ELK RAPIDS–Lean & Green Michigan, the originators of property assessed clean energy (PACE) funding in Michigan, announced the first PACE project in Antrim County–the 20-room Elk Lake Inn in downtown Elk Rapids.
The property will also include an onsite restaurant.
PACE financing–in which energy efficiency and renewable energy building features can be financed through a long-term property tax assessment of up to 25 years that can be passed on to succeeding property owners–was used to build above code for energy efficiency, including plumbing, LED lighting, heating and cooling, windows, and more.
“The PACE program is a wonderful amalgam of economic development, cost savings and forward thinking energy efficiencym” said Antrim County Administrator Jeremy Scott. “It was exciting to see a developer so passionate about utilizing its benefits. At the same time, after several years of inactivity since the program had been established, it was overwhelming to dive back in with short notice to start our first project. Even with an accelerated timeline, the team at Lean & Green Michigan helped us understand and feel confident with the many facets of the program as well as the new project.”
The PACE project of nearly $1.9 million will result in $4.5 million in energy savings over 25 years, including nearly 1.9 million kilowatt-hours of electricity and 5.2 million gallons of water over the life of the project.