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Commercial and industrial property owners in New Castle County have a new way of financing energy-efficient and renewable energy projects.
New Castle County has become the first county in Delaware to join the Delaware Property Assessed Clean Energy program (D-PACE).
The county’s participation “will be good for the economy and good for the environment,” New Castle County Executive Matt Meyer said in a press release issued by Energize Delaware, which runs the program.
“This initiative will encourage green investment in our county, including solar, wind and geothermal energy production,” Meyer said. “In addition, it will help put people to work, while reducing carbon emissions and saving money.”
D-PACE offers owners and developers another way of paying for improvements like adding LED lighting or energy systems.
The money comes from private capital sources. But unlike a typical commercial loan which generally requires a down payment, property owners can finance 100 percent of the cost through an assessment on the property. The assessment is paid out over the energy system’s useful life, which is typically up to 25 years.
“As we worked to develop the PACE program for Delaware, we placed a particular emphasis on minimizing the administrative hurdles that a county or businesses would face,” said Energize Delaware executive director Tony DePrima said in the release. “The result is a program that will allow each county to participate without adding a substantial administrative burden and makes it easy for interested business owners to finance energy efficiency and renewable energy projects. We welcome New Castle as the first participating county.”
Click here for more information about the D-PACE program.
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