Exploring the Use of PACE for Multi-Family Buildings in Ramsey County

Abstract

This project was completed as part of the 2018-2019 Resilient Communities Project (rcp.umn.edu) partnership with Ramsey County. The Property Assessed Clean Energy (PACE) Program is a loan program that provides financing for energy efficiency upgrades and renewable energy retrofits for commercial, industrial, and multifamily residential properties. PACE helps property owners overcome the challenge of gathering up-front capital for energy improvements, and makes it easier to transfer the cost of the improvements if the owner decides to sell the property. Nationally, PACE has been a successful tool for retrofitting residential properties. Thus far, PACE has not been used to finance any multifamily residential projects in Ramsey County. Ramsey County project lead Mary Lou Egan worked with a student in Jennifer Edwards' PA 5721: Energy Systems and Policy course to investigate the potential use of PACE for multifamily residential projects, using case studies of such projects in other states. The student's final report is available.