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August 3, 2020

Mass. launches financing program for business energy projects

Courtesy | Nexamp Solar panels.

MassDevelopment and the Massachusetts Department of Energy Resources announced last week financing is now available for funding energy improvements on commercial, industrial and multi-family buildings, as well as buildings owned by nonprofits. 

Specifically, financing is available through Property Assessed Clean Energy Massachusetts, through which property owners can finance energy efficiency upgrades, renewables and gas line extensions, as long as they agree to a betterment assessment on their property, which repays the financing, according to a press release.

“PACE allows businesses and nonprofits to manage the up-front cost of energy improvements while enjoying net financial savings and reducing energy consumption and emissions over the long term,” said Department of Energy Resources Commissioner Patrick Woodcock, in a statement.

So far, at least 22 communities have authorized PACE Massachusetts to function in their city or town, including Acton, Franklin, Devens, Fitchburg and Gardner. Towns must opt into PACE through a majority vote by the city council or board of selectmen, according to the announcement.

Proposed projects are required to have energy savings to cover the cost of improvements. More information about how PACE works is available on the MassDevelopment website.

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