About the Project
Ivy Knoll found KY-PACE financing to be a perfect funding solution to make significant building improvements of systems that were outdated or extremely energy inefficient.
Through these energy upgrades, Ivy Knoll will be able to improve the comfort and convenience for their senior residents while also reducing the building’s energy footprint. Through KY-PACE financing, the Ivy Knoll owners were able to select improvements that had the highest energy savings but also came with the higher upfront costs for the 7-story, all-electric building.
“PACE allowed us to make many of the energy related improvements that we might have otherwise deferred. We were able to improve the comfort and convenience for residents and reduce the building’s energy footprint.”
Ray Schneider, Owner, Ivy Knoll Senior Retirement Community
the largest privately-owned system in Northern Kentucky generating over 64,000 kilowatt hours annually
estimated electricity savings in excess of $12,000 annually
energy efficient technology estimated to reduce energy consumption by 40%
HEATING & COOLING
units with automated controls that can be operated from a central control system, therefore allowing the building to turn off vacant apartments without visiting the individual room: estimated energy savings of 20%.
PROJECT TOTAL: $750,000
TERM: 20 years
INVESTOR: Inland Green Capital, LLC
“We are excited to bring PACE financing to Northern Kentucky. This is a big step forward in that PACE financing allows property owners to reduce their energy consumption with no down payment and with fixed, long term payments via their property tax bill.”
Andy Holzhauser, CEO, Energy Alliance
“Many property owners in Covington are struggling with deferred maintenance issues that make their properties less competitive. With PACE, the city is able to provide property owners with access to a voluntary, market–driven financing tool that will bring new investment into our community.”
City of Covington Mayor Sherry Carran