Energy Alliance Group Sets PACE Webinar

SOUTHFIELD – The Energy Alliance Group of Michigan will hold a webinar Wednesday, July 15 on the Property Assessed Clean Energy program to fund energy efficiency and renewable energy improvements.

Scott Ringlein, CEO of the Energy Alliance Group of Michigan, will lead this online, informative PACE overview program.

The content of the webinar will be useful to those interested in sustainability, energy efficiency, energy efficient technology sales and reducing energy expense.

The webinar will run from 2 to 3:30 p.m. To register, visit this link. 

Under PACE financing law, counties, cities and townships may form a PACE district that allows a property owner to use the property tax mechanism to finance energy improvements. The property owner voluntarily takes on a Special Assessment, which it pays off over as long as 20 years, as part of its property tax bill.

Since the PACE loan is a special assessment obligation, it is senior to any mortgage – and hence very secure for the lender. (Because of this, if the property owner has a preexisting mortgage, he or she must get the mortgage bank’s consent.) Also, up to 100 percent of the project’s cost can be covered under a PACE special assessment. And the PACE special assessment “runs with the land” – the owner can sell the property and the new owner simply picks up the payments (and energy savings), just as it begins to pay property tax.

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