By all accounts, 2017 was a banner year for us at Greater Cincinnati Energy Alliance. As interest and investment in energy efficiency continues to increase, we have been fortunate enough to be on the cutting edge of some of the most groundbreaking renewable energy projects in the Greater Cincinnati area. Through the highly popular PACE Financing program, we have been able to empower property owners by providing funding for energy efficiency and renewable energy upgrades that not only reduce utility costs, but also boost property values and stimulate the local economy. Let’s look back at some of the most notable PACE successes from 2017:
- Due to increasing demand throughout the state of Kentucky, the Energy Alliance has rebranded and expanded its PACE programs to Ohio PACE and Energized Kentucky.
- The Greater Cincinnati Energy Alliance was able to triple the total dollar amount of PACE deals closed versus the previous three years combined, posting a funding total of $11.4 million in 2017 versus $3.7 million in 2014-2016. More PACE deals being funded means more energy savings for property owners, and a greater impact on the environment.
- We were able to add several new PACE districts to our roster, including Sycamore Township, Sharonville, Symmes Township, and Crestview Hills, Kentucky. PACE districts are predefined areas that are based on property assessment districts established by the local government. Using PACE districts, the PACE program empowers private property owners to make energy upgrades through voluntary assessments on their property tax bills, which are collected and remitted by the local government.
- We also saw the inception of the first PACE-funded new construction project in Covington River Haus at Mainstrasse, a sprawling mixed-use residential complex featuring 192 high-end apartment homes as well as 3,100 square feet of retail space. With everything from a gaming and study lounge to a sky deck, this upscale development represents the largest PACE-funded multifamily new construction project in the country.
- In 2017, the first two PACE projects within the City of Cincinnati’s Central Business District were closed. The first is Centennial III, an eleven-story, 149,000-square-foot office tower on the western side of Downtown Cincinnati, and the second is Baldwin 200, a 12-story, 200,000-square-foot office tower that was the former home of the famous Baldwin Piano Company. Neyer Properties, the owner of the century-old Baldwin property, plans to redevelop the space into 190 loft-style apartments.
Through the versatility and flexibility of the PACE program, the Greater Cincinnati Energy Alliance has been able to initiate energy upgrade projects. This innovative program is building momentum all across the United States, and for good reason: PACE is a forward-focused initiative that emphasizes energy efficiency and renewable energy, which not only boosts building values and marketability for property owners, but helps communities achieve key energy and water conservation objectives. With the remarkable rate of growth and adaptation of the program we witnessed in 2017, it’s safe to say that the future of energy efficiency looks bright indeed.
If you’re interested in learning more about PACE Financing, we’d love to see you at one of our upcoming events where you’ll have the opportunity to hear more about the PACE funding process and talk to our staff. For upcoming Ohio PACE events, click here, or for Energize Kentucky events, click here. In the meantime, you can find out if your commercial property is eligible for PACE financing by visiting www.ohpace.org or www.kypace.org to submit an Initial Eligibility Form.