DETROIT—Lean & Green Michigan, a provider of PACE financing for building energy improvement, was named Business of the Year at the ninth annual Michigan Energy Innovators Gala, sponsored by the Michigan Energy Innovation Business Council.
The award was presented to Lean & Green Michigan for having the best years in its history in both 2020 and 2021, in terms of the number of PACE projects closed and total amount financed for PACE projects in both years.
To date, LAGM’s PACE program has helped finance:
- over $113 million of investments across 51 commercial PACE projects
- 13 solar installations
- three electric vehicle charging installations
- two greenroof installations
- the installations of many other advanced energy technologies, including combined heat and power systems, energy storage, energy recovery ventilation, and HVAC systems with bipolar ionization for indoor air purification.
LAGM’s PACE program has also:
- generated more than $234 million in savings for PACE-participating property owners
- saved over 423 million kWh of electricity, 296 million gallons of water, and over 429 thousand metric tons of CO2.
More at https://leanandgreenmi.com/.
PACE financing provides long-term financing of energy efficiency upgrades, renewable energy installations, and other green building imrpovements for residential, commercial, and industrial property owners.
Rather than traditional loans used to finance these improvements—which typically require repayment long before they pay for themselves in energy savings—PACE financing is applied to the building as a special property tax assessment that is repaid over up to 25 years. And like any other property tax assessment, the PACE financing is sold with the building should it change hands. Some 28 of Michigan’s 83 counties have approved PACE financing in their jurisdictions, along with 20 cities.