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PACE Massachusetts (Commercial PACE – Property Assessed Clean Energy)
Massachusetts — state programup to 20 years
PACE Massachusetts allows owners of commercial, industrial, and multifamily (5 or more units) properties to finance energy improvements to existing facilities over a long term. The loan is repaid via a municipal betterment assessment on the property and attaches to the property so benefits and payments flow to subsequent purchasers. Eligible projects include energy retrofits, renewable energy installations, and qualifying new construction.
Program details
- Type
- loan
- Amount
- up to 20 years
- Eligibility
- Owners of commercial, industrial, and multifamily (5 or more units) properties located in municipalities that have opted into PACE by a majority vote of the city or town council or board of selectmen. Eligible projects include retrofits that reduce energy consumption, installation of renewable energy systems, and qualifying new construction (new building construction; large addition greater than 20,000 sq ft or 100%+ of existing building size; Alteration Level 3 affecting greater than 50% of the area; or change of use to an existing building).
- Status
- open
- Administrator
- MassDevelopment Finance Agency (MDFA), with technical assistance from Massachusetts Department of Energy Resources (DOER)
Source: Massachusetts — state program. Confirm current terms with the administering agency before applying.