“Solar has the potential to transform our communities by creating family sustaining jobs, reducing homeowner expenses, and conserving the environment.”
Andy Holzhauser, Greater Cincinnati Energy Alliance
For immediate release
In March 2015, the Kentucky General Assembly passed legislation that was signed into law by Gov. Steve Beshear. The legislation, House Bill 100, authorizes local governments to establish Energy Project Assessment Districts (EPADs), which then allows property owners to use PACE financing to fund energy efficiency upgrades, on-site renewable energy projects and water conservation measures. Energy projects financed with PACE do not require subsidy or incentive from the local government sponsoring the EPAD.
PACE financing allows private commercial property owners to repay the funds for an eligible energy project via a voluntary special improvement assessment on the property tax bill. The assessment amount remains fixed for a term of up to 20 years. The special assessment stays with the property when sold or transferred.
The City of Covington worked closely with the Greater Cincinnati Energy Alliance to develop the EPAD which allowed the Ivy Knoll Senior Living Community to take advantage of PACE financing.
“According to the national nonprofit PACENow, this is the fastest that an energy project has been approved for PACE financing once a State has passed enabling legislation,” said City of Covington Mayor Sherry Carran. “The City of Covington is excited to have partnered with the Greater Cincinnati Energy Alliance which allowed Ivy Knoll to improve such an important property within the City of Covington.”
Ivy Knoll found PACE financing to be a perfect funding solution to make significant building improvements of systems that were outdated or extremely energy inefficient.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 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. The $750,000 project, funded by Inland Green Capital LLC, includes the following building improvements:
“PACE financing allowed us to make many of the energy related improvements that we might have otherwise deferred,” said Ray Schneider, the President/CEO of Ivy Knoll. “We were able to improve the comfort for our senior residents while reducing the building’s energy footprint by approximately 37%.”
Mark Pikus, Senior Vice President of Inland Green Capital states, “We are excited to be a part of this historic PACE transaction in the state of Kentucky. As PACE financing gains traction throughout the country, we look forward to continue working with the Greater Cincinnati Energy Alliance and other PACE administrators to provide capital for properties just like Ivy Knoll”.
The Greater Cincinnati Energy Alliance is currently working with several local governments to make PACE financing available for more property owners within the Greater Cincinnati and Northern Kentucky areas. Additionally, the Greater Cincinnati Energy Alliance provides education and outreach to contractors and property owners who want to learn more about PACE financing.
“We are excited to bring PACE financing to Northern Kentucky,” said Andy Holzhauser, the CEO of the Greater Cincinnati Energy Alliance. “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.”
Ivy Knoll, located in Covington, offers independent living, personal care, and short-term (respite) stays. They offer the most competitive rates along with the largest one-bedroom apartments available in the area. Each day three home-style meals are served table side to residents. A variety of activity offerings ensures an engaging and healthy social experience for residents that promotes friendships and a higher quality of life.
www.ivyknoll.com; Sam Cunningham
Inland Green Capital LLC is an environmental finance and investment company. It provides capital for PACE project initiatives throughout the country. In addition to our enthusiasm for PACE from a business perspective, Inland is excited to provide leadership in advancing the energy-efficiency and sustainable movement sweeping the country.
www.inlandgreencapital.com; Mark Pikus
The Greater Cincinnati Energy Alliance is a nonprofit economic development agency that promotes investment in energy efficiency in Greater Cincinnati and Northern Kentucky communities by providing education, project management, and innovative financing solutions like PACE.
www.greatercea.org/commercial/ky-pace; Chris Jones
Chris Jones, Client Relations Director
Greater Cincinnati Energy Alliance
513.621.4232 x121 | firstname.lastname@example.org
Solar power is going mainstream. Our Solarize Cincy campaign is intended to help grow the demand for solar in Greater Cincinnati by getting residents, businesses, and local governments excited about the new, modern solar. Solar prices have dropped 73% in the past 10 years, so we believe now is a great time to help the region understand the benefits solar power can provide.
Our goal is to install 50 new solar projects by the end of June 2016. If each of these 50 projects only installed a very modest solar array of 3 kW, they would collectively:
To make solar even more accessible, we’ve partnered with the city of Cincinnati to offer an incentive to Solarize Cincy participants who are also Cincinnati residents. Under the partnership, city of Cincinnati residents can receive $300 per kW, with a maximum incentive per home of $1,500. Funding is limited and available on a first come first served basis. (Click here to see how we’re doing.)
We launched our campaign on October 1, 2015 in the Duke Energy Go Green Garden at the Cincinnati Zoo. City of Cincinnati Mayor John Cranley, Thayne Maynard of the Cincinnati Zoo, and Andy Holzhauser of the Energy Alliance all spoke about the benefits that solar power for homeowners and the region. In addition to a great response from our local media, the event was a great opportunity to bring together the region’s solar influencers, from installers to government leaders, to fellow nonprofit partners.
Below are some pictures from our launch event.
Andy Holzhauser, Energy Alliance:
“We believe the time has come for solar to be an impactful, economically feasible and meaningful energy source for homes in our area. Solar is truly at the tipping point.”
Mayor John Cranley:
“It’s good for the environment and it’s good for your pocketbook… …this is a win-win.”
Thayne Maynard, Cincinnati Zoo:
“It is possible to thrive and live sustainably and solar is a big part of that for the Cincinnati Zoo.”
Attendees at our launch – from left to right: Josh Brooks, Brewster Rhoads, Michael Forrester, Sue Magness, Andy Holzhauser, Dane Ervick, Chris Meyer, Jeremy Faust, Thayne Maynard, Beth Robeson, Josh Moore, Steve Schumacher, Mark Wiley, Mark Fisher, Larry Feist, Toni Winston, Chad Yelton, Yancy Deering, Larry Falkin, and Sophia Cifuentes.
Photos by Brad Robeson
EPAD, also known as PACE nationally, is a unique economic development tool designed to allow commercial and industrial building owners to finance energy efficiency, water efficiency, and renewable energy improvements through a voluntary special assessment attached to the property.
Kentucky Governor Steve Beshear signed the bill into law noting the energy and water saving potential that EPADs offer Kentucky businesses.
The Energy Alliance is working with partners throughout Kentucky to develop this new tool. If you are interested in learning more, please call us at 513-621-4232 ext. 3.
Governor Steve Beshear signing into law the Energy Project Assessment District Act. From left to right: Representative Russ Meyer, bill proponent; Representative James Kay, EPAD bill sponsor; Jeremy Faust, Energy Alliance Strategic Business Development Director; Governor Steve Beshear (seated); Andy Holzhauser, Energy Alliance CEO; Richard Pickren, Harshaw Trane Vice President of Finance; Brooke Parker, Frost Brown Todd.
Pen presented to the Energy Alliance as one of the 15 used to sign the bill into law.
The colorful account of the bill’s history can be read in the Cincinnati.com article: www.cincinnati.com/story/news/politics/2014/12/27/portman-energy-bill/20942371/
The Big Picture of energy efficiency from Energy Alliance founder and CEO Andy Holzhauser.
Green Umbrella is an impressive local organization that brings together nonprofits, corporations, businesses, municipal leaders, and individuals with the goal of advancing our region’s environmental sustainability.
The Energy Alliance remains an active member of Green Umbrella having partnered on several regional initiatives, including the Green Umbrella Energy Challenge. Our CEO, Andy Holzhauser, is a member of the Green Umbrella Board of Trustees and our Strategic Business Director, Jeremy Faust, is the head of the Energy Conservation and Efficiency Action team.
We encourage you to watch this inspiring video recently released by Green Umbrella that demonstrates its far-reaching impact in the Greater Cincinnati area. The segment featuring our own Jeremy Faust discussing the group’s energy conservation work begins at the 3:30 mark .
From our CEO, Andy Holzhauser: