Milwaukee County Offers New Tool for Financing Energy Saving Upgrades

MILWAUKEE – The Board of Supervisors approved (15-2) the County’s participation in a Property Assessed Clean Energy (PACE) loan program today, to help Milwaukee County property owners finance the costs associated with energy saving upgrades

“By making PACE financing available and the renovation of older buildings more affordable, we can encourage building owners to invest in energy efficiency upgrades and contribute to economic growth in Milwaukee County,” said Lipscomb.

“We are very pleased Milwaukee County has joined 31 other Wisconsin counties in making Property Assessed Clean Energy financing available countywide for commercial property owners.  PACE not only allows commercial property owners an affordable opportunity to finance energy efficiency projects, it also adds to the desired economic activity within the county,” said Jon Hochkammer, Outreach Manager for the Wisconsin Counties Association.

To fully implement a PACE program, Milwaukee County will join the Wisconsin PACE Commission, execute the Commission Agreement, and adopt a local ordinance that details how the program would work.

The County Executive will appoint a public official to oversee implementation of the program.

Energy efficiency and water conservation measures are considered valuable upgrades when older buildings are restored, but such improvements also increase the upfront capital costs.

PACE financing allows borrowers to recoup those costs over time via savings on utility bills.

The savings from reduced utility costs – which generally increase over time – are often greater than the fixed cost of the assessment, making energy saving improvements more affordable.

PACE financing works by providing building owners with low-cost, long-term loans, which may be included as an assessment on the local property tax bill – similar to costs for public improvements like sidewalk or street upgrades.

This type of assessment provides added security for the lender by allowing them to file a priority lien on a property.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.