Charles County Contractors, Lenders, & Property Owners Can Take Advantage of Maryland PACE

Posted by: Economic Development Team on Tuesday, October 31, 2017

The Charles County Board of Commissioners passed an ordinance last year enabling local property and business owners to take advantage of Maryland’s Commercial Property Assessed Clean Energy (MD-PACE) program. MD-PACE is an innovative and affordable way for commercial, industrial, and nonprofit building owners in Charles County to pay for energy improvements. So far, Charles County is the only Southern Maryland jurisdiction to participate. By joining the MD-PACE program, Charles County positions itself as an environmental leader, providing local businesses and entrepreneurs access to capital for green energy projects and commercial building improvements.

The MD-PACE program is environmentally and business friendly. The result of a statewide partnership between PACE Financial Servicing and the Maryland Clean Energy Center, MD-PACE spurs energy-saving investments by encouraging business owners to improve their commercial properties with environmentally friendly upgrades and initiatives.

PACE programs are already active in more than 15 states nationally. The initiative has helped create 6,700 jobs and led to nearly a half a billion dollars of investment into commercial buildings. In some cases, the green energy initiatives funded by the MD-PACE program are able to generate enough savings for property owners to cover the costs of the initiatives.

MD-PACE Benefits Property Owners

The MD-PACE program promotes energy efficiency by allowing property owners to add clean energy elements to their building, reduce operational costs, and improve their building’s overall value. The PACE program requires no down payment, and is repaid through a surcharge on the property’s tax bill that transfers with the sale of the property.

For businesses looking to fund energy upgrades on their site – such as improving a building’s heat recovery system or installing solar equipment – MD-PACE provides the capital required to fund these initiatives, without the stress of massive upfront costs.

Commercial property owners can apply for MD-PACE funding by completing this form.

MD-PACE Also Helps Contractors

The MD-PACE program also assists clean energy entrepreneurs and contractors looking to expand their businesses. Through MD-PACE, clean energy contractors have a tool for growing their business and creating more local jobs. From solar panel installers to lighting technicians, a broad range of local businesses stand to benefit from the MD-PACE program.

Contractors in Charles County can register to be part of the MD-PACE program by completing this form.

Learn How Your Business Can Take Advantage of MD-PACE

Overall, the MD-PACE program is expected to spur additional commercial investment, help the environment, and create more local jobs in the clean energy space.

The EDD will host a workshop on Thursday, November 16, for commercial property owners, lenders, contractors, and anyone interested in learning more about the MD-PACE program. Register here for free today.

To learn more about MD-PACE programs, contact Claudia Bellongy-Atanga at BellonyC@MeetCharlesCounty.com or 301-885-1347.

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