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March 13, 2024 By Carol Britton Meyer
The Property Assessed Clean Energy (PACE) Massachusetts program the Select Board opted into this week will provide Hingham commercial property owners with an opportunity to finance energy improvements through special betterment assessments on their property taxes — spread over as long as 20 years.
MassDevelopment administers PACE in consultation with the Massachusetts Department of Energy Resources.
The board heard a presentation by a representative of MassDevelopment’s Green Finance department earlier and made the decision to support the program after giving the idea further thought.
Business owners interested in this program have the opportunity to apply to PACE by detailing the type of energy improvement project they would like to undertake and demonstrating that the energy savings will be greater than the cost.
Owners of commercial and industrial buildings, non-profits, and owners of multi-family housing with more than five units work with a capital provider, such as a bank or a PACE lender, to finalize the application and to fund the project.
PACE applications require Massachusetts Department of Energy Resources and MassDevelopment approval to move forward.
MassDevelopment works with the host community to bill and collect the assessment, which is then sent to the capital provider as repayment for the financing.
Eligible projects include financing boilers or furnaces, HVAC systems, lighting upgrades, solar panels, insulation, air sealing, geothermal, solar hot water, energy management systems, energy recovery, and redistribution systems.
Retroactive consideration is available for already-installed improvements.
If a property is sold, the remaining PACE assessment and lien remain with the property and transfer to the new owner.
Contact the Select Board office for more information.