PACE financing, which is made available through the sale of a bond and repaid by property owners through annual special assessments, features long-term, low, fixed interest rates.The Ann Arbor City Council authorized the sale of PACE bonds during its February 19 meeting. The first bond sale was completed with Ann Arbor State Bank. With this successful sale, the City of Ann Arbor is the first Michigan municipality to sell PACE bonds, joining dozens of municipal governments across the country in taking advantage of this financial tool to improve energy efficiency.
Proceeds from the sale of the PACE bond, estimated to be approximately $560,000, will be assigned to owners of five commercial properties within the City of Ann Arbor that have completed a thorough eligibility and application process in order to participate in the program.
Energy-efficient lighting, high-efficiency heating and cooling systems, upgraded cooking equipment, roof and wall insulation, and solar shingles are just some of the projects that will receive financing through the first PACE program to launch in Michigan. Download the full press release