Pay for it all
PACE is one way to gain access to financing, but there are other loan programs, tax credits and incentive opportunities out there for commercial energy efficiency projects.
Small business loans
You may want to consider a small business loan. The State of Michigan’s Small Business P2 Loan Program provides loans of up to $400,000 at an interest rate of 5% or less to existing independently owned businesses with 500 or fewer full time employees.
The U.S. Small Business Administration also provides information on a range of loan and other financing programs available to small businesses.
Michigan Saves is a statewide program dedicated to energy efficiency financing up to $250,000 for up to 5 years.
Tax credits and deductions
A federal tax deduction of up to $1.80 per square foot is available to owners or designers of new or existing commercial buildings that save at least 50% of the heating and cooling energy of a building that meets ASHRAE Standard 90.1-2001. Information on this deduction is available from ENERGY STAR as well as the Tax Incentives Assistance Project. There is also specific information available for commercial lighting projects.
You may also want to use the software provided by the Building Technologies Program of the Department of Energy to calculate and measure commercial savings opportunities that meet federal tax incentive requirements.
Utilities are offering incentives for specific energy efficiency measures. Check the links below for help in financing your energy efficiency projects.
Prescriptive Measures: Learn more.
Custom Measures: Learn more.
If you are the property owner of a restaurant, grocery or convenience store you can use a PACE assessment to upgrade your cooking and cooling equipment, and you can also take advantage of an ENERGY STAR commercial package.