Property Assessed Clean Energy (PACE) Massachusetts is an innovative program to help commercial and industrial property owners in Massachusetts finance energy improvements.
The program lets you agree to a betterment assessment and lien on your property, sufficient to repay the financing extended by a private capital provider. If the property is sold before the financing has been repaid, the assessment stays and is transferred to subsequent property owners.
PACE enables owners to use energy savings to undertake more comprehensive energy upgrades with financing terms of up to 20 years. If you want to make energy improvements to a building and are exploring ways to pay for them, look no further than PACE Massachusetts.
See how a commercial office building can use PACE to make the energy improvements needed to attract and retain tenants.
See how an apartment building can leverage the savings from energy improvements and tax credits to offset the repayment of PACE.
See how a manufacturing company can use PACE to refinance a renewable energy project and secure better repayment terms.
MassDevelopment’s new clean energy financing program, PACE Massachusetts, delivers $787,523 for energy improvements at 440 William M. McClellan Highway.
Abercrombie Greenfield, LLC used $450,000 in PACE financing to make energy improvements to an office building at 56 Bank Row in Greenfield.
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We encourage you to contact MassDevelopment to discuss your interest in PACE Massachusetts. Our experienced staff can guide you through the process. Email firstname.lastname@example.org with your questions.
PACE Massachusetts employs an open market, third party direct financing model that provides property owners the power to choose who will fund their project. It allows multiple capital providers to operate within the PACE Massachusetts program and allows property owners access to the different sources of funds that are available in the commercial PACE market.
PACE Massachusetts requires capital providers to register with MassDevelopment before financing PACE projects in Massachusetts. Entities interested in becoming a PACE Massachusetts registered capital provider should respond to the open Request for Information (RFI) for PACE Massachusetts Capital Providers. If a capital provider provides the required RFI information, they may be registered as an interested PACE Massachusetts capital provider. Registered capital providers may receive information regarding PACE Massachusetts project financing opportunities from property owners or MassDevelopment. Property owners may access a central registry of potential capital providers. The list of registered capital providers is maintained by MassDevelopment and available upon request to a property owner pursuing PACE financing. Please note MassDevelopment makes no assurances or certifications about registered capital providers.
“PACE is a key financing tool for making commercial properties more energy efficient, reducing energy consumption, creating jobs, and achieving Massachusetts’ clean energy goals.”