The Property Assessed Clean Energy (PACE) Program is an innovative economic development financing tool that encourages energy efficiency, water efficiency and renewable energy measures for commercial, industrial, multi-family, nonprofit and faith based property owners. Through a property special assessment process, PACE enables up to 100% financing, 15 to 20 year terms and positive cash flow for the life of the project by guaranteeing payment on the financing. If the borrower defaults on a loan payment, the local unit places a lien against the property through a special assessment, guaranteeing eventual payment to the lender. To make all of this possible, the City of Troy has joined Lean & Green Michigan’s PACE statewide financing program. By joining Lean and Green Michigan, our local businesses have access to a statewide market of lenders and contractors that can help make profitable clean energy projects a reality – all with no taxpayer money.
Find out more about the PACE Program and how it effects Troy. Learn more through Lean & Green Michigan.